Property taxes are out of control and driving up rent prices

21 hours ago
36

Real Estate Property Manager says property taxes are so high in New York City, even after raising rents to $3,200 per month he only nets $500 of profit off each unit

“I finished the building, I got the tax bill, $26,000. Here I am 5 years later, it's $40,000 a building

Three families. So I had to raise the rents to $3,200 because I have an apartment and a half just for the taxes and the water bill.

The other apartment and a half, remember it's 3, pays the mortgage and pays the insurance

I net 500 on each brand new building. That's not business. No, it's a disaster.”

“I'll give you one more. I got a building that I first started in Bay Ridge, 20 family house. All right. I renovated it. I fixed it up and I made it still affordable. When I first bought the building, it was $32,000. Five years later, it's $78,000”

Property taxes are out of control and driving up rent prices

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