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Population in NYC still continues to grow, and it's still one of America's best cities (more of a testament to how bad most American cities are, not how good NYC is).
Well how could something be bad, yet evidently good enough not to deter population growth
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
So you think if more housing was built the prices would drop?
No because land has become so expensive that in order for developers to make money, they MUST build luxury OR receive tax breaks from the City. The City also needs to come up with a new AMI because it is severely flawed. The current AMI includes incomes from wealthy areas of the suburbs which artificially inflates it, so ordinary middle class people really have a hard time finding truly affordable housing.
A number of new units have come online in the outer boroughs where studios go for over $2,000. That is not affordable.
New York City does have crime issues, but not as bad as say San Francisco, where mayor retailers are leaving. Whole Foods closed down its store and several others have left. The crime is out of control in addition to the extremely high housing costs and since many people esp. in tech live outside of San Francisco, they are not coming into the City and are just working from home. I think California is going to have more problems than NY, but NYC may start to see worsening fiscal issues if more migrants come without help from the government and if crime worsens. Right now a lot of young people still come here because of the economic/career opportunities and since they may go back home in a few years and it's not such a big deal. That said, NYC is suffering to some extent.
NYC's population was growing even during the crack epidemic and when we were recording in excess of 2,000 homicides a year.
To the larger question, part of it has to do with supply; there's just not enough housing to realize a decline in prices. Still, take a look at the worst NYC neighborhoods; you can still get homes there at a steal. More than a few houses in Brownsville, Brooklyn are still going for under $500k: https://www.zillow.com/brownsville-b...n-new-york-ny/ You can find similar in ENY: https://www.zillow.com/east-new-york...n-new-york-ny/ That's unheard of in actual desired parts of the city.
Still, fundamentally, while NYC is taking a step backward in terms of certain criminal elements, it remains far safer than it was decades ago, so I wouldn't expect housing prices to actually dip even outside of the above.
No because land has become so expensive that in order for developers to make money, they MUST build luxury OR receive tax breaks from the City. The City also needs to come up with a new AMI because it is severely flawed. The current AMI includes incomes from wealthy areas of the suburbs which artificially inflates it, so ordinary middle class people really have a hard time finding truly affordable housing.
A number of new units have come online in the outer boroughs where studios go for over $2,000. That is not affordable.
New York City does have crime issues, but not as bad as say San Francisco, where mayor retailers are leaving. Whole Foods closed down its store and several others have left. The crime is out of control in addition to the extremely high housing costs and since many people esp. in tech live outside of San Francisco, they are not coming into the City and are just working from home. I think California is going to have more problems than NY, but NYC may start to see worsening fiscal issues if more migrants come without help from the government and if crime worsens. Right now a lot of young people still come here because of the economic/career opportunities and since they may go back home in a few years and it's not such a big deal. That said, NYC is suffering to some extent.
Why is the land so expensive if NYC is no longer a good place to live?
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
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