Yes, this old building is an exaggeration of property going for hundreds of thousands of dollars over "real" value. It does make the taxing districts happy. Lenders too. What about the future for the owners.
We do not see much discussion of the impact of today on tomorrow. By that, our inflated prices and the impact on the owners when they want to sell and during their ownership the inflated taxes they must pay.
Not trying to sound like doom and gloom, only asking questions not seen on any social media platform. We, as professionals, are facilitating what is coming tomorrow even if we are not aware of it.
Does that make us bad people? No, we are doing what our clients want. We can only advise them to the best of our ability. We also, in my opinion, owe them the bad news of what tomorrow might bring.
We can argue supply and demand which does have some play here. Yet not all. Those large corporations paying thousands over FMV with their cash offers are hurting local economies. Prices for rentals have skyrocketed. Where do folks go when they cannot afford to pay rent? Public housing? Not enough. Another burden on tax payers.
There is no simple solution here. Just wanting to say out loud what no one else is saying to make us all stop and think. What's next?
Comments (10)Subscribe to CommentsComment