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It's always hilarious when people use terms like "supply and demand" when the market has been distorted by government intervention.
Yet we also have people on this thread complain that it's due to a lack of government intervention relative to rent control. The market for housing is expensive due to foreign investment in places like NYC, many of them don't even live here just looks like a great price. Bad areas in Brooklyn where rent was cheap are being made into expensive condos, many are moving across the river in search of a better deal. Yes it's supply that cannot keep pace with demand.
Yet we also have people on this thread complain that it's due to a lack of government intervention relative to rent control. The market for housing is expensive due to foreign investment in places like NYC, many of them don't even live here just looks like a great price. Bad areas in Brooklyn where rent was cheap are being made into expensive condos, many are moving across the river in search of a better deal. Yes it's supply that cannot keep pace with demand.
As a renter, it's 100% due to rent stabilization effectively removing most existing units from the market and restrictions on building not letting supply reach demand and 0% due to foreign investors. Whether the last name of the person owning the LLC I'm writing my check to is Smith or something Chinese is irrelevant to the number on it. Vacancy rates are super low, it's not like foreign investors are leaving apartments vacant at any statistically meaningful scale.
Quote:
Originally Posted by mightleavenyc
The trust fund snowflakes will be okay though.
There are very few people with actual trust funds. Lots of people with good jobs who pay an uncomfortably high percentage of their salary on rent.
Yet we also have people on this thread complain that it's due to a lack of government intervention relative to rent control. The market for housing is expensive due to foreign investment in places like NYC, many of them don't even live here just looks like a great price. Bad areas in Brooklyn where rent was cheap are being made into expensive condos, many are moving across the river in search of a better deal. Yes it's supply that cannot keep pace with demand.
Most multi- family dwellings in NYC built before 1974 are subject to some form of rent regulation.
Nearly half of NYC's apartments operate under some form of rent stabilization. Most are not in Manhattan.
I believe investor- owned condos in multi- family buildings are exempted from NYC regulation of rent, primarily rent stabilization, not legacy freezes.
Ivanka Trump's husband owns more than 20,000 multi- family structures in NYC and NJ. Many are targeted for redevelopment as high end luxury housing that appeals to foreign investors.
Despite an abundance of people who seem to believe the US has gone to hell in a handbasket, global investors have been buying for decades in many areas, Manhattan, Miami, San Francisco, LA County, Orange Cty, San Diego Cty and Seattle. They view the US as a safe haven for their money. Many of these investments hide behind LLCs.
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