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Old 12-01-2014, 11:07 AM
Status: "I have "a thing" for duplex apartments" (set 2 hours ago)
 
Location: Confines of the 101 Precinct
19,248 posts, read 32,742,854 times
Reputation: 7619

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Quote:
Originally Posted by Bronxguyanese View Post
Cough, cough no kids. If you had a kid you would be singing singing a different tune. 40k something salary is bare minimum for anyone to live in NYC If they are single and living in the outer boroughs.
Yeah I make almost double what he makes....but kids change your tune mighty fast
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Old 12-01-2014, 12:51 PM
 
23,265 posts, read 16,096,003 times
Reputation: 8543
Quote:
Originally Posted by BBMW View Post
Marginal rents (the rent you have to pay to get a new apartment) would go down. With something like a million apartments stuck in the regulation system, and essentially out of the market, the vacancy rate is kept artificially low. This drives up marginal rents.

Average rents would go up somewhat, since all the people with sweet, vastly under market, regulated rents would lose those. But in the end, we'd have a much heather market, with a higher vacancy rate, which would have the effect of limiting rents. The rest of the country works this way as has much less of a problem with affordability than NYC does.

The other possibility is that there's just SO much demand for housing NYC, that demand will drive up rents. If this is the case, that's the way it should be. But that would drive landlords and developers to build more units to satisfy that demand. Without all the regulations, they could do this much more easily, quickly, and it bigger numbers.
Rental apartments, including rent stabilized apartments, can be converted to co-ops and condos. A lot of the new housing is either condo or co-op. So when units become for sale as opposed to just for rent ,that also dramatically decreases the supply of rentals and therefore increases the price. Banks get to issue mortgages on these units.

The real estate industry makes a lot of money of selling high end residences in Manhattan and parts of Brooklyn and Queens. Clearly, they are not interested in large amounts of "affordable" apartments. NYC increased it's population of wealthy as they needed their money. The vast amounts of services available in NYC are paid for largely by the wealthy people and big companies here.
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Old 12-01-2014, 01:48 PM
 
Location: Bronx
14,878 posts, read 17,443,718 times
Reputation: 7538
Quote:
Originally Posted by SeventhFloor View Post
Yeah I make almost double what he makes....but kids change your tune mighty fast
Lol you were boasting about making 50k a year and how you live mighty fine on that salary with a wife kids a car and Mitchell lama housing in the sticks of far rock Queens?
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Old 12-01-2014, 02:05 PM
 
2,682 posts, read 3,578,414 times
Reputation: 3088
Why are the suburbs always left out of the equation? Why does NYC always have to shoulder the burden of housing the working class? Would you prefer the rich live in some huge McMansion way out in boonies of NJ and thus not pay into the city's infrastructure and social welfare needs?

Force more middle class housing to be built in NJ and LI, where there's good schools, existing rail infrastructure and more room to go bigger. I, for one, feel the city should focus it's resources on getting the city's underclass up and into the middle class and build more for the rich. That's right, I said it. More rich people means more money for schools, social programs, infrastructure etc.
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Old 12-01-2014, 02:24 PM
 
9,968 posts, read 8,463,156 times
Reputation: 5851
This is all because so few units come on the market each year that the high end market can't be satisfied. How big do you think this market is? If more than enough units hit the market, the high end market, both sales and rental could be satisfied, and the real estate industry would have to look down the price scale. As it is, there's never enough product actually on the market to force this to happen.

Quote:
Originally Posted by NyWriterdude View Post
Rental apartments, including rent stabilized apartments, can be converted to co-ops and condos. A lot of the new housing is either condo or co-op. So when units become for sale as opposed to just for rent ,that also dramatically decreases the supply of rentals and therefore increases the price. Banks get to issue mortgages on these units.

