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I'm 30 y/o, make 78k and currently have a $1400 a month studio in UWS. I moved here from Florida about 8 months ago and love it here, feel at home. Comparable to Florida, really it is only the rent, health insurance, and taxes that make this place more expensive. With Obamacare coming, health insurance will be cheaper for me here, which is good, but I'm genuinely worried about rising rents and, even though I can afford a moderate increase in rent, the fact that many other people that make say $45,000 may not be able to afford to live in the city bothers me. If a requirement to live in the city is that someone make like $70k a year, then that doesn't seem to be a good thing. Even a studio in nice areas of Queens, Brooklyn, and the Washington Heights area are pushing the $1400 mark, which is just really asking for a lot. From what I've heard, it used to be that you could just always find places for a reasonable amount, but now that gentrification has gone all the way to the bad areas, it seems to have slowed as it's reached a point where not as many people want to live so far out. My studio may increase to $1600 a month, so I'm having a hard time seeing how so many people would be able to afford it without help from the parents, using college loans, etc. Yeah, I can maybe afford a $200 rent increase, but isn't this a signal that something else is very wrong with the housing market? And like I said before, even in the outer boroughs, the going rate still seems to be around $1400.
So is anyone else worried about the affordability of the NYC area (taking into account the ability to live in a safe area)?
I'm an ideas person and will probably be taking some of them to the city council... Here are some:
- For every $100 a person pays in NYC income tax, they would receive $10 back per month in vouchers to spend at NYC restaurants/bars/eateries, or in other words, places that not only make the city more social and lively, but also supports local businesses. It could be paid in part by a tax on the rich (and although I'm pretty strongly against raising taxes, there are some things that the affluent would be willing to pay for, such as a more lively and social city, as opposed to something like pre-k schooling which has no effect on them).
- Large modern Micro-studio developments (250 sq) that anyone can rent. Maybe tear down a few of the housing projects and rebuild better ones in the outer boroughs. Then replace them with these microstudio projects. When I was in Florida, I had a 1300 sq ft place, now I have a 250 sq ft place (and i've found it is all I need). 250 sq ft with a full size kitchen and good sized closet should be enough for one or two people that don't have pets or kids.
I'm 30 y/o, make 78k and currently have a $1400 a month studio in UWS. I moved here from Florida about 8 months ago and love it here, feel at home. Comparable to Florida, really it is only the rent, health insurance, and taxes that make this place more expensive. With Obamacare coming, health insurance will be cheaper for me here, which is good, but I'm genuinely worried about rising rents and, even though I can afford a moderate increase in rent, the fact that many other people that make say $45,000 may not be able to afford to live in the city bothers me. If a requirement to live in the city is that someone make like $70k a year, then that doesn't seem to be a good thing. Even a studio in nice areas of Queens, Brooklyn, and the Washington Heights area are pushing the $1400 mark, which is just really asking for a lot.
So is anyone else worried about the affordability of the NYC area (taking into account the ability to live in a safe area)?
I'm an ideas person and will probably be taking some of them to the city council... Here are some:
- For every $100 a person pays in NYC income tax, they would receive $10 back per month in vouchers to spend at NYC restaurants/bars/eateries, or in other words, places that not only make the city more social and lively, but also supports local businesses. It could be paid in part by a tax on the rich (and although I'm pretty strongly against raising taxes, there are some things that the affluent would be willing to pay for, such as a more lively and social city, as opposed to something like pre-k schooling which has no effect on them).
- Large modern Micro-studio developments (250 sq) that anyone can rent. Maybe tear down a few of the housing projects and rebuild better ones in the outer boroughs. Then replace them with these microstudio projects. When I was in Florida, I had a 1300 sq ft place, now I have a 250 sq ft place (and i've found it is all I need). 250 sq ft with a full size kitchen and good sized closet should be enough for one or two people that don't have pets or kids.
If you really like NYC and think you want to stay here you would be much better off buying an apartment ASAP.Rents are going to continue to rise at a much faster pace than your income and Manhattan is going to more and more become an island for the rich.
There are plenty of neighborhoods in NYC where you could already be paying less to own than you are paying in rent for your studio.
