4 ms·
Without reading the article, isn't the answer always supply and demand?
by jack_quack 10y ago
Without reading the article, isn't the answer always supply and demand?
- keeganjw 10y agoHa, you should've read the article.
- hx87 10y agoIn this case, it's supply, demand, and tax (abatements).
- _rpd 10y agoArticle blames high city taxes. I always thought it was that rent is price controlled, resulting in undersupply.
- tsaoutourpants 10y agoThis is certainly another issue. There are many reasons why NYC rent is so high. But >50% of your rent going to property taxes may be the #1 most significant.
- thegayngler 10y agoReading is your friend. 56% of the income generated from renting in an old building goes to taxes. That's scary high.
- toomuchtodo 10y agoOr, conversely, its better that the city is extracting those taxes for services instead of it being straight profit for landlords. Lowering taxes would not lower rent charged, it'd just be more money in the pocket of landlords.
- deleted 10y ago[deleted]
- lintiness 10y agoif taxes were lower, it's possible landlords would rent for less to make the same marginal dollar.
- deleted 10y ago[deleted]
- krschultz 10y agoIn this case not reading was the correct call, since this article just made a bunch of people on HN less informed. I look forward to the echoes of this showing up in every future HN thread on housing prices. I should save the debunkers for future reference.
- pg_is_a_butt 10y agoLogic is your friend. supply and demand regulate taxes the same way they regulate price. that's scary obvious.