pixel_of_moral_decay t1_j9sh3zz wrote on February 24, 2023 at 5:58 AM

If it’s only 10%, it’s in line or below inflation for the area.

For a “luxury” building it’s certainly below inflation. Their taking in less profit than they were a year ago.

People forget minimum wage went up in NJ and doormen unionizing across the river. Those things alone mean costs are up way more than 10% for anything labor intensive. After loan repayments labor is almost certainly the 2nd biggest cost for any building operator. 30-50% not being uncommon. More if you include all services which are labor intensive (electricians, plumbers, etc.).

That’s on top of the 8% inflation avg around the US.

Then you have taxes…

10% means expect it to go up annually by 10% until it fully incorporates all the cost increases. They’re just averaging it out.

russokumo OP t1_j9st1ic wrote on February 24, 2023 at 8:23 AM

Yes agree 10% appears to be the norm this year. Still will rant about it. We need to build 10x the housing each year so it depreciates like Tokyos does.

pixel_of_moral_decay t1_j9tvpvo wrote on February 24, 2023 at 3:05 PM

Then you gotta be cool with the negatives their economy has as well… poor seniors depending on their kids (or homeless if they have none), little free income for the average person after housing and food etc etc. that’s how that depreciation is paid off. People working 60hr weeks for minimal pay, seniors depending on their kids etc.

Doesn’t come from nowhere. You pay for it one way or another.

Or do what UAE does and bring in slave labor.

But reality is humans being paid to do work will ultimately cost you money.

Again, you’re mostly complaining about a minimum wage hike and it’s effects on our economy. Let’s not pretend otherwise.