Maintenance in NYC

I think you'll find if you compound at 2.5% you get a much more reasonable figure, $1888. That's been closer to my buildings long term inflation rate. And a studio in 30 years at less than $1900/mo since the mortgage is paid off, sounds pretty good.

The maintenance in my building - despite only "amenities" being a bike/storage room and no underlying mortgage - has skyrocketed since 2007. For 2010 alone we had a 10% maintenance increase, plus an "assessment" running 9 months of 2010 which was the exact equivalent of another 10% = overall 20% overall increase. I am LIVID. I highly suspect something shady is going on and am anxiously awaiting this years financials.

technologic, a lot of co-ops saw the same thing this year. This is the fifth ( the last) year of Bloomberg's property tax jump, among other things. But the tax jumped 14%. Awful.

Inq - good point, and maybe the costs will all be accounted for - its just so hard for my family, we bought partly bc the maint was very reasonable (660) now it is close to 1000! Part of the reason that when we do sell down the line I will never buy in a coop again, its just signing your bank account away to them.

In condos it's even worse. Taxes are all your own, and if you thing that CC in condos don't skyrocket for no reason, think again.
There's no way to avoid the property tax increases.
Now talk about doormen strike... They got the nerve.

"..if you THINK"...

technologic, Water bills have skyrocketed in the last 2 years (I think it was 12-15%), Con Ed bills (both electric as well as heating costs) have increased significantly in the last 2 years as well. Taxes have increased, etc. It doesn't matter if you are in a condo or a co-op...if your building didn't plan in advance for these costs- it is no shocker that your carrying costs went up massively.

don't increases in property taxes hit condos too? my guess is that in NY city and NY state, unfunded pension liabilities will hit property taxes more than earned income taxes. they might apply taxes to pensions, SS and the like, but wage taxes are already high imho.

If people started realizing we actually pay for things like WATER, they might address those seemingly little annoying drips their kitchen faucet makes...our building tries to hold down, if not hold off, increases...but as long as we waste, AND use fossil fuel..."they've" got us by the balls.

There's another reason why maintenance increased so much in so many buildings: a lot of Coops used the flip taxes they collected to finance operating expenses. less sales, less flip tax revenue. And for Coops that base the flip tax on PROFIT, well..................

"technologic, a lot of co-ops saw the same thing this year. This is the fifth ( the last) year of Bloomberg's property tax jump, among other things. But the tax jumped 14%. Awful."

Well SOMEONE has to pay for those Section 8 vouchers that will help keep "diversity" alive in NYC!

Section 8 funding is federal. Someone has to pay for unfunded pension liabilities (of both the city and the state)!!! that one is much bigger ticket item than Section 8.

Oh my lord I think I am having a stroke thinking my money is going to MTA employee pensions. Everytime I hear something about the MTA and their budgeting issues my blood pressure goes through the roof because they are the most lazy no good POS I have ever observed in all my years. (Do you want to know how I really feel, lol?)

tech, don't worry. for the most part if lazy teachers that fail to teach their students how to count without using their fingers... 6 figures many of them. talk about rewarding failure!!!