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Buying isn't the issue. The issue is the *rents*. Am not sure where people are getting the money from either but even in one of the buildings I live in, have one bedrooms going for $2100 - 2200 a month and this is not in Manhattan and not near subways either. Other residence *in Manhattan* is priced similarly and that is the problem. The *floor* is so high now even in the worse neighborhoods. Sooner or later something has to give. Was watching a show today that talked about how fast rents have gone up in NYC in proportion to salaries. Overall salaries have *not* increased much if at all, so it's not like tons of people are moving here making fantastic salaries.
Oh I know. In the most horrible, crime ridden neighborhoods with extremely high levels of unemployment you probably can't find a studio for under $1300! This is ridiculous and horrible on many fronts. What if you're a poor person whose trying to work their way out of that neighborhood? With rents getting that high in that dump of a neighborhood, good luck in trying to save to move out to a better place or buy something when you're struggling to pay rent to live in a total dump.
Oh I know. In the most horrible, crime ridden neighborhoods with extremely high levels of unemployment you probably can't find a studio for under $1300! This is ridiculous and horrible on many fronts. What if you're a poor person whose trying to work their way out of that neighborhood? With rents getting that high in that dump of a neighborhood, good luck in trying to save to move out to a better place or buy something when you're struggling to pay rent to live in a total dump.
To me this is the most troubling and why the market is out of control. The difference between really horrid areas and good ones is marginal now and it's pretty crazy.
And define what is *cheaper*? Not many *cheap* areas left. Even the prices in the ghetto have risen significantly. Saw some really horrid looking apartments in various neighborhoods that I wouldn't dare live in and they were going above $1200!
Welfare rental vouchers end up helping landlords but hurting working people. There is no way there is a market to pay $1300 for a studio in these "horrid" apartments in the poorest neighborhoods (far from the city center). I believe Section 8 and other programs are holding the rent that high, but suppose you're an honest working person? You're penalized. The other thing landlords can do in these neighborhoods is put 15 illegals in an apartment.
I love my hood but no 2 bedroom out here is worth $1700 I'm sorry. These rents are making people's blood pressure go up smh
People need to take to the streets and stop this foolishness. 1700 a month for a two bedroom and it takes the A train forever to get you to Midtown, and that's when it's working (weekend or nights it can be down for repairs). People spend all this money and get no service (MTA takes a portion of real estate taxes).
Rents need to go way down. And to be frank, the Rockaways need a more direct connection to Midtown. Cuomo wants to a build a one seat train ride to JFK using the abandoned Rockaway Beach LIRR to run trains from Penn Station via the LIRR (reopening the abandoned parts of it) down the shared tracks with the A train to Howard Beach, where it would switch to the Airtrain tracks (and some runs could go all the way to the Rockaways). They are doing the study on this now, let's see if they can fund it.
To me this is the most troubling and why the market is out of control. The difference between really horrid areas and good ones is marginal now and it's pretty crazy.
It is. And when the difference gets this marginal it hurts everyone all across the city.
De Blasio claims to love diversity, but in the era of high rents small businesses, gay bars, etc are all going under in favor of Starbucks. It's bad on a lot of people.
People need to take to the streets and stop this foolishness. 1700 a month for a two bedroom and it takes the A train forever to get you to Midtown, and that's when it's working (weekend or nights it can be down for repairs). People spend all this money and get no service (MTA takes a portion of real estate taxes).
Rents need to go way down. And to be frank, the Rockaways need a more direct connection to Midtown. Cuomo wants to a build a one seat train ride to JFK using the abandoned Rockaway Beach LIRR to run trains from Penn Station via the LIRR (reopening the abandoned parts of it) down the shared tracks with the A train to Howard Beach, where it would switch to the Airtrain tracks (and some runs could go all the way to the Rockaways). They are doing the study on this now, let's see if they can fund it.
If rents go down a lot in NYC city crime rate will soar
No, but generally speaking PoC (particularly Blacks and Latinos) tend to be poorer and have less of a safety net compared to others, so they're more susceptible to being pushed out. They also tend to be renters and not owners.
69% of all people who live in NYC rent. (And the vacancy rate is 5%.) 48% of the population makes under $75K and 74% of the population makes under $100K. I don't see people who are making median income putting a whole lot of duckets paying while paying market rate rent. So there safety net is as precarious as poorer people. Market rate people also depending on the situation tend to be in unregulated apartments so they don't have the law on their side when it comes to quick and steep rent increases, notice and a lot of other things that protect people who have regulated apartments.
My plan is to try to buy something in the next 4-5 years because the rents are increasing so fast that it's becoming almost impossible to keep up.
This is why I bought. My rent kept going up, and I don't make $100K. (I do make more than the average though.) And, I'm not single where I can have a boyfriend split the rent. I have a kid and so subsidized via romance is not an option.
69% of all people who live in NYC rent. (And the vacancy rate is 5%.) 48% of the population makes under $75K and 74% of the population makes under $100K. I don't see people who are making median income putting a whole lot of duckets paying while paying market rate rent. So there safety net is as precarious as poorer people. Market rate people also depending on the situation tend to be in unregulated apartments so they don't have the law on their side when it comes to quick and steep rent increases, notice and a lot of other things that protect people who have regulated apartments.
Am going to be honest. My current building was almost emptied out. When the new owner took over, he called up everyone and told them what the new rents would be and so far very few people have remained, so as they move out he gut renovates each studio and jacks up the rent. One of my neighbors is seriously behind in her rent and may face eviction. She is not old, but am sure she is in her 40s at least and has been my neighbor for several years, and works basically 7 days a week. Am thinking her rent is around $1400 for a studio only because her apartment was not gut renovated like the others (though not terribly old by any means - kitchen and bathroom just aren't brand new), but she is only one of two people who will not be living in a gut renovated apartment in the building. Two apartments on my floor are being gutted and will likely rent for $1600. On the floor below two people moved out and that will be converted to a one bedroom two bathroom for $2200 or so a month once complete. Mind you the landlord tried getting $2195 for smaller units before settling on $1800 with a free month's rent bringing the net down to $1650 for the top floor units, but am thinking he will jack up the rents to $1850 - 1900 when the new leases for those studios come up.
Welfare rental vouchers end up helping landlords but hurting working people. There is no way there is a market to pay $1300 for a studio in these "horrid" apartments in the poorest neighborhoods (far from the city center). I believe Section 8 and other programs are holding the rent that high, but suppose you're an honest working person? You're penalized. The other thing landlords can do in these neighborhoods is put 15 illegals in an apartment.
Should have put a clamp on illegal immigration twenty years ago. No thirty.
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