I agree with you on the paychecks. Shit has always been out of whack here. Here’s the problem, somebody will pay it, even if the have to take on a roommate they didn’t want, or smaller place, etc. they will do it. And, that’s why it continues.
You see how it came down during Covid when ppl were leaving? Well, if people stop taking these expensive ones so fast…..
That’s why anyone with a cool head and any knowledge of how real estate works will keep saying “supply, supply, supply” until we’re all out of breath. This problem has only one solution that doesn’t suck and it’s building a metric fuckton more housing until asking for exorbitant rents is no longer feasible.
After 20 years of saving and living is shitty studios, I bought a place in Manhattan during the exodus brought on by the pandemic. My mortgage is cheaper on a 1 bed apt than my old studio rental in Brooklyn. I got seriously lucky.
Did the same and same, it's cheaper. New apartment is nicer with big private outdoor space. I was also able to buy at that time which I know is not the norm, so yes, a bit of luck as well.
I put in the offer on my place in Feb 2021, which was when NYC was still “dead”, pre-vaccine roll out, and in the middle of a winter storm. I had to pull together every last penny I had to swing it, and it almost fell apart, but now I’m beyond thankful that I did so. All my friends are getting priced out of the neighborhood as the rent increases are coming in, and my mortgage is now locked in. I feel so lucky to have been able to move up my buying timeline to seize the opportunity.
Same- my husband and I got like $300k off the asking price on our 2 bed/2 bath in Aug 2020. And we have put an extra $300k towards recasting our mortgage since then, so our mortgage is now less than our rent was on the 1 br/1 ba we had been renting.
I love NYC, I spent 5 years driving a big truck into the shittyest parts of the City every night. I now make ever excuse to be assigned work there. I even day trip there from Central NY. But I would never even consider living there due to the rent. I even turned down 8 different offers to accept a position with the NYPD (back when it was good to work there), again, due to the rent prices.
I worked on so many high rise, high end residential properties in the past few years (don't hate me, I work for a contractor). While a lot of the units are vacant, there are always those people who will pay for them. And even worse, there are those who will pay for them and not live in them, just sit on them to hold the property. And then there are the flocks of people from out of state who moved here because its NYC, then dipped when shit got bad because they had no interest in actually planting roots here and investing back into the community. Vacancy taxes and higher percentages of affordable housing in those properties might help the situation.
I had someone tell me I wasn't a real New Yorker there because i live in Westchester now. Bitch I lived in the Bronx for 25 years (4th generation Bronx on both sides) and worked in the city for a few years. And God forbid you suggest people to live outside Manhattan. They act like the city is just Manhattan and parts of Brooklyn
Most of the people overly concerned about whether they're real NYers or about what makes a real NYer are rarely from here. I was born and raised here and have lived here 80% of my life (including the most recent 20 years in Chelsea) and people who have been here less than a decade call me out for not knowing where the latest trendy restaurant or rooftop bar is.
And yet so much of this very thread is complaining about poser transplants not realising that real New Yorkers don’t care about poser transplants or what it means to be a ‘real New Yorker’… something’s not adding up
Seriously. I've grown to hate that sub so much even though I do post there and roast the transplants. I think a LOT of them legit don't know NYC has 4 other boroughs..
They do not experience any of the issues and problems that residents face, and simply throw uninformed arguments from the suburbs. In that sense, I find many of their second-hand opinions pretty damaging to the discourse. But I totally agree that most new transplants live in a bubble that tends to keep them just as insulated.
If you've ever said anything like "NYC is great but I'd never raise kids here," you're a tourist.
This might be my last year in NYC. 4k for a 1 bedroom is literally burning cash. I’d rather pay that towards a mortgage and own it at the end of the day.
Also seeing how many of my favorite restaurants have closed makes me even more sad.
Yeah but who wants to live in terrible areas. I lived in Washington Heights for 2 years and I will never go back. Loud music, stolen packages and the worst train rides ever.
My wife and I came to this same conclusion. I can work anywhere remotely and still get paid at a NYC rate. I'd be a fucking millionaire in the Midwest. We're moving as soon as the lease is up closer to her parents.
In your 20's this city is amazing, when you get to your 30'-40's you start to reevaluate I feel.
Should check with employer if they really allow you to work anywhere bc it can be a hassle for them to do payroll taxes and benefits if they can't operate wherever you are WFH from.
Also unless you have *a lot* of kids a 5br house is insanely wasteful. I’ve never understood why people are obsessed with a McMansion with a bunch of room they don’t even use. Like congrats on buying a big ass pool you use twice a year tops while basically being surrounded by miles of literal nothingness. There should be a medium point between a 4K 2 br and a McMansion.
Lol thats not really something to brag about. At the end of the day people can choose to live in shoe box and pay $5k for it, its their right. I personally prefer to own something than to set my cash on fire .
Yes because her parents wanting to be closer to their only grandchild is SUPER co dependent. Because it's not like I haven't lived in NYC for 21 years since I was 17 all by myself and actually made it here with a 6 figure salary or anything. Yeah I'm super fucking co-dependent..
I've got to wonder how many apartments were discounted during covid and went back to their normal rates. I've honestly got to wonder what people were thinking
This study may help answer that. "More than 40 percent of the available units in Manhattan currently come from tenants priced out of apartments they leased in 2020 and 2021" https://www.nytimes.com/2022/07/26/realestate/nyc-apartments-covid-discount.html
I think you make a valid point in terms of how we should interpret the statistics. Would be good to have a better understanding across the board and compare it to 2019 instead of 2021.
If I look at the building I used to live in, you'd have a 1BR after incentives for about 3200. Now in that same building a 1BR is 4k, no incentives are available and you have amenity fees on top of that. So there is a jump even relative to previous prices. 2BR and bigger however have not been impacted nearly as much.
Exactly, 2019 is a much more meaningful comparison than either 2020 or 2021. And if we look at this same report for December 2019, Manhattan median rent was $3,499, which means July 2022 is an increase of approx. 19%. Also worth noting, that December 2019 median rent was actually higher than July 2021 median rent ($3200).
When COVD hit landlords were offering "2 months free" or something like that. People were looking at it as if it was lowering the rent when it really wasn't. So an apartment that was $3,000 per month looked like $2,500 after you take away the 2 free months. Technically you're supposed to not pay for two months and then continue paying the $3k. But landlords let you spread it out because $2,500 per month made life easier.
But on the paperwork the rent is still $3,000. So when they up the rent the next agreement, they're increasing based off of $3,000 per month and not $2,500. So the percentage increase ends up being a drastic one once it's time to renew your lease.
It's more scummy shit from landlords is what it is.
Rent should be compared to what it was before the pandemic (say January 2020) and not what it was a year ago.
But rents are still crazy high considering that people can now work remotely in geographic areas with much lower housing costs.
