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View Poll Results: Is the rent situation in NYC just part of a bubble or cycle, or is it permanent?
Yes, its a bubble that's bound to burst or drop significantly. 9 16.07%
Yes, but it will only drop in some places, or a little overall. 11 19.64%
No, they're here to stay and will only change very little. 19 33.93%
No, they can only get higher. 17 30.36%
Voters: 56. You may not vote on this poll

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Old 04-24-2012, 08:11 AM
 
Location: Burlington, VT
509 posts, read 2,068,252 times
Reputation: 276

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JAGED - We agree on the fact that oil prices will skyrocket, but I guess we disagree on the reaction people will have to it. If you're saying that when gas prices quadruple people will still be moving to the exurbs then I disagree. People WILL continue to buy oil because they have to. It will still be a hugely important resource. However, in matters they can control, like where they live and how close to work, friends, family, amenities, etc....I believe people will cluster closer to the cities. If your commute starts costing $50/day you'll start rethinking your priorities about having a big backyard an hour away from work.

I don't have the ability to predict the future but this is not a controversial opinion and I'm not the first one to state it. I'm not talking the next 10 years here, I'm talking a generational thing.
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Old 04-25-2012, 12:39 PM
 
Location: Brooklyn, NY
106 posts, read 308,333 times
Reputation: 74
Another explanation by the NY Post on why rents are so high (blame the rent stabilization laws once again):

Quote:
Why are so few apartment buildings being built if rents are so high?

The city has a host of laws that make construction more expensive, but the rent laws are the worst.
Tenants living in buildings built before 1974 (and often their children) must be given a never-ending series of lease renewals at the “legal” rents. That means these older buildings can’t be demolished and replaced with modern high rises, because there’s no way to evict the protected tenants.

That’s why the city’s streetscape is still littered with century-old tenements — low-rise “walk ups” with outdoor fire escapes. In a free market, developers would assemble and then demolish several adjacent tenements, and build a modern structure with hundreds of apartments to replace those lost.

Thanks to the rent laws, even a single protected tenant can block a major development. They can even bar development of vacant land — if the open area is a green space used by nearby rent-stabilized tenants, it may be considered a protected amenity the landlord can’t take away.

The result: Rent laws have been effective in limiting the supply of the city’s housing stock, and in consequence have had the opposite effect on overall rent levels.
Rent control is out of control—Stephen B. Meister - NYPOST.com
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Old 05-02-2012, 11:14 PM
 
Location: Brooklyn, NY
157 posts, read 348,600 times
Reputation: 71
Quote:
Originally Posted by jeffcon0 View Post
JAGED - We agree on the fact that oil prices will skyrocket, but I guess we disagree on the reaction people will have to it. If you're saying that when gas prices quadruple people will still be moving to the exurbs then I disagree. People WILL continue to buy oil because they have to. It will still be a hugely important resource. However, in matters they can control, like where they live and how close to work, friends, family, amenities, etc....I believe people will cluster closer to the cities. If your commute starts costing $50/day you'll start rethinking your priorities about having a big backyard an hour away from work.

I don't have the ability to predict the future but this is not a controversial opinion and I'm not the first one to state it. I'm not talking the next 10 years here, I'm talking a generational thing.
I think you're still forgetting the fear factor implanted in the minds of many Americans about cities. Maybe NYC has seen a significant crime drop, but other cities have not been as fortunate.

The fact remains, development for suburban communities is continuing as we speak! We are still carving our landscape with ribbons of asphalt to support our car culture. Look at New England, PA, CT, NJ, NY, and the entire Mid-West.

And to throw another monkey wrench into this... New York City housing prices are absurdly high. Do you think the majority of wealthy who have already established a community and family in the burbs (westchester, rye, long island, Jersey, ect.) are going to move to the city? Probably not. They'll pay the extra cash for gas to go to work or whatever. As long as they get to send their children to fancy boarding schools/private schools and spend time in their wealthy community, there's no need to move into the city.

Middle class people will have even less incentive to move to the city because any decent place to live in NYC is ridiculously expensive. They won't be able to afford the cost of living, let alone send their kids to a nice private school. Unless their kids are really talented and smart, they will not get into a good public school. And guess what? The public schools in NYC SUCK! Another reason why people don't want to move to the city.

So, I just don't see reverse trend happening in any significant amount any time soon, unfortunately.
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Old 05-02-2012, 11:19 PM
 
Location: Brooklyn, NY
157 posts, read 348,600 times
Reputation: 71
This vote is kind of dumb if you ask me. NYC has seen changes, some good, some bad, but the city has been changing since the get-go.

There is no doubt that rent's in NYC will fluctuate up and down for decades to come. To say that NYC's housing prices will remain permanent is just wrong.
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Old 05-03-2012, 06:33 AM
 
2,503 posts, read 3,537,891 times
Reputation: 1906
Quote:
Originally Posted by nobody69 View Post
Another explanation by the NY Post on why rents are so high (blame the rent stabilization laws once again):



Rent control is out of control—Stephen B. Meister - NYPOST.com
Nice article. When will people wake up and realize Rent Stabilization does a disservice to the NY housing stock in so many ways.
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Old 05-07-2012, 08:16 PM
 
Location: Crown Heights
965 posts, read 2,114,290 times
Reputation: 518
Quote:
Originally Posted by JAGED View Post
This vote is kind of dumb if you ask me. NYC has seen changes, some good, some bad, but the city has been changing since the get-go.

There is no doubt that rent's in NYC will fluctuate up and down for decades to come. To say that NYC's housing prices will remain permanent is just wrong.
Dumb as it may seem to you, more people believed it to either plateau or rise. Though I know that no scenario can play itself out forever. It was more of a ploy to bring it to the attention of people who believe that rent here will always be wildly expensive and to get them actually thinking about that notion. To me the vote itself is whatever, just out of curiosity, the discussion about what the causes are and how, not just if, the real estate market will change was more important to me.
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Old 05-08-2012, 09:13 AM
 
6 posts, read 6,369 times
Reputation: 10
I have no problem with rents rising as long as people’s paychecks are rising along with it, unfortunately that doesn’t seem to be happening. And no, finding a new higher paying job every year is not an option.
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Old 05-08-2012, 09:54 AM
 
Location: Crown Heights
965 posts, read 2,114,290 times
Reputation: 518
Quote:
Originally Posted by nycdweller123 View Post
I have no problem with rents rising as long as people’s paychecks are rising along with it, unfortunately that doesn’t seem to be happening. And no, finding a new higher paying job every year is not an option.
Its funny, the people who say "if you can't to live here, then move" almost seem to propose that you do just that.
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Old 05-08-2012, 09:58 AM
 
Location: USA
8,016 posts, read 9,117,424 times
Reputation: 3384
most major american cities will probably wind up
like rio with the shanties, if we stay on this course.
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Old 05-08-2012, 10:59 AM
 
Location: Brooklyn New York
15,249 posts, read 23,887,360 times
Reputation: 19932
I hate all the new construction apartment buildings, they are ugly, they have crappy layouts, all the same with the kitchen shoved in the corner of the living room, called open concept.....so your basic 3 room apartment from back in the day ( 1-kitchen, 2-living room, 3-bedroom), is now a 2 room apartment (1-kitchen living room combo, and 2-bedroom), but the prices are astronamical


give me an old 4 floor walk up with a fire escape any day, they look much more inviting than a tall high rise which looks like an office building.
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