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ezmolaw t1_je1714c wrote

Don’t many of the lux high rises have 10+ year abatements? I imagine the mom & pop landlord feels the rise in property taxes, inflation etc way more. Too bad much of the housing now is new corporate owned/rented units. Once those abatements go in those high rises I imagine rents to skyrocket even more.

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JeromePowellAdmirer t1_je1c0u4 wrote

Here's a tip: your "mom and pop landlord" is also raising rents and already was well before the recent property tax increase. Look at old small buildings on StreetEasy. Look at the rent history. Bonus points for looking at NYC units where no such tax hike occurred yet the rent went up all the same.

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jcnative t1_je3cg88 wrote

No, the city stopped abatements to downtown maybe 7-10 years ago. Most of the abatements downtown are expiring the next few years, with some exceptions like Crystal Point. There used to be a good map here but doesn't work any more Mapping Abatements in Jersey City – Civic Parent - that has links to spreadsheets with the data incl expiry dates.

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akowz t1_je478wt wrote

I dont think this is true. Your reference was posted in 2015, so thats why you wouldn't have any of the newer buildings. But jersey city has been granting abatements since then and many run for decades from now. Examples below:

https://patch.com/new-jersey/jersey-city/jersey-city-ends-tax-abatement-after-urban-renewal-project-stalls

(A 2022 construction project loses its previously-granted 20 year abatement after inactivity)

https://jerseydigs.com/life-on-a-grand-scale-plus-a-private-balcony-awaits-in-crystal-point-two-bedroom-condo-dtjc/

(Tax abatement until 2040 for Crystal Point)

https://www.sec.gov/Archives/edgar/data/924901/000156276222000205/R35.htm

(The new Haus25 has an abatement until 2047)

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pixel_of_moral_decay t1_je1i8b8 wrote

Abatements are logarithmic. The bulls of the abatement is in the first several years then there’s a long tail.

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