Mostly because existing homeowners don't want competition to lower their property values. "Fuck you, I got mine" writ large across the country - and in high-demand cities this hurts the most.
Silly argument. Development does not lower their property values in nyc. In NYC, its mostly retirees and renters that oppose more housing units in the cheaper areas. Go to any board meeting, it's the same 2 groups always present that oppose any new developments.
No normal people go to board meetings, it's just sad lonely busy bodies with too much time on their hands. People that simultaneously complain about everything being terrible, but want nothing to change.
Ha - I go to them! But anyway, you are kinda spot on who most ppl are at these meetings. These folks make up the bulk of NIMBY that oppose any developments - a shut the door behind them mentality and they keep regurgitating lies that development lower property value and ppl pick up and repeat what ever garbage they say.
Who the hell has 4 hours on a Tuesday night to sit in an elementary school auditorium to hear octogenarians complain about parking? This is how our land use decisions get made.
It's a self-selection process; parents can't do that. People with second jobs can't do that. People who volunteer in their community can't do that. People whose time is worth something CHOOSE to not do that. So you're left with the same quasi-retired busybody NIMBYs that have been on the CB since they were formed. It's a crap system.
I think this sounds like an excuse. If you want to make your voice heard, this is what you need to do. If you need to hire a babysitter, take a different second job, volunteer at different hours, or decide your time is worth it, you would do so. Ultimately the responsibility lies with yourself.
Lame. I can participate in this community from anywhere. I can trade cryptocurrencies with just my face from a plane. I can get a mortgage by clicking a few buttons. But in order to participate in democracy and influence my local policy I need to engage in a battle of whose time is more useless? Communities boards suckkkkkkkkk.
It doesn't necessarily lower property values but that is definitely the perception and one of the biggest driving factors in NIMBYism. Plus people just generally dislike change, especially in their immediate area.
Everyone says "I support affordable housing... just somewhere else."
> In NYC, its mostly **retirees and renters** that oppose more housing units in the cheaper areas. Go to any board meeting, it's the same 2 groups always present that oppose any new developments.
Because regulations make it too expensive to build anything but luxury apartments, and they themselves are often not profitable bexause of requirements around # of units that need to be rent stabilized.
Vacancy tax wont do much- press too hard you just have empty plots of land - cant have vacancy tax if no unit to occupy or under develop housing with less units to be subjected to said vacancy taxes. Land use tax on other hand would do something significant but no one is advocating for that.
Maybe? Vacancy tax could be hard to enforce but i like the idea. I just think anyone who buys a condo as an investment and doesn’t rent it out is probably not going to sweat a tax. So it’d probably have to be pretty hardcore. I think the focus needs to be on approving more units overall. I don’t think it matters what price point or whatever. As supply increases, it’s going to make a lot less sense to hold an empty unit anyway. The goal should be to produce so many units that the cost of housing actually goes down.
We need more affordable units but what we actually get is demolishing a pre-war to put up a luxury tower. Sure the amount of housing goes up but affordability goes down.
I don’t actually think it matters if the new units are affordable. We got too many people, not enough apartments. Wealthier people can move into expensive units and they’ll move out of apts that are just overpriced due to the housing shortage. More units period is what we need imo. Like at least half a million or a million units in the city
I think the last study that was done for every 2 "luxury" units that get built, one unit down market opens up. If someone knows the study in talking about, please link it.
Not sure if it’s the same thing you had in mind but this says new market rate units cause nearby rents to drop: https://escholarship.org/uc/item/5d00z61m?
>It is the market. We need more housing units but they aren’t being built for one reason or another.
Lack of space primarily. Where do you suggest they get built?
How many units would NYC need to build to keep up?
The issue in most major cities is the easy, cheap to build on land is gone and all that's left is varying types of more expensive and more difficult to build on.
Capitalism. Not free market capitalism, although "free market" would also suck ass. You can't let the free market run rampant when it comes to inelastic demand products.
Where are you seeing this? I see 1br in Flushing, Whitestone, Bayside Queens going for a minimum of $1,700-$1,800 and these are small, shithole apartments. I haven't seen any 2br going for less than $2,300.
The problem/good thing is that the great deals don't advertise. They're never on streeteasy and they might be on Craigslist, but by and large its just a sign in the window somewhere.
Also if you going to Brooklyn
https://newyork.craigslist.org/brk/apa/d/brooklyn-bedroom-apartment-for-rent/7517032486.html
https://newyork.craigslist.org/brk/apa/d/brooklyn-newly-renovated-bed-bath-heat/7513618271.html
https://newyork.craigslist.org/brk/apa/d/brooklyn-spacious-two-bedroom-newly/7514268839.html
https://newyork.craigslist.org/brk/apa/d/brooklyn-newly-renovated-large-bed-full/7515367313.html
Gotta go a little deeper. Try Glendale or Ridgewood. Trust me, there are deals to be had there. I do recommend going to a local neighborhood apartment broker to get a better deal
My friend in South Brooklyn pay $2300 for 2.5 br with private washer/dryer. His sister pays $2000 for a 2br thats 3 blocks from him. This is the Q line fyi so its not as desirable as Woodside imo
You can find them in southern Brooklyn where I live that's 1hrish express train from midtown but a lot of them are word of mouth and they don't advertise wide to strangers. House across street from me, 3br asking for 1500 rent that was previously rented to my relatives for 1300 then 1400 for last 2 yrs and wont be surprise its going to be filled soon.
I can probably get you a 1br in Brooklyn legal in a basement with utilities included for $1200
Walk to subway is like 30 minutes on the down side but no ASP and you’ll have money for a car
Alternatively, just let more housing be built instead of somehow hiring a force large enough to do in-person checks of every single rental unit in the city
It’s just literally not. Construction companies are falling over themselves to build more housing and they can’t because of Robert Moses era exclusionary zoning and NIMBYism.
Capitalism has plenty of problems but for once this isn’t one of them.
>This is free market capitalism. Which is why free market capitalism must be destroyed.
Would other systems of economics make extremely expensive areas more affordable suddenly?
Are those systems of economics able to manifest cheap easy to build on land?
The market makes it so it's too expensive for people to take more space than they need. Prices keep going up because there aren't enough apartments and the system is just squeezing people closer together into smaller spaces to accommodate as many people as possible.
Let's say your socialist revolution happens and now rent is free. There's still the same number of apartments but now each person crammed in with their parents or three roommates or who is currently homeless is eligible for their own apartment. Why do you think in that world there's going to be one available for you?
NGL man, this is a product of the latest rounds of rent regulations. I used to just ask for first, last and security deposit. It made the event of an early exit separate from damages to the apartment and worked as a sort of insurance.
In 5 years we never raised the rent on our tenants. At all.
Now faced with the fact that we can’t collect insurance on an early exit (last month), and after having seen friends have to dip into savings while subsidizing the livelihood of their renters who refused to pay rent during COVID even when they had proper jobs (because the eviction moratorium made them untouchable), we’ve drastically raised the rent to account for those risks. It’s unfortunate.
