Why Billionaires Don't Pay Property Taxes in New York

Re:Why Billionaires Don't Pay Property Taxes in New York by smm2000 on Tuesday May 12, 2015 @04:11PM (#9534521)

It's true in SF, NY and few other places in US where cost of housing is determined by ability to pay. In the rest of the country cost of housing is a cost of building a house/rental property with a reasonable margin on top - with almost no correlation with local ability to pay (as long as it's higher than cost of building or maintaining a housing unit). If you increase property taxes, it will increase rental prices.

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Re:Why Billionaires Don't Pay Property Taxes in New York by crdoconnor on Tuesday May 12, 2015 @10:05PM (#9536318)

So you're saying that supply and demand only works in SF, NY and a few other places?

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Re:Why Billionaires Don't Pay Property Taxes in New York by smm2000 on Wednesday May 13, 2015 @07:40PM (#9542699)

I am saying that supply and demand are not working in SF/NY and a few other places. Or to be more exact supply is non-elastic - increase in demand does not increase supply. In cities with available land if there is a demand for housing, you just build more housing.

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