Re:Manhattan rents cross $5k threshold for first time
by ethanbond on Thursday July 14, 2022 @12:39PM
(#32098314)
Uhhh, I care that we create incentives that yield desired behavior: building high quality housing that supports growth and mitigates urban squalor.
The current state is the actual opposite of that incentive. You can just buy up a parking lot in downtown Manhattan, pay ~$0 taxes on it, and keep it off the market while people continue to struggle to find housing and prices continue to climb. Then when the land has appreciated (through no actions of your own, in fact in spite of your own actions) you can sell for millions of dollars of upside.
The current state is the actual opposite of that incentive. You can just buy up a parking lot in downtown Manhattan, pay ~$0 taxes on it, and keep it off the market while people continue to struggle to find housing and prices continue to climb. Then when the land has appreciated (through no actions of your own, in fact in spite of your own actions) you can sell for millions of dollars of upside.