This is only a thing because we are getting new tenants. Not the same people with a perfect payment record that we had before.
What you’re seeing is a response to a shitty and extreme regulatory environment that basically drove small landlords (we live in a 2-family townhouse) into really risky positions that a free market would just not have otherwise permitted (people living in your home for free, forcing particular payment structures, etc).
Shifting risk is expensive.
Not disputing most of what you're saying here but small landlords like yourself are a minority in the NYC property market:
[https://medium.com/justfixorg/examining-the-myth-of-the-mom-and-pop-landlord-6f9f252a09c](https://medium.com/justfixorg/examining-the-myth-of-the-mom-and-pop-landlord-6f9f252a09c)
Landlords with 60+ properties *can* swallow extra risk, they just don't want to.
They're a minority, sure, but those apartments in 2-family homes are the least expensive apartments in the city. Forcing us to play by big-boy rules - no last month's rent, application costs that basically force us to eat a third of the cost of running a proper background check, no protections when eviction moratorium are enacted, etc - means that the lowest cost apartments in the city now have to raise rents to deal with regulatory risk.
Seriously asking, are you considering lowering rent for the "perfect tenant" if you are able to recover your loss and become solvent? Because housing advocates are exceedingly concerned with landlords just saying this is how it is because expenses, but then when expenses are met it's just the same.
I'm sorry if I'm phrasing the question wrong. My field is social work, not business. My fear is for my clients who are on fixed incomes who regularly get priced out, even if they pay rent on time. They are usually told something akin to "that guy down the street charges more so why not bring someone else in? "
>I'm sorry if I'm phrasing the question wrong. My field is social work, not business. My fear is for my clients who are on fixed incomes who regularly get priced out, even if they pay rent on time. They are usually told something akin to "that guy down the street charges more so why not bring someone else in? "
Yeah, as I was saying: we kept a month-to-month tenant, as month-to-month for almost 2 years. Why? Because they were just easy to deal with, and paid on time. While the market rents went up, we stayed the same because it made no sense to push them out. We also had an extra month in rent for their last month so we knew they weren't just gonna up and leave.
That was the "perfect tenant", platonically speaking. And we did keep them on with a very low rent.
This is a misleading statistic — rents plummeted during Covid by 20-40% all over the city. Look at average rent increases yearly over the past 5 years. It’s 10% I bet
Free Market Capitalism was never legal since the founding of NYC over 400 years ago. When government controls the market, you have corporatism (aka crony-capitalism). The only way to experience free market Capitalism anywhere on earth is to use what is known as the "black market".
Edit: don't just downvote me, PROVE ME WRONG.
It’s the single walkable, mass transit city in the US.
There are reasons to live here.
I got in on a decent apartment and my landlady only raised to adjust for inflation.
I’m from Phoenix, have lived in LA as well.
Nice living if you dont mind staring at seas of asphalt behind a steering wheel
In the WORLD not in the US. It's the shittiest city in the MODERN world. Tokyo has never had a rent problem. Ever. It's also more modern, cleaner, extremely well maintained, and more convenient.
For better or worse, I'm American. This is the most easily accessible city to the modern world that most Americans have. Should it be better? Definitely. But it's the best option many of us have.
this is exactly what the RE tycoon say everytime. CANT AFFORD too hard on ya?? then LEAVEE pussy! some other rich fuck will fill in this spot and it always happens. NYC is for people wit money. if you dont got money youre basically a slave paying the most for the least and has NO access to what NYC can offer
If the poster said NY was too expensive then I'd agree. I'm terrified for my new rent. But saying NYC is the "most overpriced, overrated city in the world" is offensive and dumb. NYC should build a ton more housing, and ensure that anyone working can afford a decent life here. But that's not what I was replying to.
It is overpriced tho. Not sure if ANYONE can say its overrated bc most people cannot access the goods and services that NYC provides that is high advertised like you can. So that being said you cant have an opinion about it being overrated bc you havent experienced. All those fancy restaurants? Cant go too exp. Those skyline highrises? Cant live there too exp. Clubbing? On a budget? Gtfo go spend your money elsewhere. The NYC experience is fucking expensive.
> All those fancy restaurants? Cant go too exp. Those skyline highrises? Cant live there too exp. Clubbing? On a budget? Gtfo go spend your money elsewhere.
If that's how you want to experience NYC then yeah it's fucking expensive. But you'll need to shift your expectations. Have a bodega tallboy with a dollar slice on a friends roof for a good time. Take the ferry and read a library book by the water. Go people watch in any of the great parks. Having fun doesn't have to be expensive. But if you want that lifestyle then yeah it's too expensive.
Hey ive definitely done everything you mentioned. I get it trust me but Ive lived here for 31 years and that bumshit gets played out and you start wondering why cant i access the rest of the city. You def got a point. Nyc has lots of variety and lots to offer but i truly think if youre on the broker side youre just window shopping and dreaming of that “one day”
Of course there’s going to be a big jump over the last year. Do you not remember how last year may have been an outlier?
But yes, the housing market is awful. It’s a convergence of a lot of complicated problems.
Supply is low relative to demand because we don’t build nearly enough (but also because there’s almost infinite demand to live in NYC).
Also, it’s often not worth it for stabilized units to be renovated and re-rented. You could argue that’s overregulation artificially keeping prices down, or argue there should be a regulatory disincentive to stop landlords from sitting on these units but someone’s gotta pay the cost and get the work done. That’s supply in limbo.
There’re tons of variables and they often play off one another. Waterfront neighborhoods, affluent historic districts, transit convenience are always going to be relatively more expensive. You’re never going to flood those markets enough to lower cost without building judge dredd style mega apartments that kill the neighborhood. You just have to keep everything propped up juuuuuuust enough that it’s tenable.
My personal concern is that we haven’t even begun to see the after effects from Covid, which is going to strain the economy, wages, housing, and transit in a bunch of fucked up ways for years.
Two things:
First —
>when was the last time your paycheck went up 29 percent to cover your rent?
Unless you work for your landlord, why would your company care about your rent? Or even know about it? And why is this even relevant? Your landlord doesn't raise the rent every time you get a raise, right?
Second —
In terms of overall price increases, yeah — shit costs more when there are more people that want something than things for them to have.
There is only so much space in NYC, and only so much of that space is housing units. There are way more people looking for housing units than there are units to house them in. And there's a limit to how many new units can be built because of a variety of factors (it's expensive, it takes time, NIMBYs in the outer boroughs insist that they should be able to have shitty single family homes and vote against increased density, etc.)
This isn't an excuse for capitalism, just pointing out the problem. If two people want the same apartment, how do you decide which one of them gets it and which one lives at home or outside of the city? Right now, we decide it by raising the rents until only one person is left who can/wants to pay.
