WC

Housing Costs Heading Toward Record Highs After Pandemic Decreases

She said that between a third and half of rent revenue is spent on property taxes alone every year. He moved in last January, taking advantage of the pandemic price decrease to downsize from two roommates to one, and noted that when he signed, the landlord had noted that the price was low because of Covid, but when pressed they were told that the rent was not likely to immediately jump back to pre-pandemic levels the following year. To Mines, one of the most hurtful things about his situation is that his loyalty to New York City when things got tough was not rewarded, and in fact, the market is now “correcting,” seemingly for the benefit of those who left in the first place.

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