I am an ideas person also...let's tear down some of the housing projects in the outer boroughs and move the people to the UWS in new, better housing projects by tearing down some of the dilapidated housing stock in the UWS. The outerboroughs will then create new middle income housing where the housing projects stood...it is a win for everyone by desegregating both areas, and providing new, affordable, quality housing. Everyone wins!
I am an ideas person also...let's tear down some of the housing projects in the outer boroughs and move the people to the UWS in new, better housing projects by tearing down some of the dilapidated housing stock in the UWS. The outerboroughs will then create new middle income housing where the housing projects stood...it is a win for everyone by desegregating both areas, and providing new, affordable, quality housing. Everyone wins!
If you mean tear down housing projects in the outer boroughs to build more middle-class friendly areas and revitilize them, then that sounds good. I guess the question would be whether that could ever go through politically (along with my idea).
So you'd just be outright against tearing down any housing projects in Manhattan to provide reasonably priced units for anyone to rent? Why?
To be clear, I'm in favor of tearing down just a few housing projects. Anyone that works in the city can easily commute if their new housing project was in one of the outer boroughs instead of Manhattan. Which brings up another point. If subway transportation was improved to the outer boroughs with more trains/lines (and extended further) then maybe there would be less need to live in Manhattan since it would be an easier commute...
Op, you are better off focusing on how can I save enough to purchase an apartment, how can I increase how much I am making, than trying to get gov't to do anything. You'll benefit more from that than trying to do something at larger scale because you won't likely see to benefit.
Even if they listened to your idea, say this is the most brilliant idea ever, and actually carry through with it. It will take years because groups with different interests will impede it or kill it, and if they can't succeed, it'll finally happen but it won't benefit you directly.
On personal note. If you can save 12-20k a year for say 5 years by being very frugal and sacrificing a lot (I know this is doable because I did this myself at 30 and making 76? 79?k). You can afford something in the area. If you can't afford to buy something in the area (not necessarily manhattan but in greater nyc area) with 60-100k downpayment...then there are far bigger problems to worry about the overall economy than "can I live here?"
Affordable housing has been a huge issue in the mayoral campaigns. I think everyone is worried about it.
If you're worried about yourself, and aren't in a position to buy, then finding a rent-stabilized apartment could bring you peace of mind. Rent stabilization is being slowly phased out so sooner is better.
Op, you are better off focusing on how can I save enough to purchase an apartment, how can I increase how much I am making, than trying to get gov't to do anything. You'll benefit more from that than trying to do something at larger scale because you won't likely see to benefit.
Even if they listened to your idea, say this is the most brilliant idea ever, and actually carry through with it. It will take years because groups with different interests will impede it or kill it, and if they can't succeed, it'll finally happen but it won't benefit you directly.
On personal note. If you can save 12-20k a year for say 5 years by being very frugal and sacrificing a lot (I know this is doable because I did this myself at 30 and making 76? 79?k). You can afford something in the area. If you can't afford to buy something in the area (not necessarily manhattan but in greater nyc area) with 60-100k downpayment...then there are far bigger problems to worry about the overall economy than "can I live here?"
To me the big question is, if I have to buy a place to save money rather than renting, then what of all the other people with jobs that are supposed to be good (i.e. making $50-60k a year) that can't afford to live in Manhattan or the surrounding boroughs (or even Hoboken) since all studios go for around $1400 or so unless it's reaching into a bad area. It's almost like gentrification has reached a point where it's hit the outer edge of the more dangeorus areas and thus has slowed down. Why would I want to live here if that girl in marketing making a "supposed to be good pay" of $50k a year can't even make enough to live in the NYC area? It's like something needs to be done to fix this and I'm not sure if Blasio can do it... I feel at home here but am seriously thinking about making the move to Chicago. I can afford it here (I put $1000 in savings away each month after expenses) but if others that should be, can't, then it's like how's that even fair?
I could maybe buy a studio in Manhattan sometime next year, but if the regular working stiff can't do it here in NYC (not just in Manhattan), then there's something wrong to me. Although I'm a moderate, just like how very conservative cities need a liberal, very liberal cities need a conservative, and Blasio is scaring me... My lease isn't up until March so I have until then to see at least.
One thing I believe is missing from both the federal and local government is ideas. Its like they're all so old they have no ability to come up with creative ideas to get things going. It's either lower / raise taxes, or have some stimulus program to build road/bridges.
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