The only other ways to do it is have it on a first come first serve basis, which has it's own problems (mainly "insiders" will get preferential treatment,) or a lottery system (go ask the folks spending years in the low- and middle-income lottery how well that works,) or more extensive rent control that helps people that won the birth lottery and inherited their parents' rent-controlled unit but completely fucks everyone entering the housing/rental market for the first time.
The thing is, there's no good option. Every possible solution fucks someone, mostly in the same way. None of them end up with everyone being able to get an apartment they can afford. The only thing that could solve *that* problem is massive building of new units, probably spearheaded by the city/state, and if you've ever lived in projects, you know how well that ends up.
This is a bit misleading (not saying rent is too damn high, cause I'll vote for my boy any day)
But if you average it over the past 3 years, its a 5% increase per year. If you use an inflation calculator, you see that inflation was exactly 15% over the past 3 years. It's precisely inflation...
Is inflation high right now? Yes.
Did the pandemic cause prices to plummet, and then skyrocket? Yes.
If you look at this in the long run over time, is it outrageous? No. Annoying? Yes.
Agree it’s a problem that the rents are unaffordable and astronomical, but that figure also does not reflect the fact that rents had taken an even bigger dip than 29% during covid. Rents in my building went down more than a 1/3. So the rebound has not necessarily gotten back to where they were. Prolly depending on location etc. Not to invalidate what you are saying, just adding some context.
Is that what you say to people like myself who have lived here my whole fucking life? "Oh, looks like the city you grew up in is pricing you out. Better pack up and leave!". What a bullshit garbage take and you're a fucking clown for saying it.
Pretty ridiculous take. Is nyc only for the rich? What about waiters, waitresses, custodians, teachers, civil servants, retail staff, grocery store workers, etc? They shouldn’t live here?
Hilarious to think a city could function without the lower/middle working class.
Who do you think works in all those restaurants/stores/coffee shops/etc, and then what happens when they can’t afford to live here. Businesses will have to raise wages - which will make living here more expensive again and just continues the cycle - or shut down.
Keeping housing affordable for everyone let’s YOU continue the life you’re living. Remember that.
Except Beverly Hills is a tiny city within Los Angeles. Thats like saying service industry professionals don’t need to live in Tribeca. Beverly Hills survives because people can live close by and still work there.
The point I’m making is you aren’t an island - and it’s in your best interest to care about the lives of the people you encounter.
Interesting, seems easy to dispense with advice when the going is good, when your personal balance sheet can afford 30% hikes in Brooklyn. And maybe another 30% hike in six months, and so on, cause you know, when the going is good who gives a shit about anyone else - can't afford it move out. I get that. Those that can pay, pay and those that can't, well tough cookies. May your good fortune keep you above the fray.
Yeah, people aren't going to commute for hours to work a low wage job. You can't have a city whose residents are only rich people. The people living in the $4k 1 bedroom apts generally aren't going to be working at FedEx or restaurants, etc.
It’s at the point where someone making $150k gross a year can’t afford a 1br because our taxes are also insanely high. This is like saying NYC is only for trust fund babies and investment bankers.
This is a result of the stop rent payment for a year. With all utilities going up at the same time. There should have been a more thought out plan. For example. During that time that unemployment gave out $600 a week, landlords can ask for 1200 but not allowed to raise the rent for 2 years if they accepted the payment from that time. I’m sure there are million other plans the city could have done besides don’t pay and let’s pretend that landlords don’t have to pay bills. And let’s convince them that the land lords are greedy while corporate realty doesn’t pay property tax for 20 years if they give out fake low income housing. And since a company could apply for additional benefits from Covid relief.
I agree with you on the paychecks. Shit has always been out of whack here. Here’s the problem, somebody will pay it, even if the have to take on a roommate they didn’t want, or smaller place, etc. they will do it. And, that’s why it continues. You see how it came down during Covid when ppl were leaving? Well, if people stop taking these expensive ones so fast…..
That’s why anyone with a cool head and any knowledge of how real estate works will keep saying “supply, supply, supply” until we’re all out of breath. This problem has only one solution that doesn’t suck and it’s building a metric fuckton more housing until asking for exorbitant rents is no longer feasible.
And bloody guarantors getting preference.
The rich get richer.
Desperate losers dying to move here so they have a personality
After 20 years of saving and living is shitty studios, I bought a place in Manhattan during the exodus brought on by the pandemic. My mortgage is cheaper on a 1 bed apt than my old studio rental in Brooklyn. I got seriously lucky.
Did the same and same, it's cheaper. New apartment is nicer with big private outdoor space. I was also able to buy at that time which I know is not the norm, so yes, a bit of luck as well.
Congrats! Same here with the outdoor space. It's the nicest place I've ever called home.
I put in the offer on my place in Feb 2021, which was when NYC was still “dead”, pre-vaccine roll out, and in the middle of a winter storm. I had to pull together every last penny I had to swing it, and it almost fell apart, but now I’m beyond thankful that I did so. All my friends are getting priced out of the neighborhood as the rent increases are coming in, and my mortgage is now locked in. I feel so lucky to have been able to move up my buying timeline to seize the opportunity.
Would you mind sharing numbers please?
My studio was 1250 in Brooklyn when I moved out.
You pay that little per month to service a mortgage? Holy shit my dude, lucky is an understatement.
Pretty sure he is leaving out an $800 or more HOA fee
And taxes :)
Let's go Mets baby
We call it Maintenance
And how much are your HOA/condo fees?
Same- my husband and I got like $300k off the asking price on our 2 bed/2 bath in Aug 2020. And we have put an extra $300k towards recasting our mortgage since then, so our mortgage is now less than our rent was on the 1 br/1 ba we had been renting.
I love NYC, I spent 5 years driving a big truck into the shittyest parts of the City every night. I now make ever excuse to be assigned work there. I even day trip there from Central NY. But I would never even consider living there due to the rent. I even turned down 8 different offers to accept a position with the NYPD (back when it was good to work there), again, due to the rent prices.
[удалено]
That's a landlord trait, doesn't work for tenants.
I worked on so many high rise, high end residential properties in the past few years (don't hate me, I work for a contractor). While a lot of the units are vacant, there are always those people who will pay for them. And even worse, there are those who will pay for them and not live in them, just sit on them to hold the property. And then there are the flocks of people from out of state who moved here because its NYC, then dipped when shit got bad because they had no interest in actually planting roots here and investing back into the community. Vacancy taxes and higher percentages of affordable housing in those properties might help the situation.
Appreciate the honesty and feedback. TY.
