Transitional increases in property taxes and modest rising values are projected to add $2.3 billion in New York City Real Property taxes between the fiscal year ending last month and FY 2016 according to the City financial plan. And, an analysis by the State Comptroller this week predicted that another $950 million was possible if interest rates remain low (see page 17 of the Comptroller’s report).
Demand could push prices up nationally and locally due to scarce new product. Nationally, there were 145,000 new homes available in May…the lowest number in fifty years. As we reported last week, new residential permits in New York City are running at less than 10 percent of pre-recession peaks.
Well this is different. Rents in trendy parts of Brooklyn topping formerly trendy Manhattan, according to the Wall Street Journal.
One poor refugee from Williamsburg commented that her new Upper East side digs “has the charm that you would want in Brooklyn that is quickly disappearing.”
Save the Date: ABO Luncheon Seminar September 12th. ABO will present a free seminar on “The Future of Management” at The New York Association of Realty Managers annual Building Management Expo, September 12th in the Hotel Pennsylvania. A complimentary buffet lunch, courtesy of NYARM, will be available at noon and the seminar begins at 12:30 p.m. Details TBA.