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Old 04-30-2016, 10:48 PM
 
563 posts, read 559,793 times
Reputation: 506

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wth? I just checked the Housing Connect. Development in Green Point Brooklyn.
%50 income will go on rent!
lets look at:
(Studio, for $1,097/month - 1 person -(Income range- $38,949 - $48,350)

lets say person get $40k a year *0.30=$12000 (taxes+some retirement)= $28000
$28000 - $13164(yearly rent) = $14836

$14836
-$1400/year- ($116 monthly unlimited metro card )
-$3120/year Food year(260/per month)
-$660/year ($55/month for Cell/Mobile Phone)
=$9656 a year for savings (more deductions Cable TV, Wifi, Entertainment etc)



and 2 bedroom rent is going for $2,216!!! for 2 people income range- $77,383 - $89,830

NYC $1100 for Studio while you can rent 2br/buy a property somewhere else.
can't wait to get out of this overrated place.

Lmaoo and City has exam for job 'Call Center Rep' Salary $35000 after 6 months. "Bachelors degree to qualify!
Why would a person stay here if their not making like $80k+

Last edited by nycnyc11209; 04-30-2016 at 11:15 PM..
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Old 05-01-2016, 07:05 AM
 
Location: Brooklyn, NY
2,344 posts, read 1,459,286 times
Reputation: 1089
They wouldn't live by themselves.
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Old 05-01-2016, 07:19 AM
 
Location: Brooklyn,NY
10,719 posts, read 13,457,585 times
Reputation: 16558
Quote:
Originally Posted by bklynkenny View Post
They wouldn't live by themselves.
Agreed. And even the studios that one lives alone is usually a shoebox for that price and young professionals are not home much anyway. Been like this for a while and not changing for the better anytime soon. As I said in another thread many get good experience here and then move to a lower COL area to settle down and have a family.
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Old 05-01-2016, 07:28 AM
 
22,021 posts, read 14,717,488 times
Reputation: 15595
Quote:
Originally Posted by nycnyc11209 View Post
wth? I just checked the Housing Connect. Development in Green Point Brooklyn.
%50 income will go on rent!
lets look at:
(Studio, for $1,097/month - 1 person -(Income range- $38,949 - $48,350)

lets say person get $40k a year *0.30=$12000 (taxes+some retirement)= $28000
$28000 - $13164(yearly rent) = $14836

$14836
-$1400/year- ($116 monthly unlimited metro card )
-$3120/year Food year(260/per month)
-$660/year ($55/month for Cell/Mobile Phone)
=$9656 a year for savings (more deductions Cable TV, Wifi, Entertainment etc)



and 2 bedroom rent is going for $2,216!!! for 2 people income range- $77,383 - $89,830

NYC $1100 for Studio while you can rent 2br/buy a property somewhere else.
can't wait to get out of this overrated place.

Lmaoo and City has exam for job 'Call Center Rep' Salary $35000 after 6 months. "Bachelors degree to qualify!
Why would a person stay here if their not making like $80k+

That $1100 for a studio apartment is actually well below market rent for much of Manhattan, west Brooklyn, Queens, etc.... Only those in rent controlled or stabilized apartments normally have rents that low. Even then we're talking outside of lottery winners or other subsidized housing the various "lifers" who have been in their places for fifteen or more years now.
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Old 05-01-2016, 09:40 AM
 
Location: Manhattan
22,061 posts, read 29,173,841 times
Reputation: 10106
"Affordable is based on 30% of income. Has been that way for a long time.
So the person making $38,949 should spend $974 in rent. THe upper limit guy at 48,350 should spend $1209 for rent.


The $1097 rent is precisely 30% of income for someone making $43,880, almost the exact midpoint of the range ($43, 650.)


Yes, things are expensive in New York City but then who didn't know that?


Do you have any idea in how many parts of the country people would KILL for a 44K job.
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Old 05-01-2016, 10:06 AM
 
3,822 posts, read 2,334,460 times
Reputation: 1863
I agree that many of the "affordable" housing units in NYC are not very affordable at all. For someone earning $40,000 a year, an $1100/month apartment is not affordable at all. (In fact, it is so unaffordable that no landlord would rent to that person at that salary/rent going by the 40 X rule.)

I know, because I was earning slightly more than that, in the low 40's, and paying $1000/month in my regular (not an "affordable") apartment in Brooklyn and it wasn't so easy to get by. I was basically paying half my take-home salary in rent.

Does no one think it's absurd that only *some* apartments/housing in NYC are deemed "affordable"?

Would people not think it strange if only some special supermarkets sold "affordable food"?
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Old 05-01-2016, 01:26 PM
 
10,003 posts, read 9,614,958 times
Reputation: 12716
Maybe the real issue is less the cost of the apartment, but more the absurdity of the 40x idea.
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Old 05-01-2016, 01:53 PM
 
1,998 posts, read 1,419,703 times
Reputation: 1220
Quote:
Originally Posted by Cida View Post
Maybe the real issue is less the cost of the apartment, but more the absurdity of the 40x idea.
Make it easier to evict tenants and you wouldn't need the 40x guideline.
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Old 05-01-2016, 03:17 PM
 
3,822 posts, read 2,334,460 times
Reputation: 1863
Quote:
Originally Posted by Cida View Post
Maybe the real issue is less the cost of the apartment, but more the absurdity of the 40x idea.
Agreed, it is a bit extreme.

Honestly, with that rule, someone would need to earn $48,000/year to afford even the very cheapest outer borough studio/one bedroom apartment of $1200/month.

I don't quite understand, if landlords go by that rule, where all the working class and middle income families are living in NYC.
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Old 05-01-2016, 03:32 PM
 
5,068 posts, read 6,106,369 times
Reputation: 7449
Quote:
Originally Posted by Shoshanarose View Post
Agreed, it is a bit extreme.

Honestly, with that rule, someone would need to earn $48,000/year to afford even the very cheapest outer borough studio/one bedroom apartment of $1200/month.

I don't quite understand, if landlords go by that rule, where all the working class and middle income families are living in NYC.
In the outter boros away from a train station within walking distance.
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