Stanley Karol, a 56-year-old Airbnb host in Brooklyn, sued the city in federal court Wednesday, accusing officials of retaliating against him for speaking out in support of home rentals.
For those in the real estate business it’s imperative to continue to adjust to trends that are attracting this younger demographic.
A good sub-market for a value-add play should show a difference of several hundred dollars between the cost of renting a new, luxury apartment and the cost of renting an older unit.
Prop 13 limited local property taxes to 1 percent of purchase price (or of the assessed value in 1975) and capped subsequent increases at 2 percent a year.
The financial burden of living in coastal neighborhoods reveals itself quickly in the Bloomberg study.