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Wrong. Its because NYC has more jobs that require higher skills and education and thus pay higher. Especially jobs related to the financial sector.
There are quite a few people making min wage in NYC.
Warren Buffet disagrees with you.
Quote:
Originally Posted by shorebaby
No necessarily. Wealthy people are responsible for real estate development, in NYC anyway. And they will build for demand. If there is a market for 300sft apts, they will build lots of them.
Building regulations dont allow them to build freely for demand, and pricing for property isnt based upon size, its psf. Its cheaper to build larger units psf which is why most areas like NY limit the size and numbers in a building. Things like elevator usage become factors. Otherwise you'd see huge 50 story towers with tens of thousands of 300 sf units in them, but you dont because the cant substain that much traffic and allow for room for elevator square footage, which cuts down on profit.
I'm not too sure where you get that. Taxes in the "hood" are the same as anywhere else in the city. I assume you know NYC property taxes ridiculously low.
property taxes are cheaper there because the value is less.. You arent seriously arguing with me that Trump home has the same tax liability of a project property, are you?
I don't get the drama here. Studio apt, 300 sq ft, nothing new at all. The trick it outfitting them in a modern, convenient way that makes them comfortable. Most old studios are nothing more than a little space someone put a toilet in, or something that was carved out of something else. My daughter and her bf and a cat lived in a place around 450 sq ft....it had a seperate bedroom area thus the extra sq ft.
I'm not saying it's amazing or something I'd want to do long term but for city dwellers, some of whom also have out-city places, it's not bad.
Building regulations dont allow them to build freely for demand, and pricing for property isnt based upon size, its psf. Its cheaper to build larger units psf which is why most areas like NY limit the size and numbers in a building. Things like elevator usage become factors. Otherwise you'd see huge 50 story towers with tens of thousands of 300 sf units in them, but you dont because the cant substain that much traffic and allow for room for elevator square footage, which cuts down on profit.
What? Square foot is size!
Pg, I like you and agree with you on almost everything, so I ask this with respect. Have you ever been to Manhattan? Most apartments are quite small. The reason most buildings are limited in size is generally for 2 reasons one is safety, if there is too great a density, emergency services become difficult to provide and community objection. When World Wide Plaza was built the community went nuts so they had to scale back the scope of the project.
property taxes are cheaper there because the value is less.. You arent seriously arguing with me that Trump home has the same tax liability of a project property, are you?
I am arguing that property taxes are so insignificant in NYC that they are not even on the radar.
Pg, I like you and agree with you on almost everything, so I ask this with respect. Have you ever been to Manhattan? Most apartments are quite small. The reason most buildings are limited in size is generally for 2 reasons one is safety, if there is too great a density, emergency services become difficult to provide and community objection. When World Wide Plaza was built the community went nuts so they had to scale back the scope of the project.
Been to Manhatten numerous times, but pricing for properties are based upon a price per square footage. And the reason most buildings are limited in size is because in NY, is because there isnt enough air rights to build higher. Most property owners have sold their air rights to other developers to add onto different attached properties.
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You arent seriously arguing with me that Trump home has the same tax liability of a project property, are you?
