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Thread: How Rent Spikes Are Creating Fine Dining ‘Deserts’ In New York City

  1. #21
    Veteran Member Moorhuhn Wanted Champion Hollywood's Avatar
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    Quote Originally Posted by webrockk View Post
    $50 per commercial square foot in '95 in a depressed area....if the guy is going broke it must be much more than that now.

    it's between $2.50 and $8 here.
    Location...location...location...

  2. #22
    Veteran Member Moorhuhn Wanted Champion Hollywood's Avatar
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    Quote Originally Posted by TNVolunteer73 View Post
    When you have a mayor that raises property taxes through the roof you get rent spikes. They don't buy rental property as a hobby, but as a source of income, Cost of doing business increases the cost of the goods and services increase.
    What are the costs of insurance, utilities, maintenance on those buildings and how have those costs increased over the years.
    Youy people ONLY want to bitch and moan about something, or even mention it, if it can somehow be "blamed" on an opposition party politician. As if taxes are the only expense of owning rental property!!!
    So petty, so transparent.

  3. #23
    Veteran Member Moorhuhn Wanted Champion Hollywood's Avatar
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    Quote Originally Posted by webrockk View Post
    It's a vicious cycle.

    Politicians raise business and property taxes to fund their benevolence.

    the tax base starts leaving the community for greener pastures.

    the once vibrant community begins to decline, along with the property values.

    the poor move in to take advantage of the bargains and further ruin ensues.

    the next generation's entrepreneurs, industrious first time homeowners and dreamers see bargain basement property and start sprucing up the community.

    Property values start increasing.

    Real estate speculators see opportunity to profit and the price of property increases more rapidly (not necessarily the value).

    Politicians raise business and property taxes to fund their benevolence.

    rinse/repeat.
    This is news to you?

  4. #24
    Member Robert Urbanek's Avatar
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    Quote Originally Posted by TNVolunteer73 View Post
    Yes you increase taxes, Renters have to increase rent.. That is what happens when you elect moonbeam as Governor. Income taxes, property taxes, business license fees increase. Hey, that is why 26,000 is a living wage in Atlanta and is 60K in LA.
    My experience was just the opposite. Shortly after the property tax limit, Proposition 13, was approved by California voters, the rent on my Culver City apartment was raised by 40 percent.
    Thanks from labrea

  5. #25
    Veteran Member TNVolunteer73's Avatar
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    Quote Originally Posted by Robert Urbanek View Post
    My experience was just the opposite. Shortly after the property tax limit, Proposition 13, was approved by California voters, the rent on my Culver City apartment was raised by 40 percent.
    Then you should have moved to another apartment that did not raise the rent, I don't know, did Prop 13 remove rent control laws that kept rent artificially low? Just think what would have been raised If the complex had been hit with a tax increase?

  6. #26
    Inside Your Heads syrenn's Avatar
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    Quote Originally Posted by bajisima View Post
    One of our daughters is looking for her first home and so far three times she has put a bid in and either a Russian or Chinese investor has almost doubled her offer. Its frustrating and ridiculous. Even her realtor thinks its odd that they want homes up here away from the city. One does have to wonder what they are thinking?
    we have the same problem here. They bid up and pay in full.... with cash.

    I get what the chinese are thinking... they are not allowed to "own" property in china. My understanding of it is that they have a 99 year lease? ..but do not own their property.
    Thanks from bajisima

  7. #27
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    Quote Originally Posted by publius3 View Post
    The inference is that the property is being used for a more highly valued purpose. Of course, then the restaurant cannot survive. If the restaurant customers want the product/service they'd pay more to keep that use. They don't in this case.
    Perhaps its not a matter of want, but of what they can afford.

    Long-term problems for the US include stagnation of wages for lower-income families…

    …the globalization of trade, and especially the rise of low-wage producers such as China, has put additional downward pressure on wages and upward pressure on the return to capital. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. CIA World Factbook
    It is another example of the hollowing out of the middle. The wealthy can afford to eat where ever they want, so those restaurants will survive, and the rest can afford MacDonalds, so they will survive.

  8. #28
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    Quote Originally Posted by syrenn View Post
    we have the same problem here. They bid up and pay in full.... with cash.

    I get what the chinese are thinking... they are not allowed to "own" property in china. My understanding of it is that they have a 99 year lease? ..but do not own their property.
    Much of Hawaii real-estate is the same.

  9. #29
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    Quote Originally Posted by publius3 View Post
    The inference is that the property is being used for a more highly valued purpose. Of course, then the restaurant cannot survive. If the restaurant customers want the product/service they'd pay more to keep that use. They don't in this case.
    Sure, my point is only that monopoly tactics, if they are going on, should not be tolerated. My assumption is that most of the pricing is actually demand driven, not a result of monopolistic tactics.

  10. #30
    Veteran Member TNVolunteer73's Avatar
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    Quote Originally Posted by Neomalthusian View Post
    Sure, my point is only that monopoly tactics, if they are going on, should not be tolerated. My assumption is that most of the pricing is actually demand driven, not a result of monopolistic tactics.
    That I will agree the 3 largest factors in cost is 1 Supply, 2 Demand (equally effect cost) 3. Cost of producing the good or delivering the service

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