Your taxes are going up

We are seeing the continuation of a shift of the tax burden from commercial properties to multifamily.
https://www.rosenbergestis.com/blog/2023/06/nyc-property-tax-rates-for-2023-2024/#:~:text=Tax%20year%202023%2F24%20assessments,%2F21%20to%202021%2F22.
"When you combine changes in the taxable assessments and changes in the tax rates, citywide tax class 2 taxes will increase +8.19%, and tax class 4 taxes will decrease -1.56% over last year."

I think it is the increase in taxes and monthly common charges that is leading to more listings by older, retired folks, or those owning pied-à-terres.

Why do they hate apartment dwellers so much?

Because single family homeowners vote.

Plus they're counting on pied a terre owners that pay anyway.

You also have to realize that the dismantling of Rent Stabilization has made taxes on Coops rise substantially.

And because the mayor knows who writes the campaign contribution checks, and will have a job waiting once he's booted out.

@30yrs: Interesting -- that structural change hadn't occurred to me.

>You also have to realize that the dismantling of Rent Stabilization has made taxes on Coops rise substantially.

Could you please elaborate on the dismantling.

>dismantling of Rent Stabilization has made taxes on Coops rise substantially.

how so?

https://www.habitatmag.com/Publication-Content/Legal-Financial/2024/March-2024/Highest-Court-Says-Lawsuit-Against-City-s-Property-Tax-System-Can-Move-Forward

I clicked the link and my Access was DENIED

Speaking of rent stablization, I like to follow my first apartment out of law school on Zillow. The San Francisco PacHeights studio that still holds my favorite-living-space honor is up for rent at an ask of $3795. I rented it in 1994 for $795. Can someone do that math for me as to whether that is just inflation pure and simple or is that neighborhood doing particularly well despite other problems in SF?

Housing costs there rose double the rate of inflation

https://www.in2013dollars.com/us/inflation/1994?amount=795

@selborne- thx! What is even crazier is that they are listing it as a two-bedroom with no photos. There was a "nook" that I will admit I used as a guest bedroom back in the day for one of my best friends who was getting her PhD at Stanford at the time when she did not want to drive back down to the Peninsula (she is now a professor at Columbia), but it was a far cry from a second bedroom. Indeed, the entire apartment wasn't even a one-bedroom, but it did have some cool angles that made it unique. There was also an amazing walk-in closet, but the downside of that closet and a general oddity of the apartment is that you had to walk through that closet to get to the bathroom.

When I was a kid one of my parents lived in a small NYC apartment. My carpenter stepfather created a 'bedroom' for me out of a large closet (complete with an upper berth and built-in desk below). It had slatted doors to give some semblance of airflow. I loved that little space.

@pinecone, you might be onto something. Maybe they are billing the walk-in-closet as a bedroom unto itself.

@MCR :

Just did the calculation for my old apt on East 20th St . Rent ($6000) about double the rate of inflation.

https://www.in2013dollars.com/us/inflation/1985?amount=1025

I paid $800/mo for my first NY (brooklyn) apartment in 1987. It no longer exists (building was turned back into a single-family), but the current amount is close to what I pay for about the same amount of space in a full service co-op. So my current 'rent' (leaving aside the purchase part of the transaction) is about the same, adjusted for inflation.

My dad rented a 6th fl walkup with a bathtub in the kitchen and a (private) bath in the hallway for $375/mo on 228 E 80th in 1978. In 1979 I took a year off between high school and college and lived there. The floors were bowed and we waged constant skirmishes with roaches. There was no ac. The neighborhood was full of Irish bars and there were still a couple German restaurants in the area and a great Hungarian bakery. H&H Bagles was around the corner. Crime was rampant. I was once held at gunpoint outside the neighboring building. Meanwhile my prep school friends lived in places like the Langham, the Beresford, old money places on Park Ave and new money places in the Village. I have great memories of the apt and the city.

@everyone - Isn't it fun reminiscing about the old apartment, wherever or whenever it was. I track them all for fun.

>My dad rented a 6th fl walkup with a bathtub in the kitchen and a (private) bath in the hallway for $375/mo on 228 E 80th in 1978.

This is great.

The apartment must have so many stories.

Separately, I wonder, what's the maximum age that anyone should be living in a 6th floor walkup in NYC?

6th was the top floor. There was also stoop you had to climb to get to the 1st floor.

Maybe 70? Although there are some spry 80 year olds out there. As long as you can get your groceries delivered and don't have a stroke.

I imagine many from those top floors go directly to nursing homes.

stache - right id think past a certain floor, living in a walkable city works against the elderly .. falls are pretty devastating and common, precipitating a lot of rapid declines in the elderly

So living multiple flights up they may become shut-ins at best, or take a bad tumble at worst.
Either way the next stop is a nursing home..

On the other hand if they live in an elevator building, I could see the lack of stairs & needing to drive allowing an elderly person to remain very independent/self sufficient well past when they could in the burbs.

The elderly (and the young, actually) can fall just about anywhere. I had a friend in his early 80s who lived on the top floor of a 6 fl walkup -- the stairs and walking around town were his primary form of exercise. Living there was not what did him in. Everybody can get around, until they can't. A plus of NY for a shut in is that you generally have a broader range of services available to you, generally more easily than if you were in Nowhere. (at a cost, of course)

City may actually be safer than burbs for falls as snow on the sidewalks is supposed to be cleared by the building. Whereas clearing driveway and backyard is the responsibility of the suburban homeowner. So a homeowner can slip even without going out of their property in the burbs. And then there is pesky upkeep of the property, fences, and yard. Of course, you can plenty of help in the burbs for the extra cost of living in the city.

70+, living alone on a 4, 5, 6th floor walkup ... not great, and sadly, possibly a byproduct of rent regs on the one hand and the increasing cost of market rentals on the other hand

Anybody know anyone or have they personal experienced having a move because property taxes became too high? I've been asked this question by a major media outlet, who's writing about it.

Looks some legislation eliminating restrictions on property tax hikes recently got a judicial go-ahead

https://www.nytimes.com/2024/04/02/nyregion/nyc-property-tax.html?ugrp=c&unlocked_article_code=1.hk0.DFc-.AQoHvlM0SsKS&smid=url-share

>Anybody know anyone or have they personal experienced having a move because property taxes became too high?

I suspect this is less a NYC question than upstate