Would have been nice to own, but a bitch to pay property tax on.
That’s the dagger in the back for gentrification. You live in an affordable area. Then someone builds a mega-plex next door and the municipal tax authority says your bungalow is the same value as a McMansion in the 'burbs.
Nobody will actually buy your house from you for $600k. They’ll buy it for maybe $250k if you’re lucky. Or they’ll wait… knowing the 3x tax price will put you into foreclosure with the next market downturn.
Would have been nice to own, but a bitch to pay property tax on.
That’s the dagger in the back for gentrification. You live in an affordable area. Then someone builds a mega-plex next door and the municipal tax authority says your bungalow is the same value as a McMansion in the 'burbs.
Nobody will actually buy your house from you for $600k. They’ll buy it for maybe $250k if you’re lucky. Or they’ll wait… knowing the 3x tax price will put you into foreclosure with the next market downturn.