The real estate industry makes a lot of money of selling high end residences in Manhattan and parts of Brooklyn and Queens. Clearly, they are not interested in large amounts of "affordable" apartments. NYC increased it's population of wealthy as they needed their money. The vast amounts of services available in NYC are paid for largely by the wealthy people and big companies here.
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Old 12-01-2014, 03:28 PM
 
23,265 posts, read 16,096,003 times
Reputation: 8543
Quote:
Originally Posted by BBMW View Post
This is all because so few units come on the market each year that the high end market can't be satisfied. How big do you think this market is? If more than enough units hit the market, the high end market, both sales and rental could be satisfied, and the real estate industry would have to look down the price scale. As it is, there's never enough product actually on the market to force this to happen.
The real estate industry has no intention of looking down the price scale.

The bottom line is you will live where you can afford to live. You have absolutely no influence in how the city's real estate is developed, and likely will not. You're going to have to deal with the current reality, not an alternate reality going on in your mind. Either you have the money for something or you don't.
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Old 12-01-2014, 03:30 PM
 
23,265 posts, read 16,096,003 times
Reputation: 8543
Quote:
Originally Posted by Shizzles View Post
Why are the suburbs always left out of the equation? Why does NYC always have to shoulder the burden of housing the working class? Would you prefer the rich live in some huge McMansion way out in boonies of NJ and thus not pay into the city's infrastructure and social welfare needs?

Force more middle class housing to be built in NJ and LI, where there's good schools, existing rail infrastructure and more room to go bigger. I, for one, feel the city should focus it's resources on getting the city's underclass up and into the middle class and build more for the rich. That's right, I said it. More rich people means more money for schools, social programs, infrastructure etc.
Many working class people already live out in the suburbs. The people on this forum even though they aren't making much money think that they are entitled to live in the trendiest neighborhoods without paying for it. Of course, they can't happen so they get frustrated.
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Old 12-01-2014, 04:50 PM
Status: "I have "a thing" for duplex apartments" (set 2 hours ago)
 
Location: Confines of the 101 Precinct
19,248 posts, read 32,742,854 times
Reputation: 7619
Quote:
Originally Posted by Bronxguyanese View Post
Lol you were boasting about making 50k a year and how you live mighty fine on that salary with a wife kids a car and Mitchell lama housing in the sticks of far rock Queens?
Find the post. You know, I used to give you the benefit of the doubt sometimes, but I'm starting to think otherwise. Find the post and I will gladly break it down for you.
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Old 12-01-2014, 05:47 PM
 
9,968 posts, read 8,463,156 times
Reputation: 5851
Quote:
Originally Posted by NyWriterdude View Post
The real estate industry has no intention of looking down the price scale.
That's because they don't have to. Because of the restrictions on the market, very little new product can be brought onto the market, and there are more than enough high end buyers for it. So that's the market they'll sell to, because it's the most profitable. And that's the way it will be until enough product hits the market to satisfy the high end demand.

There are parts of the country where housing IS built for the middle class, because the high end demand in those areas has been satisfied.
Quote:

The bottom line is you will live where you can afford to live. You have absolutely no influence in how the city's real estate is developed, and likely will not. You're going to have to deal with the current reality, not an alternate reality going on in your mind. Either you have the money for something or you don't.
I find it hilarious you're pitching this at me, who's only proposing to get out of the way of the market and let it work, when the city government is actively trying to jam affordable housing down the real estate industry's throat.

And I agree I have no direct influence on this. But there are people who do, and to my mind, they're taking what's screwed things up, and trying to make it worse.
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Old 12-01-2014, 05:49 PM
 
Location: Financial District
299 posts, read 491,874 times
Reputation: 294
Quote:
Originally Posted by The Ryu View Post
The funny thing about all of this is you barely spend time at the apt. The majority of the time spent in your apartment you are sleeping. Otherwise, you are cleaning, cooking, watching tv, having sex and 70% of the time sleeping. You probably spend 40% of your day at the apt. (unless you are retired or work from home).

Paying over 800 for an apt is crazy.
Many people with office jobs work from home one or more days a week.
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