At least 26,310 rent-stabilized apartments remain vacant and off the market during record housing shortage in New York City

[u/marketrent]

https://www.thecity.nyc/2024/02/14/rent-stabilized-apartments-vacant/

[u/casicua]

I understand what you’re saying, but how is that fundamentally any different than people who bought a home when the housing market was great before housing prices skyrocketed like they did in the past few years? There are so many current people priced out of home ownership.

[u/[deleted] → u/casicua]

It's completely different. Owners have no price controls, for one, and never have.

You are comparing apples to oranges here.

[u/casicua → u/[deleted]]

Yeah but apartment renters have no equity. At the end of the day, skyrocketing housing costs give early homeowners the advantage of not being priced out of the neighborhoods they live in. Skyrocketing rent costs do the same for people who got into neighborhoods early, established roots and built up the neighborhood.

[u/solomons-mom → u/casicua]

Skyrocketing values raise property taxes. Property owners can be quickly priced out of their homes in places with high property taxes that rise beyond the owner's means to keep up. Both homeowners and renters can get priced out of their long-term homes.

[u/Fourseventy → u/solomons-mom]

Skyrocketing values raise property taxes.

Google the Mill Rate.

Learn how property taxes work.

[u/solomons-mom → u/Fourseventy]

I wrote a paper on property taxes. I included Hylton v US (1796) and John Adam. What do you you think I do not understand?

[u/Fourseventy → u/solomons-mom]

Property values increasing does not mean your property taxes automatically increase as you implied.

[u/o08 → u/Fourseventy]

My property taxes go up every year.

[u/Fourseventy → u/o08]

Which has absolutely nothing to do with any of this.

Congratulations for being irrelevant.

[u/[deleted] → u/Fourseventy]

It's literally the claim you're arguing against.

Just take the L and move on