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I can't say I am surprised in that regard. It is amazing on the coasts that there aren't more homeless with the rents what they are.
This guy at work was telling me that he was making $27 an hour in California but after taxes he was bringing home about $650/wk after health insurance and California taxes.
He said that out of $2600 he brought home that a 1 bedroom was about $1600/mo for an apartment.
I also talked to a guy when I lived in Las Vegas earlier this year who said when he moved to Los Angeles about a decade ago he was paying $600/mo and his rent by the time he left was $1500/mo
Even here in Phoenix with the massive influx of people rents have skyrocketed very rapidly. In the poorest suburb of the east valley in Mesa there are older apartments going for $900 a month with nothing included so that means water, sewer, cable, internet, electric all is added onto that and people from California see it as a huge bargain.
It is amazing the cost of apartment in many cities for just a class C, old, outdated apartment.
What used to be a starter apartment in many major cities is now what solidly-middle class single are renting in cities like Los Angeles and New York City.
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
27,606 posts, read 14,619,501 times
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Quote:
Originally Posted by njquestions
FYI, that's due to liberal rent control policies.
A lot of cities have abandoned rent control, including Boston. There is no rent control anywhere in Arizona, yet rent still went up 30% from 2013 to 2016 in Phoenix
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
27,606 posts, read 14,619,501 times
Reputation: 9169
Quote:
Originally Posted by FJR1
income inequality and housing cost relative to income is always worst in deep blue areas.
Almost like rich liberals don't really care about the less fortunate.
That can't be true of course. Could it?
It's not a conspiracy, at least not the one you think. It comes down to Supply-Demand and NIMBYs. Increasing supply would put downward pressure on prices, but existing owners (NIMBYs) don't want downward pressure on prices, or what's called a perverse incentive, because they see their residence as a piggy bank/investment rather than as shelter
A lot of cities have abandoned rent control, including Boston. There is no rent control anywhere in Arizona, yet rent still went up 30% from 2013 to 2016 in Phoenix
The article focuses on NYC, therefore what happens in Arizona is irrelevant to it.
It's not a conspiracy, at least not the one you think. It comes down to Supply-Demand and NIMBYs. Increasing supply would put downward pressure on prices, but existing owners (NIMBYs) don't want downward pressure on prices, or what's called a perverse incentive, because they see their residence as a piggy bank/investment rather than as shelter
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