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Bh10474 t1_iuuctsg wrote

This same topic gets posted every single day in this sub. I’m honestly starting to miss the posts about lantern flies and what was that noise? at this point

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rbastid t1_iuv1p5k wrote

Every situation is different. If someone has a four family house and hasn't reached the current market value for their apartments they may have to raise a high amount like 20%, but if someone is on Year 2 at their current house, they may already be paying top of the market rent, and their landlord could get away with a small percentage raise (if they just intend on raising to cover the Tax hike, and not just raise them a high amount since they see it's possible.)

Even for Renters it's going to be a tough choice, especially if you want to stay in Jersey City. Say you get a $300/Month raise. That $3,600 a year raise may just cover moving expenses and broker cost (landlords are going to be hard pressed to cover that cost now) and the place you move in to could end up giving you the same raise next year, knowing you're very unlikely to pack up and move yet again. It'd be a much easier choice for Renters if there was a buyers market for houses right now, but buyers are getting hosed too.

You can check what the new taxes are on the JC website, and see how much your landlord was raised. Then you've just got to figure out that amount divided by the number of tenants, and assume that's the amount you'll be raised, if not a little more to cover the rising cost of everything else (insurance, new trash/water fees, incidentals) You may get raised 10%, but someone in another apartment paying less rent may get raised 20%.

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bodhipooh t1_iuwiqz0 wrote

>You can check what the new taxes are on the JC website, and see how much your landlord was raised. Then you've just got to figure out that amount divided by the number of tenants, and assume that's the amount you'll be raised, if not a little more to cover the rising cost of everything else (insurance, new trash/water fees, incidentals)

This might not be a realistic approach. You are certainly underestimating the impact of new increases in trash and sewer fees by using the words "a little more." Some people are reporting getting major increases in their trash and water bills. And, insurance companies are about to start introducing major increases in their rates, as evidenced by recent filings with the state insurance regulators. Yeah, taxes are front and center in the conversation, but homeowners are getting walloped this year and the next.

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B9Jupiter2 t1_iuy6ngz wrote

We’re new to being landlords and lucked out with very good tenants. It’s a little while before their lease is up. There’s enough cushion (profit) between what they pay in rent and our mortgage payment. We don’t plan on raising the rent when time for renewal.

We’ll eat the tax increase because having current tenants who pay on time, and take care of the place is our main focus.

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HappyArtichoke7729 t1_iuuuagu wrote

Supply and demand is not affected by this

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[deleted] t1_iuvuhij wrote

[deleted]

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HappyArtichoke7729 t1_iuw3f7d wrote

Yes, and supplier cost is not a factor in supply & demand pricing. Only supply quantity and demand quantity. Supply cost is not a term in the equation.

By that logic, you think the prices would go down if taxes or other landlord costs went down? LMAO GTFO

You're confusing this with commodities.

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socalhusky t1_iuwchq1 wrote

the burden of the tax actually falls to whoever is the least price elastic, in this case the “demanders” or renters. but based on your other comments i don’t think you have the brain cells required to understand basic economic principals

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