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This is a good thing for city, but for those who own get ready to pay increased tax bills.
As assessed values rise city rakes in more money without having to raise property tax rates. This is one reason NYC currently is raking in so much money it doesn't know what to do with it all; well it *does* in that Sam the Eagle, Corey Johnson along with city council are handing it over to their base; aka "the poor".
If (when) the economy tanks - the anti-immigrant sentiment might go up significantly and if Trump gets 4 more years - he might finish the wall and curb the immigration both legal and illegal.
That is going to be a double whammy (economy tanks, wall street money dry up and much less incoming immigrants).
And 4 more years of DeBlasio policies and who knows. NYC lost 10% population in 70s.
Trump has to survive trial in the Senate first. Assuiming he does, then he has to get re-elected.
Illegal immigration is like drug dealing. They’ll just have ships stow them in.
Illegals are not buying New York properties and Trump is not against legal immigration.
They are renting the properties, which in turn affect their values.
Providing services to illegal immigrants - gives jobs to thousands of social workers who rent or buy.
Illegal immigrants are maybe 10% of NYC population. Are you saying that removing 10% of population won't affect property prices?
Trump wanted to reform legal immigration to limit immigration based on family ties.
They are renting the properties, which in turn affect their values.
Providing services to illegal immigrants - gives jobs to thousands of social workers who rent or buy.
Illegal immigrants are maybe 10% of NYC population. Are you saying that removing 10% of population won't affect property prices?
Trump wanted to reform legal immigration to limit immigration based on family ties.
Illegals rent the lowest end units generally in the poorest areas. Their 10% (which would really be like 1/4th of that because they live together) has little effect on NY’s high real estate prices.
There are plenty of illegals in rural Texas or Oklahoma or Arkansas (plenty of other places have higher per capita illegals than NYC) but those places don’t have high real estate prices.
As for legal ones, if the rules become more stringent, then individuals coming in will actually be more educated and have higher incomes.
What’s driving the average prices up are the middle and upper markets.
The last crazy spike in real estate were due to China cash cows. They regulated to rid that and with the whole China trade issue, no more cash cows buying up real estate at astronomical prices. Good luck for the next decade.
The last crazy spike in real estate were due to China cash cows. They regulated to rid that and with the whole China trade issue, no more cash cows buying up real estate at astronomical prices. Good luck for the next decade.
Prices went up due to lack of new supply coming in with a lot of demand. Rents will be going up as property owners would need to recoup property tax increases that have been rising much faster than rent increases.
Illegals rent the lowest end units generally in the poorest areas. Their 10% (which would really be like 1/4th of that because they live together) has little effect on NY’s high real estate prices.
There are plenty of illegals in rural Texas or Oklahoma or Arkansas (plenty of other places have higher per capita illegals than NYC) but those places don’t have high real estate prices.
As for legal ones, if the rules become more stringent, then individuals coming in will actually be more educated and have higher incomes.
What’s driving the average prices up are the middle and upper markets.
Though in Queens where landlords commonly rent out houses to 50 people or apartments to 15 people, yes putting lots of illegals in an apartment of course increases the price about what working people in the neighborhood would pay.
It has a direct influence on real estate prices and on taxes shelled out on social services, on education, on mass transportation, etc.
Parts of Brooklyn are like this as well. And truthfully parts of upper Manhattan and the LES, not too mention the Bronx.
Prices went up due to lack of new supply coming in with a lot of demand. Rents will be going up as property owners would need to recoup property tax increases that have been rising much faster than rent increases.
Who wants to pay a lot of money just to be mugged? The crime wave and bad news will take care of that.
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