NYC cost of living to go up $ignificantly!

This show up in the CPI?

Alternatives, like where, Texas? North Carolina? Tennessee? As far as I'm concerned, life in the US ends at the bridges and tunnels.

LOL. The thought of me living in one of those low-budget festering toilets makes me laugh so hard I could pee in my Prada jeans.

What a joke.

RE tax in NYC is being raised by 7%? How did I not know this? Holy shizz.

Renting becomes even more of a bargin vs. buying.

I do find this hard to believe. My first indication that there's not one bit of validity was the first line = www.nypost.com. Oh Rupert, such a humorist.

I agree that additional taxes will be a problem for New Yorkers and have some impact on RE prices, but this nypost article is a joke!

Since when can an average family of four own a condo in Manhattan AND keep a car with a $75K household income? That is wrong in so many levels!

Let's assume the above scenario does exists for some family and check the math.
- 50 cents increase in taxi tax = $234? That family with the car and 4 unlimited monthly Metrocard will ALSO be making 468 taxi rides in one year?

The $2,296 estimate would represent a 3%+ additional tax on a $75K household income.

ChasingWamus - because landlords never pass any of their costs off to their tenants......

petritz, how much of that can they pass to their tenants in the next two years?

all plus 15% mark up

Also you have to understand that many buildings underlying mortgage costs have gone down significantly (on one of my buildings I have a $400 per unit per month decrease in mortgage costs alone.)

Its funny all you renters think that the landlords are operating at a loss. We may be making concessions now but we are not losing money. We are alos passing off any increased cost to you but not passing off decreased costs.

And when things heat back up again, all you renters are screwed because we are going to jack up prices mercilessly and you will pay them

petrfitz...what a mean person you are...to gloat about screwing people.....all this will come back at you.

petrfitz, I believe most people on here are not against buying. People mostly just have a different opinion on the timing of the purchase. Not many will disagree with you that EVENTUALLY that most if not all the cost will be passed on to tenants, but the question is whether they can do that in the next two years. If your answer is "all plus 15% mark up" within the next two years, then I disagree. Just my opinion vs. yours. It's ok to disagree.

If you're getting a better return for your money as a landlord, congrats! Keep in mind that your tenants are your clients. Your clients are your boss. When you disrespect your boss, it usually doesn't end well. As Julia puts it, 'it will come back at you' in one form or another.

Petrfitz - landlords charge as much as they can. They don't get to charge more because thier cost goes up. My landlord's costs went up this year and yet my rent went down 18%

Julia and Sunday - have you ever posted against the people who post saying that they are going to screw their landlord or move out? Have you ever objected to a renter that says they are not paying rent for stupid reasons like tub caulk?

Why do you come down on me as a landlord for gloating? Hypocrites.

ChasingWamus - yes in Manhattan landlords do get to charge as much as they want. If you believe this soft market is here for a long time you are a fool. As soon as it clears, landlords will become ruthless, just as ruthless as all the tenants that asked for decreases in this downturn.

You reap what you sow.

I dont have any units that got decreases but if I did next year their rents would go up farther than they would have normal increases.

Petrfitz, congrats on having suckers for tenants. I expect my landlord to charge as much as he can, and I'll continue to pay as little as I can. That's the nature of the free market.
I like your theory that the supplier's costs determine the price the consumer pays. I think I'll tell my boss that he owes me a raise because I bought a new car.

petrfitz, first of all I am not against landlords passing the cost to tenants because that's just business. Nothing wrong with trying to get the most out of your investment. I was commenting your show of disrespect for them. If I remember correctly, including this one, I have only read and posted in four threads where I made comments related to tenants/landlord. The last thread was from last night where a tenant was talking about suing the landlord to get out of a lease. Feel free to take a look at what I wrote: http://streeteasy.com/nyc/talk/discussion/17931-opinions-on-breaking-lease-over-safety-worries

The other two times, I made comments about how tenants can really make life miserable for the landlords. I have had tenants before and luckily I never experienced such issues, but my friends and neighbors had.

"Its funny all you renters think that the landlords are operating at a loss. We may be making concessions now but we are not losing money."

Sounds like you have plenty of margin to absorb the extra taxes rather than raise rents, lose tenants and get nothing. Thanks!

Flmao.. celine lover, your adjustable mortgage went down 50bps this year and you're saving $400/month? what do you own a 3 unit studio bldg?

Here is some data you need to think about;
1) reserves, reserves, reserves...
2) tenant re-newal risk;
3) ir rising by 300 bps within 2 years;
4) I'm a little nervous.... you should be shitting in your too tight prada pants....

w67 please learn how to read - $400 per month per unit at 20 units per building that is what?

and it wasnt an adjustable rate, I refi'd at a long term lower fixed rate. TOOL

ChasingWamus - where are all these Manhattan tenants going to move to? Williamsburg? Jersey? Philadelphia???

They´ll move to the zillion apts that will flood the market this year and not sell.

apartments flooding the market? Please explain mimi. Are you saying that there has been tons of new developments started in the past 2 years?

No I am talking about the shadow inventory...just check, as an example, 5th on the park.

oh that infamous shadow inventory that no one knows about and we have been fearing for ever. So are you say ing that the shadow inventory is now ALL fullk of owners who are going to move out and want to rent these units?

i think that the Shaddow inventory will be sucked up by the shaddow buyers and the shaddow renters.....

"Homeowners will pay 7 percent more in property taxes, though landlords will likely pass on a rent hike to tenants."

Ha, well they can try, but... rents keep dropping... and dropping... and dropping...

(even though perfitz said they would only go up)