Property taxes are out of control and driving up rent prices

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