Eh, maybe for the more luxurious properties? But plenty of landlords are operating on tight margins and they’re not legally allowed to raise rent by more than some measure of inflation reported by the state each year.
But you’re right, the tax would have to be much more punitive to crossover into the red.
If it does make it more challenging to justify the business of being a landlord, I’m all for it though. Steps towards the end goal of more New Yorkers who want to owning their primary residence.
But you’re right, the tax would have to be much more punitive to crossover into the red.
If it does make it more challenging to justify the business of being a landlord, I’m all for it though. Steps towards the end goal of more New Yorkers who want to owning their primary residence.