What this does is cement the practice of courts/Gov’mt deciding what NYC property is worth. REal estate in NYC just tanked. Anyone wanting a condo/apt needs to insist that the previous $1M assessment by the market is now re-evaluated to $10K.
Make an offer and then go to court when it is refused.
Everyone’s property in NYC will crash — killing NYC property taxes and invalidating any personal loan based upon collateral including NYC property. Everyone owning property in NYC just went bankrupt.
There is a huge property tax bubble that will burst sooner or later. On another thread, it was noted that the late Rush Limbaugh's Florida home that he purchased for about $4 million in 1998 (improvements made) sold for $155 million in 2023. Even if he built a mansion for say $10 million, his estate made a tremendous gain. And that is in economically healthy and free market friendly Florida. With the steady leaching of productive people from New York, New Jersey, Illinois, and the three West Coast states, the property bubble is extremely inflated in those states. And this is just dealing with residential real estate. In New York, Chicago, and the West Coast cities, there are large empty office buildings, as employers switched to teleworking during COVID and they are realizing the work force prefers Zoom and telework to a long drive or train/bus ride. Combined with Amazon and other online vendors replacing retail stores and increasing crime causing the shutdown of downtown retail, there is another bubble waiting to pop.
The only question is not if, but when.