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The solution is to extend the transportation system, deregulate the housing market, and allow developers to build. None of this is actually going to happen, but it is an interesting theoretical discussion.
Also many seniors by the time they retire don't make enough money to move out of their rent stabilized apartments that they have been living in for decades. There are many service sector people who never made much money, so buying a house or even moving to Florida to rent is just not an option.
So that is why four older persons in our building have RS apartments and homes elsewhere.
No, it isn't anecdotal at all. Again come out of your Ivory Tower wherever the heck you live and get around NYC.
RS tenants owning property and or having another apartment elsewhere comes up often enough to make court cases. Even the NYT covered such a couple; a gay man and his husband who were both professors at Brooklyn College IIRC. They continue to keep their RS apartments (again IIRC they did not combine households upon marriage), because they cannot find/afford something large enough they can live in together. However the gist of the article was that they purchased a "summer home" in the Catskills.
Again, get out and walk around Manhattan. All around the UES, UWS, Village, Chelsea, etc... you see persons or families loading up vehicles to head for the country. Well not all of them live in market rate apartments....
There is not much landspace for new buildings. The best bet is for more efficient mass transit. People will just have to move to the places they can afford. There are still inexpensive places. They may not be as sexy of locations. But you can't demand sexy and convenience on a struggle budget.
a recession is the solution to correct prices. however, this has been averted by central bank monetary policy and the wealth divide widens.
I wouldn't want another recession. The last recession help spread gentrification even further in nyc. Also to many migrants will come here looking for jobs which they can't obtain back in their native States. This will cause rents to go up more.
There is not much landspace for new buildings. The best bet is for more efficient mass transit. People will just have to move to the places they can afford. There are still inexpensive places. They may not be as sexy of locations. But you can't demand sexy and convenience on a struggle budget.
Sure there's room. The sky's (literally) the limit! Most of new construction you see nowadays are not being on vacant lots. They're built where older smaller buildings were torn down. Of course, there are zoning regulations to deal with, but physically there's room.
Sure there's room. The sky's (literally) the limit! Most of new construction you see nowadays are not being on vacant lots. They're built where older smaller buildings were torn down. Of course, there are zoning regulations to deal with, but physically there's room.
Theyre being bought and developed into luxe condos, not much for affordable housing stock . NYCHA isblooking into selling some of their valuable projects to private developers since they're in bad shape. The transformation of Chibatown over the past 10-15 years is apparent. Tons of new developmemts and luxe condo buildings popping up. Older rs apts in buildings are being renovated to cater to the new professionals who will pay triple the rent of the previousrenter. Money talks.
Theyre being bought and developed into luxe condos, not much for affordable housing stock . NYCHA isblooking into selling some of their valuable projects to private developers since they're in bad shape. The transformation of Chibatown over the past 10-15 years is apparent. Tons of new developmemts and luxe condo buildings popping up. Older rs apts in buildings are being renovated to cater to the new professionals who will pay triple the rent of the previousrenter. Money talks.
And why are new professionals willing to pay triple the price to live in older apts? Why are they only building luxe condos?
If you dig down deep, you will find the answer to the affordability problem in the city.
Of course, boneheaded NYC puts a self imposed limit on supply (because of NIMBYism, hating density, hating height / tall towers, hate shadows, losing views, etc.) so whenever the economy is healthy (lots of jobs), prices go through the roof because there just aren't enough apts for all the people that need one so the ones willing to pay the highest price gets it.
The solution is to upzone and allow for commercial and mix use, especially in areas where there is subway and train access.
Of course, boneheaded NYC puts a self imposed limit on supply (because of NIMBYism, hating density, hating height / tall towers, hate shadows, losing views, etc.) so whenever the economy is healthy (lots of jobs), prices go through the roof because there just aren't enough apts for all the people that need one so the ones willing to pay the highest price gets it.
The solution is to upzone and allow for commercial and mix use, especially in areas where there is subway and train access.
Exactly. The more housing there is on the high end, the fewer people there will be who will try to rent apartments on the low end. Having less demand takes away leverage from landlords to be able to ask for high rents.
I would dispute that the NIMBYs are clueless though. I'd say they just don't care because they already have their houses and they have no incentive to let things change.
No, I didn't say NIMBYs are necessarily clueless (although some maybe). The regular NY'er is clueless. They see rents go up but don't know the real reason why so they blame it on greedy landlords, developers, transplants/gentrifiers/white people, etc.
Those are all just players/supporting cast. They are not the root cause for high housing costs.
There are other reasons of course, such as unions and bureacracy but the main culprit is zoning.
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