"All the costs that the landlords have to absorb have to be passed down to the tenants."
If New York City raises property taxes to close it’s multibillion-dollar budget gap, landlords will face higher operating expenses. Jay Batra warns that those added costs wouldn’t simply disappear, they would likely be reflected in rent increases or other tenant charges, shifting the financial burden from owners to renters.
"It’s a chain reaction."
Jay Batra describes the situation as a "chain reaction," highlighting the ripple effect. A city-level tax increase raises ownership costs, potentially leading to higher rents, which in turn increases the overall cost of living in an already expensive market like NYC. This effect extends beyond tenants, impacting affordability, small businesses, and stability.