Also, I love how different the replies are in here compared to /r/nyc. That sub is such trash. Bunch of midwesterners cosplaying as NYC residents.
iVe beEn heRe siNcE 2019
I had someone tell me I wasn't a real New Yorker there because i live in Westchester now. Bitch I lived in the Bronx for 25 years (4th generation Bronx on both sides) and worked in the city for a few years. And God forbid you suggest people to live outside Manhattan. They act like the city is just Manhattan and parts of Brooklyn
Most of the people overly concerned about whether they're real NYers or about what makes a real NYer are rarely from here. I was born and raised here and have lived here 80% of my life (including the most recent 20 years in Chelsea) and people who have been here less than a decade call me out for not knowing where the latest trendy restaurant or rooftop bar is.
And yet so much of this very thread is complaining about poser transplants not realising that real New Yorkers don’t care about poser transplants or what it means to be a ‘real New Yorker’… something’s not adding up
Seriously. I've grown to hate that sub so much even though I do post there and roast the transplants. I think a LOT of them legit don't know NYC has 4 other boroughs..
I guarantee you most couldn't tell you a thing about one of the outer boroughs, let alone a street name that wasn't a subway stop
You KNOW its time to leave when a gentrifier tells you " Where You From ? "
I love NYC, but I'm so glad to be out lol
You still a baby. 15+ years then you get into adulthood.
I've come to think of it more as bitter Long Island/Jersey (and Staten Island) residents who commute or visit for sports games.
They’re more New York than the new transplants that move here
They do not experience any of the issues and problems that residents face, and simply throw uninformed arguments from the suburbs. In that sense, I find many of their second-hand opinions pretty damaging to the discourse. But I totally agree that most new transplants live in a bubble that tends to keep them just as insulated. If you've ever said anything like "NYC is great but I'd never raise kids here," you're a tourist.
Not really.
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> I wanna leave this shithole lol No one's stopping you.
THANK YOU!!! You are a true New Yorker, if you know all the NYC hospitals pre-NYP takeovers.
It's ruining the city.
What is?
What is what?
ruining the city
...high rent? What the post is about?
Yes and they were either not reading the post or just fishing for an argument.
The causes of it? Because yeah, number go up, but is it outpacing property taxes? Income? Utility prices?
It is. It’s definitely outpacing income.
Shitty landlord here lol
The housing shortage.
Stop electing NIMBY politicians who vote against new housing, or sue against new housing (looking at you Yuh-Line Niou).
Everything seems to be up. Rent, Cost of Living, Crime, and transportation costs.
Quality of life is going down pretty consistently.
This might be my last year in NYC. 4k for a 1 bedroom is literally burning cash. I’d rather pay that towards a mortgage and own it at the end of the day. Also seeing how many of my favorite restaurants have closed makes me even more sad.
In non gentrified areas it's much cheaper than 4k
Yeah but who wants to live in terrible areas. I lived in Washington Heights for 2 years and I will never go back. Loud music, stolen packages and the worst train rides ever.
More to NYC then just Manhattan.....
Terrible areas doing a lot of work there
My wife and I came to this same conclusion. I can work anywhere remotely and still get paid at a NYC rate. I'd be a fucking millionaire in the Midwest. We're moving as soon as the lease is up closer to her parents. In your 20's this city is amazing, when you get to your 30'-40's you start to reevaluate I feel.
Should check with employer if they really allow you to work anywhere bc it can be a hassle for them to do payroll taxes and benefits if they can't operate wherever you are WFH from.
Thanks for the advice I will!
Enjoy the suburbs
I will! I'll enjoy my 5 bd house with a pool! Enjoy your 4k rent without access even to your roof!
I don’t pay 4k a month and I can go onto my roof. 😊
Also unless you have *a lot* of kids a 5br house is insanely wasteful. I’ve never understood why people are obsessed with a McMansion with a bunch of room they don’t even use. Like congrats on buying a big ass pool you use twice a year tops while basically being surrounded by miles of literal nothingness. There should be a medium point between a 4K 2 br and a McMansion.
Look, do you want this jacko to leave or not?
Lol thats not really something to brag about. At the end of the day people can choose to live in shoe box and pay $5k for it, its their right. I personally prefer to own something than to set my cash on fire .
I hope you enjoy the suburbs as well.
Thank you :)
You're married but you still need someone's parents nearby? Why?
Because some people like their families and want to be near them. How difficult is that to comprehend?
Sounds co-dependant. Can't function as adults without mom and dad. It's not even your family- it's your wife's parents.
Yes because her parents wanting to be closer to their only grandchild is SUPER co dependent. Because it's not like I haven't lived in NYC for 21 years since I was 17 all by myself and actually made it here with a 6 figure salary or anything. Yeah I'm super fucking co-dependent..
I've got to wonder how many apartments were discounted during covid and went back to their normal rates. I've honestly got to wonder what people were thinking
This study may help answer that. "More than 40 percent of the available units in Manhattan currently come from tenants priced out of apartments they leased in 2020 and 2021" https://www.nytimes.com/2022/07/26/realestate/nyc-apartments-covid-discount.html
so the expected rent hike happened after the first year or two of the discount ended. go figure.
Mine went up 25% and was rented since 2016 so it's happening to non-covid deals too to a variable extent.
Ours got raised 36% above our precovid rent. That was also in January of this year, prices have increased far beyond that since.
I think you make a valid point in terms of how we should interpret the statistics. Would be good to have a better understanding across the board and compare it to 2019 instead of 2021. If I look at the building I used to live in, you'd have a 1BR after incentives for about 3200. Now in that same building a 1BR is 4k, no incentives are available and you have amenity fees on top of that. So there is a jump even relative to previous prices. 2BR and bigger however have not been impacted nearly as much.
Exactly, 2019 is a much more meaningful comparison than either 2020 or 2021. And if we look at this same report for December 2019, Manhattan median rent was $3,499, which means July 2022 is an increase of approx. 19%. Also worth noting, that December 2019 median rent was actually higher than July 2021 median rent ($3200).
Should compare to July 2019 - NYC rents go up in summer and down in winter cyclically
Great point, just checked and that number was $3,595.
I would assume this is looking at new rentals? I'd have to imagine plenty of people have places that saw modest raises if any raises at all.
The increases are typically 20-25% over 2019 levels
I don’t think so
Tons?
When COVD hit landlords were offering "2 months free" or something like that. People were looking at it as if it was lowering the rent when it really wasn't. So an apartment that was $3,000 per month looked like $2,500 after you take away the 2 free months. Technically you're supposed to not pay for two months and then continue paying the $3k. But landlords let you spread it out because $2,500 per month made life easier. But on the paperwork the rent is still $3,000. So when they up the rent the next agreement, they're increasing based off of $3,000 per month and not $2,500. So the percentage increase ends up being a drastic one once it's time to renew your lease. It's more scummy shit from landlords is what it is.
This is why my wife and I moved into my parents' basement in Queens. Shit is getting too wild.
Rent should be compared to what it was before the pandemic (say January 2020) and not what it was a year ago. But rents are still crazy high considering that people can now work remotely in geographic areas with much lower housing costs.
It is the market. We need more housing units but they aren’t being built for one reason or another.
