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Old 01-16-2012, 07:22 PM
 
Location: On the edge of the universe
994 posts, read 804,851 times
Reputation: 1355

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I'm actually from the Midwest forums so I'm just passing through, but I'm just curious as to why NYC is so expensive overall in regard to Real estate and rents. Not trying to bash the city; I visited the Big Apple many years ago and nobody beats New York as far as culture and the good stuff. My dad's side of the family actually is from the northeastern US and I have to tell you, the northeast has got a LOT going for it. I don't buy into the stereotypes of New Yorkers and your neighbors; I've found that East Coasters tend to be the most open of all the areas of the Union. But I never could figure out why real estate/rents are so high here. Isn't high real estate sort of a downer for you? I wonder what would happen if NYC rents and real estate were to drop down to the price you pay in the Midwest.

Not trying to be a noob, just curious.
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Old 01-16-2012, 07:42 PM
 
7,085 posts, read 7,261,604 times
Reputation: 6141
Quote:
Originally Posted by fireandice1000 View Post
I'm actually from the Midwest forums so I'm just passing through, but I'm just curious as to why NYC is so expensive overall in regard to Real estate and rents.
Supply and demand.
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Old 01-16-2012, 07:49 PM
 
12,931 posts, read 12,371,934 times
Reputation: 22344
Quote:
Originally Posted by fireandice1000 View Post
I'm actually from the Midwest forums so I'm just passing through, but I'm just curious as to why NYC is so expensive overall in regard to Real estate and rents. Not trying to bash the city; I visited the Big Apple many years ago and nobody beats New York as far as culture and the good stuff. My dad's side of the family actually is from the northeastern US and I have to tell you, the northeast has got a LOT going for it. I don't buy into the stereotypes of New Yorkers and your neighbors; I've found that East Coasters tend to be the most open of all the areas of the Union. But I never could figure out why real estate/rents are so high here. Isn't high real estate sort of a downer for you? I wonder what would happen if NYC rents and real estate were to drop down to the price you pay in the Midwest.

Not trying to be a noob, just curious.
Because it's the Center of the Universe!

(I can't afford to live there either)
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Old 01-16-2012, 08:20 PM
 
Location: New York City
559 posts, read 633,903 times
Reputation: 376
Exactly.

Quote:
Originally Posted by nybbler View Post
Supply and demand.
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Old 01-16-2012, 08:22 PM
 
Location: Bronx, NY
14 posts, read 28,202 times
Reputation: 12
Because its the greatest city on earth! Im sure the mid-west and other areas of the country have a ton to offer - but it depends on what you are looking for. New york city is very desireable for young people because there are so many career opportunities, great night life, lots of different forms of entertainment, etc etc. It also attracts a lot of immigrants because its so diverse. I cant say the same for too many other places in the world, and i have traveled all over.

and yes, as someone above mentioned - its simple supply and demand. If people werent interested in coming here, the prices would be much lower.
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Old 01-18-2012, 06:30 AM
Status: "TOO HOT TO TROT" (set 11 days ago)
 
Location: Manhattan
12,891 posts, read 14,608,281 times
Reputation: 5525
Because Manhattan has the only jobs left East of the Mississipppi.
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Old 01-18-2012, 07:12 AM
 
Location: Brooklyn New York
13,041 posts, read 14,782,128 times
Reputation: 15302
Rents are high because people pay them.
If there were studio apartments for rent at 2500.00, which a lot of them are, if no one rented them the rent would have to be lowered, but there is always some idiot that will spend that amount on rent so thats why they keep going up.
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Old 01-18-2012, 07:21 AM
 
970 posts, read 882,987 times
Reputation: 529
The free market dictates the price. Supply meet Demand.
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Old 01-18-2012, 09:23 AM
bg7
 
4,314 posts, read 3,622,627 times
Reputation: 5837
Quote:
Originally Posted by nightcrawler View Post
Rents are high because people pay them.
If there were studio apartments for rent at 2500.00, which a lot of them are, if no one rented them the rent would have to be lowered, but there is always some idiot that will spend that amount on rent so thats why they keep going up.

there sure are a lot of idiots who are well off right?
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Old 01-18-2012, 10:15 AM
 
Location: Brooklyn New York
13,041 posts, read 14,782,128 times
Reputation: 15302
Quote:
Originally Posted by bg7 View Post
there sure are a lot of idiots who are well off right?


ain't that the truth....
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