Avid Amoeba@lemmy.ca to News@lemmy.world · 3 days agoMamdani Threatens 9.5% Property Tax Increase if Wealth Tax Is Not Passedwww.nytimes.comexternal-linkmessage-square239fedilinkarrow-up1801arrow-down17file-text
arrow-up1794arrow-down1external-linkMamdani Threatens 9.5% Property Tax Increase if Wealth Tax Is Not Passedwww.nytimes.comAvid Amoeba@lemmy.ca to News@lemmy.world · 3 days agomessage-square239fedilinkfile-text
minus-squarePyr@lemmy.calinkfedilinkarrow-up22·2 days agoAre there middle class property owners in New York city? I feel like middle class would all be renters there and upper class wealthy the only actual owners.
minus-squarexSikes@feddit.onlinelinkfedilinkEnglisharrow-up10·2 days ago^ this. This is the NYC situation
minus-squareRamRabbit@lemmy.worldlinkfedilinkarrow-up10arrow-down2·edit-22 days agoJust like every other cost related to owning and maintaining a rental: property taxes get passed down to renters.
minus-squarerushmonke@ttrpg.networklinkfedilinkarrow-up2·2 days agoWrong. Renters already pay what the market is able to bear. Landlords aren’t like “we’ll leave money on the table just because our renters were suckers and didn’t vote for people that will raise our taxes.”
minus-squareEnsign_Crab@lemmy.worldlinkfedilinkEnglisharrow-up8·2 days agoDo you suppose a wealth tax wouldn’t also be passed on to renters? Should we just not tax the rich at all since they’ll just pass the cost on to their tenants?
minus-squarePyr@lemmy.calinkfedilinkarrow-up3·2 days agoThere is one way a wealth tax probably wouldn’t be passed down to renters. If everything over a certain point is taxed at 100%. Including stocks and all that stuff that rich people typically store their money. That way it doesn’t matter if they increase the rent they still won’t get more money out of it so there’s no point in increasing it. They may be incentivized to sell properties in that case to bring property values down and therefore rent.
minus-squarejjjalljs@ttrpg.networklinkfedilinkarrow-up4arrow-down1·2 days agoI know a couple people here who own apartments. Median income here I think is like $115k. None of them are much more than that.
minus-squareW98BSoD@lemmy.dbzer0.comlinkfedilinkEnglisharrow-up1·edit-22 days agoStaten Island? Remember, NYC is five boroughs and not just Manhattan.
Are there middle class property owners in New York city?
I feel like middle class would all be renters there and upper class wealthy the only actual owners.
^ this. This is the NYC situation
Just like every other cost related to owning and maintaining a rental: property taxes get passed down to renters.
Wrong. Renters already pay what the market is able to bear.
Landlords aren’t like “we’ll leave money on the table just because our renters were suckers and didn’t vote for people that will raise our taxes.”
Do you suppose a wealth tax wouldn’t also be passed on to renters? Should we just not tax the rich at all since they’ll just pass the cost on to their tenants?
There is one way a wealth tax probably wouldn’t be passed down to renters.
If everything over a certain point is taxed at 100%.
Including stocks and all that stuff that rich people typically store their money.
That way it doesn’t matter if they increase the rent they still won’t get more money out of it so there’s no point in increasing it.
They may be incentivized to sell properties in that case to bring property values down and therefore rent.
I know a couple people here who own apartments. Median income here I think is like $115k. None of them are much more than that.
Staten Island?
Remember, NYC is five boroughs and not just Manhattan.