[gridlock]

The problem with the NYC area is that local governments are piling on the property taxes even faster than the values are going up. After shelling out $850,000 for a split level ranch on Long Island, you don't have a lot of money left over to pay that $2000-a-month property tax bill. If the bottom does drop out of the market, and property values return to a rational level, a lot of these houses will have property tax bills that are greater than the mortgage payment. 'Cause you just know that the tax bill is not going to go down, no matter what.

[eggman]

I've already seen the property tax situation. That is happening in more places than NYC. Naturally, the taxes will never go down even if the bottom drops out of the market.

I'll be renting in NY for a while before I am ready to sell my house, buy a new one, and move the wife.