Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The problem is that NYC has, between it's rent regulations and overgrown public housing system, created fortresses of poverty that can't be eliminated. This is the hard place. The rock is that other parts of NYC attract a lot of money that get pushed into the luxury real estate sector. This is the rock. Since middle income housing doesn't have the protection of public housing, guess what gets caught between the rock and the hard place.
Add to this NYCs ridiculous landmarks system, and the constant demands for down zoning of underbuilt (by NYC standards) neighborhoods (and many of those demands have been satisfied), and there's no way to build enough housing in NYC to satisfiy demand and let prices at least stabilize, if not go down.
If the government (at all levels) had not meddled with housing, NYC would now have a much healthier real estate market for the middle class.
Why did you completely leave NYC income taxes out of the equation? Your taxes in NYC weren't just property taxes - they were income taxes too. You need to add those in to the equation.
Excellent point. I still pay NYS and then file PA at the end of the year (income tax is a flat 3.07% state and 2.8% township plus there's another milage tax with the township that's another $150 or so) . Barely a huge difference. Few hundred dollars a year. I do not have dependants. Funny I left that can of worms out of my original post too.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