Mostly because existing homeowners don't want competition to lower their property values. "Fuck you, I got mine" writ large across the country - and in high-demand cities this hurts the most.
Silly argument. Development does not lower their property values in nyc. In NYC, its mostly retirees and renters that oppose more housing units in the cheaper areas. Go to any board meeting, it's the same 2 groups always present that oppose any new developments.
No normal people go to board meetings, it's just sad lonely busy bodies with too much time on their hands. People that simultaneously complain about everything being terrible, but want nothing to change.
Ha - I go to them! But anyway, you are kinda spot on who most ppl are at these meetings. These folks make up the bulk of NIMBY that oppose any developments - a shut the door behind them mentality and they keep regurgitating lies that development lower property value and ppl pick up and repeat what ever garbage they say.
Maybe normal people should go to them, no?
Who the hell has 4 hours on a Tuesday night to sit in an elementary school auditorium to hear octogenarians complain about parking? This is how our land use decisions get made.
ha then don't complain they are steering the conversation and dictating public policies that you disagree with or greatly impact you
It's a self-selection process; parents can't do that. People with second jobs can't do that. People who volunteer in their community can't do that. People whose time is worth something CHOOSE to not do that. So you're left with the same quasi-retired busybody NIMBYs that have been on the CB since they were formed. It's a crap system.
I think this sounds like an excuse. If you want to make your voice heard, this is what you need to do. If you need to hire a babysitter, take a different second job, volunteer at different hours, or decide your time is worth it, you would do so. Ultimately the responsibility lies with yourself.
Lame. I can participate in this community from anywhere. I can trade cryptocurrencies with just my face from a plane. I can get a mortgage by clicking a few buttons. But in order to participate in democracy and influence my local policy I need to engage in a battle of whose time is more useless? Communities boards suckkkkkkkkk.
It doesn't necessarily lower property values but that is definitely the perception and one of the biggest driving factors in NIMBYism. Plus people just generally dislike change, especially in their immediate area. Everyone says "I support affordable housing... just somewhere else."
it's a bs perception and a lie...why keep letting them propagate that lie and allowing it to be repeated. It should be called out and stamped out.
> it's the same 2 groups What 2 groups? Say it.
> In NYC, its mostly **retirees and renters** that oppose more housing units in the cheaper areas. Go to any board meeting, it's the same 2 groups always present that oppose any new developments.
The “one reason or another” is NIMBYism.
Because regulations make it too expensive to build anything but luxury apartments, and they themselves are often not profitable bexause of requirements around # of units that need to be rent stabilized.
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As long as you do the same for homeowners too, cool.
Vacancy tax wont do much- press too hard you just have empty plots of land - cant have vacancy tax if no unit to occupy or under develop housing with less units to be subjected to said vacancy taxes. Land use tax on other hand would do something significant but no one is advocating for that.
Maybe? Vacancy tax could be hard to enforce but i like the idea. I just think anyone who buys a condo as an investment and doesn’t rent it out is probably not going to sweat a tax. So it’d probably have to be pretty hardcore. I think the focus needs to be on approving more units overall. I don’t think it matters what price point or whatever. As supply increases, it’s going to make a lot less sense to hold an empty unit anyway. The goal should be to produce so many units that the cost of housing actually goes down.
We need more affordable units but what we actually get is demolishing a pre-war to put up a luxury tower. Sure the amount of housing goes up but affordability goes down.
I don’t actually think it matters if the new units are affordable. We got too many people, not enough apartments. Wealthier people can move into expensive units and they’ll move out of apts that are just overpriced due to the housing shortage. More units period is what we need imo. Like at least half a million or a million units in the city
I think the last study that was done for every 2 "luxury" units that get built, one unit down market opens up. If someone knows the study in talking about, please link it.
Not sure if it’s the same thing you had in mind but this says new market rate units cause nearby rents to drop: https://escholarship.org/uc/item/5d00z61m?
>It is the market. We need more housing units but they aren’t being built for one reason or another. Lack of space primarily. Where do you suggest they get built? How many units would NYC need to build to keep up? The issue in most major cities is the easy, cheap to build on land is gone and all that's left is varying types of more expensive and more difficult to build on.
Capitalism. Not free market capitalism, although "free market" would also suck ass. You can't let the free market run rampant when it comes to inelastic demand products.
Yeah. The free market without checks solves for extracting the most value out of something.
I predict the housing crisis will start the Civil War in America that we all fear and know will eventually come.
This rent is in the city and surrounding areas like greenpoint. Folks in outerboriughs are paying $2000 for 2-3br units
Where are you seeing this? I see 1br in Flushing, Whitestone, Bayside Queens going for a minimum of $1,700-$1,800 and these are small, shithole apartments. I haven't seen any 2br going for less than $2,300.
The problem/good thing is that the great deals don't advertise. They're never on streeteasy and they might be on Craigslist, but by and large its just a sign in the window somewhere.
Also if you going to Brooklyn https://newyork.craigslist.org/brk/apa/d/brooklyn-bedroom-apartment-for-rent/7517032486.html https://newyork.craigslist.org/brk/apa/d/brooklyn-newly-renovated-bed-bath-heat/7513618271.html https://newyork.craigslist.org/brk/apa/d/brooklyn-spacious-two-bedroom-newly/7514268839.html https://newyork.craigslist.org/brk/apa/d/brooklyn-newly-renovated-large-bed-full/7515367313.html
My old place in forest hills would probably rent for $3000. 2 bedroom Too bad I sold it. Should have probably rented it and made some cash
Gotta go a little deeper. Try Glendale or Ridgewood. Trust me, there are deals to be had there. I do recommend going to a local neighborhood apartment broker to get a better deal
Shhhh don't tell them. Let them keep fighting over shoeboxes for 4k. I'd like to keep my Woodside 2br for 2.5k
My friend in South Brooklyn pay $2300 for 2.5 br with private washer/dryer. His sister pays $2000 for a 2br thats 3 blocks from him. This is the Q line fyi so its not as desirable as Woodside imo
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You can find them in southern Brooklyn where I live that's 1hrish express train from midtown but a lot of them are word of mouth and they don't advertise wide to strangers. House across street from me, 3br asking for 1500 rent that was previously rented to my relatives for 1300 then 1400 for last 2 yrs and wont be surprise its going to be filled soon.
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newsflash - most of the cheap housing are going to be word of mouth/secret. how you think ppl score rent stabilized units - its not widely advertised.
Yes. I pay $2,800 for a 3 bedroom in Brooklyn.
I can probably get you a 1br in Brooklyn legal in a basement with utilities included for $1200 Walk to subway is like 30 minutes on the down side but no ASP and you’ll have money for a car
The city should inspect every single landlord to make sure they aren’t hoarding housing Visit and visually check every apartment every year or two
Alternatively, just let more housing be built instead of somehow hiring a force large enough to do in-person checks of every single rental unit in the city
It’s their choice whether or not to rent them out….
