Resident: Rye Real Estate Pros Take Millions, Drive Up Costs
Rye resident John Mayo-Smith is arguing that Rye real estate pros–brokers and developers are making big money while "driving up Rye City School District costs and creating hardships for long time residents and empty nesters".
Mayo-Smith reports "In 2014, this group made $33 million in commissions and development profit, almost 60% more than the city collected in property taxes the same year". In the process, more housing stock means more kids in the schools, and that means higher school budgets.
Combine that with the governor's tax cap and we potentially face an untenable position.
Read more on Mayo-Smith's thoughts.
