IncSmart New York (Small Business and Startups) -
New York Real Estate Prices Tumbling. Manhattan home prices are falling again. New York home buyers are feeling the pinch of state taxes with the Federal Tax reform laws. Medium Manhattan homes took another dip of 4.5% because of the policy changes in Washington and the higher taxes in New York. The new law from the District of Columbia limits the amount of property taxes that can be deducted from the Federal Tax returns. Rising interest rates are also having an impact on the market, even though they are still at historic lows.
Fewer houses were sold less this summer than last summer. A 11% dip in sales has been reports. Residents are finding the state taxes too high. As prices and the number of units sold drops, more houses are coming on the market. There is an increase of 13% more units for sale as compared to 2017. There are many homes for sale in New York City now that are clogging the real estate market. Wage growth has not kept up with the price of housing in New York. Years of escalating prices have put a huge burden on people who want to purchase homes.
By IncSmart Staff Writer
Starting a Business in New York
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