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This "exclusively for the rich" thing is straight up and down bull$hit. It only seem that way because a lot units don't turn over because of rent regulation. Because of that, the vacancy rate is very low. This mean the LLs can ask for anything rentwise for the relatively few apartments that open up, and actually get it. There aren't enough rich to occupy all the apartments in Manhattan, let alone the whole city. If rent regulation went away, and everything traded at market value, the real situation would be apparent.
Middle class people tend to be property owners, even in NYC. So how are they forced out?
People on this forum define middle class as anyone who has a job. A burger king assistant manager living with 3 or 4 roommates is middle class according to people here.
Also if you come from a real middle class family in NYC, you will INHERIT your parents property and assets. House or co-op or condo, 401k, any other savings or investments, and get the last of their pension payouts.
I suspect the so called middle class that gets forced out are working people with no benefits and no assets. They are working poor. However poor and poverty have such a stigma in this country that it kills people to admit that people they know (or themselves are poor).
Think of all the people that you went to elementary, junior high, or HS with. What percentage of them are actually buying houses in Queens or Brooklyn this day in age?
Think of all the people that you went to elementary, junior high, or HS with. What percentage of them are actually buying houses in Queens or Brooklyn this day in age?
It depends on what they did for a living. The ones I know who became teachers, cops, firemen, nurses, doctors, or other jobs around that level have bought property in Queens or Brooklyn in this day and age. It helps if you already came from a stable middle class people, and as the boomers die off a number of people in their 40s-20s will get significant inheritances in NYC and nationwide.
It depends on what they did for a living. The ones I know who became teachers, cops, firemen, nurses, doctors, or other jobs around that level have bought property in Queens or Brooklyn in this day and age. It helps if you already came from a stable middle class people, and as the boomers die off a number of people in their 40s-20s will get significant inheritances in NYC and nationwide.
And how much house can a recently qualified nurse, cop, fireman or teacher really afford in NYC? My guess is most end up having to buy in the suburbs.
Also the financial crisis wiped out a lot of these inheritances. The boomers probably took out more home equity lines of credit than any other generation.
Across the bridge, on the West side of the Concourse, in "color" filled areas such as Highbridge! Where it's "flavor" and "soul" is a wonderfully luminous depiction of the people who care so much for their community! And oh! wait! It's heavily guarded and protected by the demographic you hold so dearly close to you!
The westbronx, doesn't need anymore sanganos like NYC87.
And how much house can a recently qualified nurse, cop, fireman or teacher really afford in NYC? My guess is most end up having to buy in the suburbs.
Also the financial crisis wiped out a lot of these inheritances. The boomers probably took out more home equity lines of credit than any other generation.
The ones I know personally are fine financially. Ditto their inheritances.
Financial crises really wipe out people who have no money. An economic collapse is like a forest fire that burns down dead wood making room for new growth. Those wiped out in the subprime mortgage crisis were overleveraged people who could not afford to maintain the lifestyle they wanted to live.
Location: Formerly NYC by week; ATL by weekend...now Rio bi annually and ATL bi annually
1,522 posts, read 2,244,038 times
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Quote:
Originally Posted by punkfan39126
It's crazy to me that people renting a private home feel so entitled. The reason that rental properties are built, managed and maintained to begin with is so that someone can make a living renting the apartments out. People also have the option of 'buying' their own home. If you 'buy', you have the benefit of making money by investing in 'your' neighborhood. Just as for-profit developers did when they built 'your' rental building.
And when you move to Florida try not to displace any of my family members. Or do they not count because they're white?
Dude even if you are trying to make a valid point you sound ignorant. And nobody could displace your folks in Florida if they own. With those high property taxes they are more likely to lose their homes by being "taxed out". That's what happens when people get displaced idiot, they get priced out. Either by higher rents as renters or increased property taxes as homeowners.
Location: Formerly NYC by week; ATL by weekend...now Rio bi annually and ATL bi annually
1,522 posts, read 2,244,038 times
Reputation: 1041
Quote:
Originally Posted by NyWriterdude
The ones I know personally are fine financially. Ditto their inheritances.
Financial crises really wipe out people who have no money. An economic collapse is like a forest fire that burns down dead wood making room for new growth. Those wiped out in the subprime mortgage crisis were overleveraged people who could not afford to maintain the lifestyle they wanted to live.
But the statement that you are rebutting is still very valid and true. mad wealth was lost due to the recession. No ifs, and or buts about it. Yeah, some people were not impacted as much as others but there are people who's pensions and private investments were liquidated. That's the jist of the statement made by G-DALE
And more than Seniors lost everything they had during the crisis. I hope you do not think that that's all that were affected?? And that the crisis only affected homeowners with ARM's....that's a gross falsehood.
But the statement that you are rebutting is still very valid and true. mad wealth was lost due to the recession. No ifs, and or buts about it. Yeah, some people were not impacted as much as others but there are people who's pensions and private investments were liquidated. That's the jist of the statement made by G-DALE
And more than Seniors lost everything they had during the crisis. I hope you do not think that that's all that were affected?? And that the crisis only affected homeowners with ARM's....that's a gross falsehood.
Physical property does not disappear during economic collapses.
I said truly middle class families in NYC who already owned property here will leave that property to their kids.
I am not speaking of people who took out mortgages they couldn't serve. I am speaking off homeowners (houses, condos, co-ops) that were either paid for or whose mortgages were affordable to those who took them out.
The financial markets recovered so if someone was invested in the stock market, unless they put their money in a company that went out of business much of that wealth recovered.
The 2008 economic collapse was not the first, last, or only major collapse. There was the 2000-2001 collapse (dot com collapse and then Sept. 11th), and before that the stock market crash in 87 sent the country into recession. There was the 70s stagflation. Every 10 years or so the nation goes into an economic downtown. It's a part of the business cycle.
And yet those who have money still have their money throughout it all. Recessions wipe out the marginal people, and nobody else.
This "exclusively for the rich" thing is straight up and down bull$hit. It only seem that way because a lot units don't turn over because of rent regulation. Because of that, the vacancy rate is very low. This mean the LLs can ask for anything rentwise for the relatively few apartments that open up, and actually get it. There aren't enough rich to occupy all the apartments in Manhattan, let alone the whole city. If rent regulation went away, and everything traded at market value, the real situation would be apparent.
Welcome to capitalism and socialism stitched together. If we get rid of one then we may not have this problem. In a pure capitalistic market eventually the rich will get out-priced too but because of socialism in person some places are being abused by the social rules to keep the poor and rich afloat.
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