Why urban housing i expensive
Reader comment on: Krugman Makes a Good Point
Submitted by E.J. McMahon (United States), Apr 4, 2016 17:18
In NYC, housing is also expensive because of extraordinarily high property taxes on multi-family properties. Tax rates also drive up costs and discourage construction in struggling upstate NY cities such as Albany, where my think tank, Empire Center, is based—because of local rules designed to tilt more of an already heavy tax burden (a product of high legacy labor costs in muni government-- from single family homes to commercial, industrial and multi-family property.
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