New York real estate tax revenue way down

Posted by: Prashant Gopal on April 30, 2008

The New York City real estate market — though strong compared to other major cities — is finally losing steam. Although home prices continue to rise, homes aren’t selling as quickly as they did a year ago. The latest evidence comes from the New York City Office of the Comptroller, which says that real estate tax revenues fell during the first nine months of the budget year.

Real property transfer taxes fell 12.7% and mortgage recording tax collections dropped 20.1%, Reuters reported. The New York City, which has already lost jobs on Wall Street in the wake of the subprime crisis, could lose another 36,000 jobs, the city’s labor department reported last week.

Reader Comments

ItsOver

May 5, 2008 2:36 AM

Lincoln said it best: you can't fool all the people all the time. The real estate scam is now over. Investors are no longer foolishly buying over-rated mortgage IOUs packaged in a gift wrap paper and sprayed with perfume. Investors now know how the scam works: real estate agent in cohoot with mortgage counselors who are in cohoot with private mortgage lenders who in turn sell the adulterated papers to Wall Street who repackage them, bless them, annoint them and then pay the Madison Avenue's spin doctors to do their magic acts. In the past it was Presto! Everybody ate it up, swallowed the all phony papers whole. In the present, is Presto! Liquidity Crisis unimaginable in the history of USA and the world. The casualities were world wide: HSBC, Suisse, DeutscheBank, France, Carylgroup, MerrilLynch, Citigroup, BearStearn, Wachovia, WashingtonMutual, Countrywide, BoA, etc,etc. The real estate scam artists thought that the real estate scam could be perpetuated for ever. With so many hands in the cookie jar, it is easy to think no one could be caught. Now,for current property owners there will be hell to pay. The current real estate owner can't unload their housing speculation because the buyer can't qualify for mortgage money. It aint going to get any better because there's still over $4 trillion ARM waiting in the wing about to default. As Lincoln would probably say about this landscape: we can't dedicate this deadly piece of real estate to those who fought so hard to claim it for they have already dedicated it for themselve and deservely it so.

ItsOver

May 5, 2008 3:15 AM

Lincoln said it best: you can't fool all the people all the time. The real estate scam is now over. Investors are no longer foolishly buying over-rated mortgage IOUs packaged in a gift wrap paper and sprayed with perfume. Investors now know how the scam works: real estate agent in cohoot with mortgage counselors who are in cohoot with private mortgage lenders who in turn sell the adulterated papers to Wall Street who repackage them, bless them, annoint them and then pay the Madison Avenue's spin doctors to do their magic acts. In the past it was Presto! Everybody ate it up, swallowed the all phony papers whole. In the present, is Presto! Liquidity Crisis unimaginable in the history of USA and the world. The casualities were world wide: HSBC, Suisse, DeutscheBank, France, Carylgroup, MerrilLynch, Citigroup, BearStearn, Wachovia, WashingtonMutual, Countrywide, BoA, etc,etc. The real estate scam artists thought that the real estate scam could be perpetuated for ever. With so many hands in the cookie jar, it is easy to think no one could be caught. Now,for current property owners there will be hell to pay. The current real estate owner can't unload their housing speculation because the buyer can't qualify for mortgage money. It aint going to get any better because there's still over $4 trillion ARM waiting in the wing about to default. As Lincoln would probably say about this landscape: we can't dedicate this deadly piece of real estate to those who fought so hard to claim it for they have already dedicated it for themselve and deservely it so.

Paris

May 7, 2008 3:44 PM

NYC real estate will collapse in 2010.Or even a bit earlier,but it will collapse,my friends.Believe me,I have predicted everything that has happened lately...Sept 11,US Economy collapse (still in progress),everything!Don't believe it? Save this page and re-open it again by 2010.

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About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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