I have said this in a hundred different ways: The Buyer sets the market. Last week’s blog regarding rent reduction prompted several objections that a renter might not be able to get a rent reduction because the landlord’s taxes are going up and they would have higher costs, thereby the landlord would not be willing to give a reduction.
Here’s my reaction to higher costs by the landlord: So what! Tough Noogies.
The Buyer/Renter sets the market. A renter doesn’t care if the taxes go up by a million dollars (and the way Sir Roberts and his Mighty Court are running things, how far from reality is that? If your $10,000 tax bill goes up 47% a year, in 30 years you will be paying over a million dollars a year in taxes. Think that’s a long time? You can bet some of those cronies over at city hall will still be alive and collecting three or four pensions while their offspring campaign to “end the corruption”.) Question? Is it more likely you will pay a million dollars a year in taxes or the city will revaluate property taxes? You don’t have to answer. The fact that I could pose a question that comes within a wisp of the realm of reality is frightening.
So back to the landlord and his million dollar tax bill. The Hoboken renter will still only pay $3000 per month or move somewhere else. It’s that simple. Same with Buyers. A buyer doesn’t care about how much the seller is going to lose. The condo is only worth what it’s worth.
In the famous words of Winston Zeddemore: “I Love This Town.”
Hoboken Real Estate
1 Br 141
2 Br 275
Information deemed reliable but not guaranteed