IncSmart New York (Small Business and Startups) -
New York City neighborhoods see real estate prices dropping, with the exodus of residents to the suburbs. The tide of violence in the city is taking it's toll. There has been a surge in violent crime. When the mayor stopped bail and released prisoners from Riker's Island, the city started spiraling out of control.
Real estate watchers who track real estate prices, are watching neighborhood in New York City losing money on the price of the homes for sale. The prices can average between $150,000 to $200,000 depending on the neighborhood. The prices are dropping in all boroughs. Queens appears to be leading the way for decreases. Real estate has always been an easy target for taxes, but with the property taxes going down, nobody wins.
The New York state senate has plans to increase taxes on second homes in the city. It has been tabled so far and a tax increase on mansions has taken it's place. The city and the state need money. The virus pandemic exacerbated by the riots, are unable to generate revenue.
By IncSmart Staff Writer
Starting a Business in New York
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