Am I understanding your point correctly as you hoping that an increase in tax rates drives property values down enough thay aggregate tax amounts are reduced?
The practical rental math in NYC is simple. Buy a $1M coop in a building with near zero costs. HOA will be at least 2k per month with the majority of that being property taxes. Thats your base rent. If you have a loan, add that to the base. You will not get cheaper rent until you drive aggregate taxes or interests rate down. There isn’t a huge profit margin on rents in NYC. I looked at a unit next door, and if we wanted to have rents break even on mortgage we would need to offer 85% cash up front. Im on the board of our coop, so I see how all of our financials function and same for prior buildings.
Your coop building is on the unfair side of the "eclectic sometimes regressive" property tax calculation the parent comment mentions. Large (10+) multi-family rental properties are taxed at a much higher rate than single-family and 2-4 family properties. Correcting this imbalance would lower property taxes on your coop building while still raising overall tax revenue for the city.
We have 36 units in our coop iirc, so we are “large”. Generally I think our taxes are fairly reasonable. I just don’t think there is any reasonable solution here that isnt focused on a simple triangle:
- Build more, destroy short term value of existing owners
- Lower taxes, hurt short term city functioning
- Lower interest rates, drive up inflation
The only “fun” solution IMO is cut taxes and cut jobs programs that don’t deliver city value. DOE is a welfare scheme at this point.