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Thank you for trying to explain real estate math to me, someone that has bought and sold more than 200 properties and currently has more than 20 rentals. I found it and your effort to be patronizing entertaining. The market rent tenants paying more than the 'affordable rent' tenants does not equate to subsidizing them. The real world situation is as I have stated, the market rent tenants are not subsidizing the 'affordable' rent tenants. It would be impossible to attract tenants to pay above market rate, by definition the rents they would be paying would be market rent. The market rate units are in no way rent controlled, the developer rents them for what the market will bear. The reason the developer agrees to the 80/20 arrangement is because the city in some way incentives the developer to do so. I don't know the details of all the incentives, but suspect they involve some combination of grants, density variations, property tax reductions and interest fee loans. The developer makes a calculated business decision that the value of the incentives will exceed the 'cost' of the 'affordable rent' units. One could say that the 'cost' of the 'affordable rent' units is indirectly passed on to the tax payer, or one could say that the developer eats the 'cost' of the 'affordable rent' units, but one can not say that the cost of the affordable rent units are paid by the other tenants in the building.
Good points. The city ises a combination of grants and tax reductions, as well as interest free loans to lure corporations here as well. It's why NYC has an expanding creative sector (tech sector, film/television and entertainment). So yes, the city gives incentives that are attractive to developers, so that's why the follow the city's terms. The city has used this to develop abandoned industrial lands (Williamsburg, West Side of Manhattan, LIC, etc). Variations of these incentives attract corporate construction for office buildings (see the new ones coming up on the West Side of Manhattan or LIC).
If they don't like it, they could always move back home. But of course they wouldn't because the "slavery conditions" in Qatar sure beats the way they were living back in India..
They can't go back home because countries like Dubai and Qatar keep those people's passports and if they refuse to work will be arrested and beaten.
Many never get paid or have their wages withheld from them. The women have it much worse. Many of them get raped, beaten and tortured everyday. Bodies turn up in dumpsters and on streets with no identification, so their families never know what happened to them and no one ever gets prosecuted. They just replenish all of these workers with new fresh meat.
They can't go back home because countries like Dubai and Qatar keep those people's passports and if they refuse to work will be arrested and beaten.
Many never get paid or have their wages withheld from them. The women have it much worse. Many of them get raped, beaten and tortured everyday. Bodies turn up in dumpsters and on streets with no identification, so their families never know what happened to them and no one ever gets prosecuted. They just replenish all of these workers with new fresh meat.
Yeah, Louis XVI is a troll. I guess he's royalty and everyone else are peasants. We are not qualified to inhabit the hollowed ground or breathe the rarefied air of Louis
I've been to very wealthy towns in Westchester where low income/hood people don't exist, yet somehow there is no shortage of low wage jobs such as McDonalds, Walmart, CVS, etc., and somehow they have no problem filling those jobs. But how can that be? According to Caribny, the rich need to rub elbows and live with their peasants. Therefore we must keep them around really close to us.
That's because they live in nearby towns like Yonkers, which is already filled up. They also don't have the huge demands for low paid workers that NYC has.
You aren't rich, so why are you running to their defense? Indeed the very fact that the "peasants" are filling up your neighborhood is because they have been pushed out of others. And when these folks fill up buildings, and take over neighborhoods the tenants you seek aren't likely to move there.
You see a problem that north Bronx neighborhoods like Norwood have is that they are as long a commute as Westchester is, but don't offer anything like the quality of life, or quality of local schools. So all you will get will be those who can no longer live in Harlem or Inwood!
[quote=NyWriterdude;35555660]And nobody pays $1300 out of their pocket for a one bedroom in ER! Those rents are paid for by government programs!
Many people who live in nicer parts of Brooklyn, Queens, or [quote]
Do you know people who live in ENY who are working people who don't qualify for social housing/subsidies? Its in the Bronx where Section 8 is more than the market rent. Not ENY, which is dense to begin with, and now is accommodating people fleeing from BedStuy, Crown Heights, and Prospect Heights, and this on top of flight from neighborhoods like Ft Greene, and Clinton Hill, which were gentrified a while back.
I know that you are a kid, and so thinks that the world revolves around living with family, or a room mate, but some people (married or not) have kids, so must find their own accommodation. NYC is now back to the days when a 4 person family will squeeze into a 1BR.
Yeah, Louis XVI is a troll. I guess he's royalty and everyone else are peasants. We are not qualified to inhabit the hollowed ground or breathe the rarefied air of Louis
Why do y'all bother?
Don't you see it's the same person using several different logins with maybe the help of a few others to keep pushing this class war they really see as a race war. This person even goes as far as to use one of their other monikers to support what they say either to keep a dying thread going or try to give authenticity.
This person is really bitter and blames Whites for his own misfortune, hence the never-ending race baiting topics.
With respect to the affordable units, they are occupied by "lottery winners," many of whom may have wealthy parents, or are just somewhat lazy people who are not working to their potential, and have no business being subsidized by anyone else?
Do a socio economic profile and you will see that immigrants are as likely to be home owners as are native born NYers. We are LESS likely to depend on public subsidies, and are also quite likely to be adding to the housing stock through renovation, rehabs, or new construction.
Your Archie Bunker style xenophobia has been noted, and laughable given that its likely coming from a person whose ancestors passed through the vermin infested tenements of the LES 100 years ago!
I just don't understand the housing controls that prevent a free market from working. Are people given $800/month homes in Beverly Hills, Malibu, or Palm beach? Why manhattan?
Is there any where in NYC where a HOME is available for $800/month? Not even a studio is available at those prices.
Do you earn $800k per year? If you don't, as I suspect that you don't, you shouldn't be so smug.
I am fully aware of how the market works given that I am in the financial services sector and my client base consists mainly of small professional service companies.
This is precisely where my warning comes from. As low paid workers are forced out and become in short supply the wages demanded by the few who remain will soar. Now we see that none other than Danny Meyer of the famous Union Square Cafe is now being priced out. Those who can think that rents can increase into the future risk the future of NYC. We aren't talking about some struggling diner here.
We aren't so unique that people at some point will not simply relocate their operations elsewhere. NYC isn't that [precious. As is many back office operations are being relocated to other places in the USA. No healthy city survives on the basis of investment bankers, and their baby sitters living 20 to a room, with every one else fleeing to VA or NC. The biggest benefit of a middle class is that it provides a root up for the poor, as well as acting as role models.
But if you think that NYC should become Haiti, only the very rich, and the very poor, and no one else, then you are welcome.
As for the section 8 and thugs comments, the area I referenced as affordable (New Dorp, Staten Island) is hardly full of thugs and gang bangers. 10306 Zip Code Income and Careers. Income and earnings are above the NY average.
So the average husband and wife pulling in the median (77K) can easily pony up the $1300 for a 2BR. A single person making half the median ($38,500) can still afford to spend the going rate of $900 for a 1BR, and not be spending over 1/3 of pre-tax income on rent.
And when thousands of people pour into that neighborhood, fleeing soaring rents elsewhere, how long do these rents remain? I am reading that rents in Crown Heights are now $2,600 for a ONE BR. And this isn't the most fashionable neighborhood in Brooklyn either.
I think this affordable housing should have 5-year maximums. You luck out with a below-market rent. Five years is enough. After that, time to vacate and give somebody else the lottery win. A lifetime of luxury is outrageous.
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