Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
So you are upset because the housing investment market is growing? Eliminating rent control and rent stabilized apartments will not lower rent, it will just make it even harder for people to find affordable units within the city.
It would work wonders liberal economists such as Krugman have been saying this for years. After the eliminate stabilization loosen up zoning. Rents in prime Manhattan would still be high but other parts of city would level off and you may actually get new housing aimed at the middle class.
The demand is only outstripping supply because the supply is artificially restricted by the government.
Quote:
Originally Posted by EdwardA
Look what he is referring to is that folks are holding onto apartments that they wouldn't hold onto otherwise if not for rent stabilization. So the unit is now effectively off the market. Basically a few market rate tenants are subsidizing the rent stabilized tenants.
There are 2 million stabilized units in the city.
If you removed rent stabilized units, those rents would go up to match what the market is demanding, those that could pay the higher rents would move in and those that can't would move further out of the city.
You seem to think that if rent stabilized apartments were to go away the city would magically reduce rents below $1000 a month throughout the city. The only way rents will go down in this city is if supply outmatches demand, and getting rid if rent stabilized apartments isn't going to do that.
You are slow aren't you, I am proud to be an Oregonian, I will always be an Oregonian no matter where I live. You do realize people are able to move anywhere in this country right?
I was born in Cleveland, Ohio, raised in Virginia, and spent the past decade of my life in Oregon, where I call home, and now I live in the NYC metro, and will eventually move back to Oregon. You must be one of those people who live in the same town you were born at and get confused that people can actually move anywhere they want in the country.
It would work wonders liberal economists such as Krugman have been saying this for years. After the eliminate stabilization loosen up zoning. Rents in prime Manhattan would still be high but other parts of city would level off and you may actually get new housing aimed at the middle class.
Oh please dont tell him that Krugman says he's wrong.. He'll be spitting up his coffee over his keyboard trying to do a 180 without making a fool of himself
If you removed rent stabilized units, those rents would go up to match what the market is demanding, those that could pay the higher rents would move in and those that can't would move further out of the city.
You seem to think that if rent stabilized apartments were to go away the city would magically reduce rents below $1000 a month throughout the city. The only way rents will go down in this city is if supply outmatches demand, and getting rid if rent stabilized apartments isn't going to do that.
Seriously?? No, they are not being built fast enough is not the same as not being built at all, like you are claiming.
Buildings are being built in NYC, all over the city, but it isn't enough to meet the demand for more housing. Is that something you can understand??
The cost of building in NYC has more to do with the value of the land they are building on, if you are building a new building in NYC you are gonna want the highest return on that investment. Developers don't care about providing housing for the middle class and lower class, developers care about the profit margin. If you want middle and lower class housing, you will have to look to regulations to provide that.
Land is not a depreciable asset it only has value because of what it can be built on it to earn a return. The reason why land in NYC is valuable is because of the scarcity of units. How come there were notorious slums in Manhattan?
If my aunt has been living in a rent controlled apt...since...I don't know.. 1980...and the rent is $500 a month...
She MOVES but keeps her name on the lease and I move in under the premise she STILL LIVES THERE...so I can pay $500 a month instead of market value...that is squatting!!
ok sorry, HUNDREDS of thousands.
Well for starters, that is illegal and you could be taken to court if caught doing that.
And you changing from tens of thousands to hundreds of thousands makes me believe you have no idea how many thousands you are talking about. Let me know when you get your "facts" straight.
You are slow aren't you, I am proud to be an Oregonian, I will always be an Oregonian no matter where I live. You do realize people are able to move anywhere in this country right?
I was born in Cleveland, Ohio, raised in Virginia, and spent the past decade of my life in Oregon, where I call home, and now I live in the NYC metro, and will eventually move back to Oregon. You must be one of those people who live in the same town you were born at and get confused that people can actually move anywhere they want in the country.
You said you were moving to Chicago.. You cant even make up your mind on where you live..
Quote:
Originally Posted by urbanlife78
I want to move to Chicago after NYC cause I have always loved it there.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
