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mbstor23 OP t1_iu0k0l0 wrote

This effects renters too. Rents will have to go up because operating costs have gone up. It’s now all about the DTJC gentrifiers.

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Blecher_onthe_Hudson t1_iu0lsnj wrote

But by how much? Lets say there's a 3 family worth $1m and taxes go up 0.3%. That's an extra $3k, or $83 per month per unit. More, but not devastating by itself to most renters.

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mbstor23 OP t1_iu0lzl9 wrote

That sounds about right, TBH. Point being is there will be rent hikes. Renters should not assume that property tax hikes are only a property owner’s problem.

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Blecher_onthe_Hudson t1_iu0njeu wrote

Of course, but if they're rent-controlled then they might be well protected since the city uses CPI and don't take taxes into account as far as I know for allowable rent increases.

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mbstor23 OP t1_iu0y8zs wrote

Very few are actually lucky enough to be in a rent-controlled apartment. They should count their blessings that they’re well shielded from this massacre. For everyone else renting at market rate or a homeowner, you’re all getting fucked.

Rent controlled apartments are a very small part of the overall market.

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Mindless-Budget9019 t1_iu0q0v9 wrote

Landlords can apply for a hardship increase in order to increase the rent past 4%. There are a few rules around that though.

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