I think it seems strange to you because you don't understand, but to be fair I didn't really understand this until I moved out of the city and bought a house on

I think it seems strange to you because you don't understand, but to be fair I didn't really understand this until I moved out of the city and bought a house on Long Island. My property tax here is almost the same as my city income tax was. In NYC as a renter - I pay my income tax. My landlord pays the same rate on his rental income (you probably forgot this part) AND the "low" real estate tax you are referring to. If I own my place, I am doubly fucked because I pay the high income tax and the RE tax. The only people who come out ahead under the NYC model are those who live in a place they own but don't have any income. I think it's a very small demographic.