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Metropolitan New York City
Reply to "Housing bust happening in NYC?"
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[quote=Anonymous]Part of this is the change in the tax laws. You can only deduct a total of $10,000 in state and local taxes. My large, mid-market apartment costs more than that in real estate tax. The mortgage deduction is also capped. Most people care what their monthy out of pocket AFTER tax is. My monthly bill has gone up a lot because less of it is tax deductive. This is also affecting how large a mortgage a bank will approve a would be buyer for. [/quote]
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