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Rents for all but RS tenants went up in 2015 and were increasing before. Food? Ditto. I mean even chicken is getting expensive. Medical? Don't make me talk.
NYC operating model appears to be unsustainable. At some point this ponzi scheme is going to collapse on itself like a house of cards. Seem really preposterous to think every rich person in the world wants to move here and everyone in NYC makes six figure wages.
public assistance covers many of those here in nyc in some way or another . a 69k household income still qualify's a family of 4 for a low income nyc project . nyc attracts loads of low income wage earners just because of our infrastructure .
besides public assistance and affordable housing programs galore we have a comprehensive public transportation system , lots of ethnic neighborhoods where folks can live with their own and lots of jobs requiring little skills .
nyc unemployment usually is higher then the country's just because we attract the lower income earners too .
you have to remember high cost of living does not happen in a vacuum . it happens only because the area is desirable and what makes it that way is this is where the higher paying jobs are . not everyone gets one but they are more plentiful then anywhere else
NYC operating model appears to be unsustainable. At some point this ponzi scheme is going to collapse on itself like a house of cards. Seem really preposterous to think every rich person in the world wants to move here and everyone in NYC makes six figure wages.
It would have to start with people's rents (both residents and business owners) decreasing, to decrease the price of products like food, etc. I don't see that happening. I've read that property taxes at the business/residential rental apartment building level are extremely high, which is a major driver of insane rents. For the rents to decrease, the property taxes would have to decrease. That will not happen since property taxes are one of the vehicles used to fund the public sector union members' compensation. Just don't see it happening.
If any municipality is run by a democrat, you can rest assured that changes that are good for the economy (reducing unions' power, reducing spending, lowering taxes, reducing regulations, etc.) will never occur and actions that will make the municipality even less business friendly (more regulations, litigious environment, tax increases, etc.) will always occur.
public assistance covers many of those here in nyc in some way or another . a 69k household income still qualify's a family of 4 for a low income nyc project . nyc attracts loads of low income wage earners just because of our infrastructure .
besides public assistance and affordable housing programs galore we have a comprehensive public transportation system , lots of ethnic neighborhoods where folks can live with their own and lots of jobs requiring little skills .
nyc unemployment usually is higher then the country's just because we attract the lower income earners too .
you have to remember high cost of living does not happen in a vacuum . it happens only because the area is desirable and what makes it that way is this is where the higher paying jobs are . not everyone gets one but they are more plentiful then anywhere else
NYC attracts plenty of poor immigrants. I highly doubt plenty of low income migrants or transplants from across America are dying to move to nyc to receive welfare.
NYC attracts plenty of poor immigrants. I highly doubt plenty of low income migrants or transplants from across America are dying to move to nyc to receive welfare.
You obviously missed the story about a transgender who moved here after being advised to do so by a friend. Now living in HIV/AIDs housing paid for by the City and receiving healthcare including Medicaid and a host of transgender services including gender change surgery paid for by New York.
It is an open secret that if you want *benefits* with little or no questions asked the place to go is New York, in particular NYC. Illegal immigrants, the poor from other states, you name it yes they do come to NYC in order to get welfare and other benefits. Why? Because no where else in the United States provides the breathe and extent of welfare (again with no questions asked) that NYC does. This includes the right to housing no matter if you arrived here yesterday from Paris, Texas or Paris, France.
NYC attracts plenty of poor immigrants. I highly doubt plenty of low income migrants or transplants from across America are dying to move to nyc to receive welfare.
you can doubt it but according to crains you would be wrong .
you have to remember high cost of living does not happen in a vacuum . it happens only because the area is desirable and what makes it that way is this is where the higher paying jobs are . not everyone gets one but they are more plentiful then anywhere else
High paying jobs are not driving the current boom right now. I would say the majority of the growth has been in low wage industries. Tourism has played an important role in the current local economy. There is less high paying financial roles than before the financial crisis. Middle class has experience stagnant wage growth. From a commerce standpoint small business are being pushed out of the city only for large corporation to remain, who pay low salaries. NYC isn't a friendly place for new innovation and creativity. At some point, people are going to stop thinking that it cool to live like you are in college dorms in your 30's (paying rent and having little in savings).
yes job growth has been in the lower paying jobs but nyc is still the place to be to try for those higher paying jobs . even long island has stood up fairly well for the same reason despite all the jobs the island lost in aero space . .
yes job growth has been in the lower paying jobs but nyc is still the place to be to try for those higher paying jobs . even long island has stood up fairly well for the same reason despite all the jobs the island lost in aero space . .
The current model can sustain itself as long as we have a endless supply of people willing to move and spend money in NYC at any cost. I am just skeptic at the idea that it can last forever.
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