Tenth Annual State of New York City’s Housing and Neighborhoods Report Documents Extent To Which Property Tax Policies Favor Homeowners Over Renters
Report by Furman Center
2012
Furman Center for Real Estate and Urban Policy (New York)
May 1, 2012—In its 10th annual edition of the State of New York City’s Housing and Neighborhoods, released today, NYU’s Furman Center for Real Estate and Urban Policy shows that owners of New York City’s large rental apartment buildings are subject to a higher effective property tax rate than owners of one‐ to three‐family homes, and bear a disproportionate share of the city’s overall property tax burden.
The State of New York City’s Housing and Neighborhoods 2011, which features data on housing, demographics, and quality of life indicators for each borough and for the city’s 59 community districts, also finds that while the city remains highly segregated by race, more of its neighborhoods are racially integrated today than 20 years ago. In addition, this year’s report analyzes mortgage finance trends in New York City, and finds that the volume of lending is increasing, the number of foreclosure notices issued has dropped from previous years, and the number of properties entering REO has decreased. The full report is available at http://furmancenter.org/research/sonychan/