Do you think the Real Estate Market is destroying New York City. (Benson: house, neighborhood)

[ironlex]

Originally Posted by Foamposite

You are out of touch. NYC is easily one of the most expensive cities in the country, and home ownership is becoming harder and harder for middle class and under.

Why bring up Vancouver? We don't live in Canada. And Canada is oneof the most developed countries in the world.

About Vancouver:

https://globalnews.ca/news/4658157/f...-police-study/

[gen2010]

In many asian cities, 1 million dollars can only buy you a studio or one-bedroom in a run down area. and people in those cities earn 10% of what NYers are making.

Most immigrants came to this city with nothing. they work and save and buy those houses. while the native NYers are complaining the high cost and waste money on unnecessary items. Look at the fancy cars and iphones of the same people who cry they cannot afford housing. just a shame

Originally Posted by Foamposite

You are out of touch. NYC is easily one of the most expensive cities in the country, and home ownership is becoming harder and harder for middle class and under.

Why bring up Vancouver? We don't live in Canada. And Canada is oneof the most developed countries in the world.

[ironlex]

Originally Posted by gen2010

In many asian cities, 1 million dollars can only buy you a studio or one-bedroom in a run down area. and people in those cities earn 10% of what NYers are making.

I pray this does not happen to NYC. We need to build the wall. J/K

[Mr.Retired]

Originally Posted by gen2010

In many asian cities, 1 million dollars can only buy you a studio or one-bedroom in a run down area. and people in those cities earn 10% of what NYers are making.

Most immigrants came to this city with nothing. they work and save and buy those houses. while the native NYers are complaining the high cost and waste money on unnecessary items. Look at the fancy cars and iphones of the same people who cry they cannot afford housing. just a shame

It makes no financial sense trying to keep up with the Jones's.
It cheaper to go the Jones's yard sale and get their used goodies for pennies on the dollar.

[Mr.Retired]

Originally Posted by ironlex

I pray this does not happen to NYC. We need to build the wall. J/K

New York State has not treated the retired working class to kindly.
The Feds have done a better job giving tax payers a break in whole.
If you lived and worked your arse off in New York your whole life
you should get some major tax breaks on property taxes not the
bull crap that is defined by the amount of retirement income being drawn.
It will come time for retired folks to leave one day soon to make room for another
willing and able go-getter.

[NyWriterdude]

Originally Posted by Mr.Retired

New York State has not treated the retired working class to kindly.
The Feds have done a better job giving tax payers a break in whole.
If you lived and worked your arse off in New York your whole life
you should get some major tax breaks on property taxes not the
bull crap that is defined by the amount of retirement income being drawn.
It will come time for retired folks to leave one day soon to make room for another
willing and able go-getter.

Or if they can afford to pay those property taxes they can stay.

[Mr.Retired]

Originally Posted by NyWriterdude

Or if they can afford to pay those property taxes they can stay.

Agreed.
I don't understand why some go along and pay property taxes of $30,000 a year and up.
Would you? I certainly would not............. I'd rather live out of the state use that money to hire a limo driver year round.
It is one thing to pay affordable property taxes and another to knowingly allow the city to fleece you .

[NyWriterdude]

Originally Posted by Mr.Retired

Agreed.
I don't understand why some go along and pay property taxes of $30,000 a year and up.
Would you? I certainly would not............. I'd rather live out of the state use that money to hire a limo driver year round.
It is one thing to pay affordable property taxes and another to knowingly allow the city to fleece you .

It’s not costing you money if someone is paying whatever in property taxes? Why be judgmental?

Perhaps some people just like living in NYC or want to be near family, etc.

Also there are problems in supposedly cheap places like the South as well. No place is an utopia.

[mathjak107]

Originally Posted by Mr.Retired

New York State has not treated the retired working class to kindly.
The Feds have done a better job giving tax payers a break in whole.
If you lived and worked your arse off in New York your whole life
you should get some major tax breaks on property taxes not the
bull crap that is defined by the amount of retirement income being drawn.
It will come time for retired folks to leave one day soon to make room for another
willing and able go-getter.

actually being retired i pay very little in nys tax now . social security is exempt from nys taxes , my wifes pension is exempt being a city pension , the first 20k in retirement from ira's or private pension money is exempt , all my treasury interest is exempt . considering a professional couple can have more than 80k in ss alone , it can be quite a savings . compared to other areas the real estate taxes in nyc are pretty low .

nys could do more on real estate taxes though for seniors , i agree but it likely is what it is .

think about this : when we all bought our forst homes in suffolk county in the 1970's they were like 30-35k .. that was a huge mortgage then . well today those mortgages are likely gone and taxes are 12-18k a year . so in that respect nyc is way better off .

the fact you paid off a 35k mortgage does not even cover a utility bill today , so in the scheme of things affording to stay on long island got near zero help from not having a mortgage and having a paid off home . star helps lower incomes a little but not nearly enough for higher incomes . .

[mathjak107]

Originally Posted by Mr.Retired

Agreed.
I don't understand why some go along and pay property taxes of $30,000 a year and up.
Would you? I certainly would not............. I'd rather live out of the state use that money to hire a limo driver year round.
It is one thing to pay affordable property taxes and another to knowingly allow the city to fleece you .

why pay these big taxes ???????? well taxes are not generally high in a vacuum . they are high because home valuations are high , the homes are high because the areas are desirable because they usually have access to the highest paying jobs and better schools .


my son was in scarsdale ny and paid 20k a year on an 1800 sq ft home . he recently moved to ryebrook and pays 23k on a 4000 sq ft home .


taxes in many areas are high because home valuations are high . that 1800 sq ft home in scarsdale sold for 1 million . the 4500 sq ft home in ryebrook was 1.25 million .


big difference in home size for the same taxes . but homes are so much more in scarsdale for any given size so taxes are higher .

scarsdale is known as the best school district . ryebrook as a grade lower at better . school districts are rated good , better best ... home prices follow suit

scarsdale has a dedicated train station . that is a biggie .. homes in towns with dedicated train stations and parking for residents commands a huge premium .

scarsdale is 15 miles closer to nyc , another biggie .

so there are lots of reasons people pay these big tax bills .

in my son's case , his law firm was in white plains , in his wife's case she is a cpa for a hedge fund in Greenwich so the area is perfect . lifestyle wise they feel it is well worth it . they both make livings here that would be greatly reduced if they lived and worked in other states , even after adjusting for cost of living .
my son is a full partner in the firm which is national so he knows what the compensation is in their other offices .


. besides the fact it ain't that easy when you have licenses and certifications in one state to go to another as little is cross honored