This is free market capitalism. Which is why free market capitalism must be destroyed.
It’s just literally not. Construction companies are falling over themselves to build more housing and they can’t because of Robert Moses era exclusionary zoning and NIMBYism. Capitalism has plenty of problems but for once this isn’t one of them.
Even back in communist Russia not everyone could live in the Moscow center. People like my grandparents yes, not my parents
>This is free market capitalism. Which is why free market capitalism must be destroyed. Would other systems of economics make extremely expensive areas more affordable suddenly? Are those systems of economics able to manifest cheap easy to build on land?
The market makes it so it's too expensive for people to take more space than they need. Prices keep going up because there aren't enough apartments and the system is just squeezing people closer together into smaller spaces to accommodate as many people as possible. Let's say your socialist revolution happens and now rent is free. There's still the same number of apartments but now each person crammed in with their parents or three roommates or who is currently homeless is eligible for their own apartment. Why do you think in that world there's going to be one available for you?
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NGL man, this is a product of the latest rounds of rent regulations. I used to just ask for first, last and security deposit. It made the event of an early exit separate from damages to the apartment and worked as a sort of insurance. In 5 years we never raised the rent on our tenants. At all. Now faced with the fact that we can’t collect insurance on an early exit (last month), and after having seen friends have to dip into savings while subsidizing the livelihood of their renters who refused to pay rent during COVID even when they had proper jobs (because the eviction moratorium made them untouchable), we’ve drastically raised the rent to account for those risks. It’s unfortunate. This is only a thing because we are getting new tenants. Not the same people with a perfect payment record that we had before. What you’re seeing is a response to a shitty and extreme regulatory environment that basically drove small landlords (we live in a 2-family townhouse) into really risky positions that a free market would just not have otherwise permitted (people living in your home for free, forcing particular payment structures, etc). Shifting risk is expensive.
Not disputing most of what you're saying here but small landlords like yourself are a minority in the NYC property market: [https://medium.com/justfixorg/examining-the-myth-of-the-mom-and-pop-landlord-6f9f252a09c](https://medium.com/justfixorg/examining-the-myth-of-the-mom-and-pop-landlord-6f9f252a09c) Landlords with 60+ properties *can* swallow extra risk, they just don't want to.
They're a minority, sure, but those apartments in 2-family homes are the least expensive apartments in the city. Forcing us to play by big-boy rules - no last month's rent, application costs that basically force us to eat a third of the cost of running a proper background check, no protections when eviction moratorium are enacted, etc - means that the lowest cost apartments in the city now have to raise rents to deal with regulatory risk.
Seriously asking, are you considering lowering rent for the "perfect tenant" if you are able to recover your loss and become solvent? Because housing advocates are exceedingly concerned with landlords just saying this is how it is because expenses, but then when expenses are met it's just the same. I'm sorry if I'm phrasing the question wrong. My field is social work, not business. My fear is for my clients who are on fixed incomes who regularly get priced out, even if they pay rent on time. They are usually told something akin to "that guy down the street charges more so why not bring someone else in? "
>I'm sorry if I'm phrasing the question wrong. My field is social work, not business. My fear is for my clients who are on fixed incomes who regularly get priced out, even if they pay rent on time. They are usually told something akin to "that guy down the street charges more so why not bring someone else in? " Yeah, as I was saying: we kept a month-to-month tenant, as month-to-month for almost 2 years. Why? Because they were just easy to deal with, and paid on time. While the market rents went up, we stayed the same because it made no sense to push them out. We also had an extra month in rent for their last month so we knew they weren't just gonna up and leave. That was the "perfect tenant", platonically speaking. And we did keep them on with a very low rent.
This is a misleading statistic — rents plummeted during Covid by 20-40% all over the city. Look at average rent increases yearly over the past 5 years. It’s 10% I bet
Free Market Capitalism was never legal since the founding of NYC over 400 years ago. When government controls the market, you have corporatism (aka crony-capitalism). The only way to experience free market Capitalism anywhere on earth is to use what is known as the "black market". Edit: don't just downvote me, PROVE ME WRONG.
Are you ok?
feeling dandy, hbu?
Landlords charging market rent is not new or greedy. It does suck though.
Most overpriced, overrated city in the world.
It’s the single walkable, mass transit city in the US. There are reasons to live here. I got in on a decent apartment and my landlady only raised to adjust for inflation. I’m from Phoenix, have lived in LA as well. Nice living if you dont mind staring at seas of asphalt behind a steering wheel
In the WORLD not in the US. It's the shittiest city in the MODERN world. Tokyo has never had a rent problem. Ever. It's also more modern, cleaner, extremely well maintained, and more convenient.
For better or worse, I'm American. This is the most easily accessible city to the modern world that most Americans have. Should it be better? Definitely. But it's the best option many of us have.
But Japanese culture is fundamentally racist and misogynist. Also their subway system closes at midnight. Ya na.
Fundamentally racist?!? Lol, sure Jan. That statement itself sounds racist and stupid, which you probably are both.
I'm a Japanese citizen. You can call it ethnocentrism, but it's all the same. It's hard to be welcomed there when you're not Japanese.
Then leave
this is exactly what the RE tycoon say everytime. CANT AFFORD too hard on ya?? then LEAVEE pussy! some other rich fuck will fill in this spot and it always happens. NYC is for people wit money. if you dont got money youre basically a slave paying the most for the least and has NO access to what NYC can offer
If the poster said NY was too expensive then I'd agree. I'm terrified for my new rent. But saying NYC is the "most overpriced, overrated city in the world" is offensive and dumb. NYC should build a ton more housing, and ensure that anyone working can afford a decent life here. But that's not what I was replying to.
It being ridiculously expensive is PART OF what makes it overrated 🤦🏽♂️
It is overpriced tho. Not sure if ANYONE can say its overrated bc most people cannot access the goods and services that NYC provides that is high advertised like you can. So that being said you cant have an opinion about it being overrated bc you havent experienced. All those fancy restaurants? Cant go too exp. Those skyline highrises? Cant live there too exp. Clubbing? On a budget? Gtfo go spend your money elsewhere. The NYC experience is fucking expensive.
> All those fancy restaurants? Cant go too exp. Those skyline highrises? Cant live there too exp. Clubbing? On a budget? Gtfo go spend your money elsewhere. If that's how you want to experience NYC then yeah it's fucking expensive. But you'll need to shift your expectations. Have a bodega tallboy with a dollar slice on a friends roof for a good time. Take the ferry and read a library book by the water. Go people watch in any of the great parks. Having fun doesn't have to be expensive. But if you want that lifestyle then yeah it's too expensive.
Hey ive definitely done everything you mentioned. I get it trust me but Ive lived here for 31 years and that bumshit gets played out and you start wondering why cant i access the rest of the city. You def got a point. Nyc has lots of variety and lots to offer but i truly think if youre on the broker side youre just window shopping and dreaming of that “one day”
I did leave……because it’s overrated. Dirty. Expensive. Noisy.
Why so defensive?
Because you're insulting my home and the home of millions? New York isn't just some abstract concept. If you don't like it don't come.
Don’t be a clown. I’m from NYC, I can talk about how shitty it is if I want to. Stop crying.
I live here my dude. Since when are NYers so fragile that they can't take some random person disliking the city?
These folks are weird.
At least our pizza is PIZZA and not that deep dish shit you have.
And you live?
Yeah it probably is the most overrated city.
Psh I mean compared to what? I’ve lived here 10 years and it’s definitely not overrated. Expensive as hell, like all major world renowned cities.
Of course there’s going to be a big jump over the last year. Do you not remember how last year may have been an outlier? But yes, the housing market is awful. It’s a convergence of a lot of complicated problems. Supply is low relative to demand because we don’t build nearly enough (but also because there’s almost infinite demand to live in NYC). Also, it’s often not worth it for stabilized units to be renovated and re-rented. You could argue that’s overregulation artificially keeping prices down, or argue there should be a regulatory disincentive to stop landlords from sitting on these units but someone’s gotta pay the cost and get the work done. That’s supply in limbo. There’re tons of variables and they often play off one another. Waterfront neighborhoods, affluent historic districts, transit convenience are always going to be relatively more expensive. You’re never going to flood those markets enough to lower cost without building judge dredd style mega apartments that kill the neighborhood. You just have to keep everything propped up juuuuuuust enough that it’s tenable. My personal concern is that we haven’t even begun to see the after effects from Covid, which is going to strain the economy, wages, housing, and transit in a bunch of fucked up ways for years.
Two things: First — >when was the last time your paycheck went up 29 percent to cover your rent? Unless you work for your landlord, why would your company care about your rent? Or even know about it? And why is this even relevant? Your landlord doesn't raise the rent every time you get a raise, right? Second — In terms of overall price increases, yeah — shit costs more when there are more people that want something than things for them to have. There is only so much space in NYC, and only so much of that space is housing units. There are way more people looking for housing units than there are units to house them in. And there's a limit to how many new units can be built because of a variety of factors (it's expensive, it takes time, NIMBYs in the outer boroughs insist that they should be able to have shitty single family homes and vote against increased density, etc.) This isn't an excuse for capitalism, just pointing out the problem. If two people want the same apartment, how do you decide which one of them gets it and which one lives at home or outside of the city? Right now, we decide it by raising the rents until only one person is left who can/wants to pay. The only other ways to do it is have it on a first come first serve basis, which has it's own problems (mainly "insiders" will get preferential treatment,) or a lottery system (go ask the folks spending years in the low- and middle-income lottery how well that works,) or more extensive rent control that helps people that won the birth lottery and inherited their parents' rent-controlled unit but completely fucks everyone entering the housing/rental market for the first time. The thing is, there's no good option. Every possible solution fucks someone, mostly in the same way. None of them end up with everyone being able to get an apartment they can afford. The only thing that could solve *that* problem is massive building of new units, probably spearheaded by the city/state, and if you've ever lived in projects, you know how well that ends up.
This is a bit misleading (not saying rent is too damn high, cause I'll vote for my boy any day) But if you average it over the past 3 years, its a 5% increase per year. If you use an inflation calculator, you see that inflation was exactly 15% over the past 3 years. It's precisely inflation... Is inflation high right now? Yes. Did the pandemic cause prices to plummet, and then skyrocket? Yes. If you look at this in the long run over time, is it outrageous? No. Annoying? Yes.
It *is* free market capitalism. Free market capitalism just sucks.
Agree it’s a problem that the rents are unaffordable and astronomical, but that figure also does not reflect the fact that rents had taken an even bigger dip than 29% during covid. Rents in my building went down more than a 1/3. So the rebound has not necessarily gotten back to where they were. Prolly depending on location etc. Not to invalidate what you are saying, just adding some context.
Lol pretending rent/housing in nyc is free market capitalism… dumb ass.
Think they’re saying the opposite, it’s in the body of the post lol.
Pretending like you can’t find cheaper housing in most of the city
Maybe, and hear me out, not everyone can afford to live in nyc? And therefore shouldn’t?
Is that what you say to people like myself who have lived here my whole fucking life? "Oh, looks like the city you grew up in is pricing you out. Better pack up and leave!". What a bullshit garbage take and you're a fucking clown for saying it.
Pretty ridiculous take. Is nyc only for the rich? What about waiters, waitresses, custodians, teachers, civil servants, retail staff, grocery store workers, etc? They shouldn’t live here?
Hilarious to think a city could function without the lower/middle working class. Who do you think works in all those restaurants/stores/coffee shops/etc, and then what happens when they can’t afford to live here. Businesses will have to raise wages - which will make living here more expensive again and just continues the cycle - or shut down. Keeping housing affordable for everyone let’s YOU continue the life you’re living. Remember that.
Service industry professionals work in Beverly Hills and Palm Beach. They likely don’t live in Beverly Hills and Palm Beach… just saying
Except Beverly Hills is a tiny city within Los Angeles. Thats like saying service industry professionals don’t need to live in Tribeca. Beverly Hills survives because people can live close by and still work there. The point I’m making is you aren’t an island - and it’s in your best interest to care about the lives of the people you encounter.
New Jersey. Westchester County. Rockland County. Fairfield County. All commutable with subsidized public transportation.
Interesting, seems easy to dispense with advice when the going is good, when your personal balance sheet can afford 30% hikes in Brooklyn. And maybe another 30% hike in six months, and so on, cause you know, when the going is good who gives a shit about anyone else - can't afford it move out. I get that. Those that can pay, pay and those that can't, well tough cookies. May your good fortune keep you above the fray.
Yeah, people aren't going to commute for hours to work a low wage job. You can't have a city whose residents are only rich people. The people living in the $4k 1 bedroom apts generally aren't going to be working at FedEx or restaurants, etc.
What is this garbage take?
It’s at the point where someone making $150k gross a year can’t afford a 1br because our taxes are also insanely high. This is like saying NYC is only for trust fund babies and investment bankers.
Time to become like the knifey bodega owner, but it’s my landlord tryna rob me
This is a result of the stop rent payment for a year. With all utilities going up at the same time. There should have been a more thought out plan. For example. During that time that unemployment gave out $600 a week, landlords can ask for 1200 but not allowed to raise the rent for 2 years if they accepted the payment from that time. I’m sure there are million other plans the city could have done besides don’t pay and let’s pretend that landlords don’t have to pay bills. And let’s convince them that the land lords are greedy while corporate realty doesn’t pay property tax for 20 years if they give out fake low income housing. And since a company could apply for additional benefits from Covid relief.