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It seems everyone posting has the same problems, they choose professions they knew wouldn't be able to cover their rent. It's good to follow your dreams, but following your dreams shouldn't involve everyone else bailing you out for rent. People move, it happens.
There are very few "professions" and or jobs that pay well enough for a good majority of persons to not worry about housing costs. I know persons from Registered Nurses to teachers and so forth that find it though living on what would be considered excellent most anywhere else in the USA.
I'll say it again; whatever one's gross wages off the top come taxes, that reduces the net by almost 1/3. Then come various savings, healthcare and other deductions. Someone earning $80K per year in theory shouldn't have housing problems in NYC. But they don't take home that money do they? In reality they earn around $50K or so a year.
This is why there is so much noise around those "80/20" and other "affordable/low income" housing schemes. Persons have given up on ever finding a RS apartment with a below market rent in much of the City, so it is time to move onto Plan "B".
When I was in school for my profession (no I didn't go to school for creative writing), the rents and prices for homes were not high. As I've said before, it was/is a working class neighborhood that frankly was detested (and to some degree still is). Therefore this has absolutely nothing to do with professions that people have chosen. Everyone can't be an investment banker on Wall St.
It seems everyone posting has the same problems, they choose professions they knew wouldn't be able to cover their rent. It's good to follow your dreams, but following your dreams shouldn't involve everyone else bailing you out for rent. People move, it happens.
Can anyone tell about the difference that the New York Highline has made to the residents and small businesses in Chelsea and surrounding areas. For example, how the introduction of the Highline has affected people renting apartments, small business's customers, tourists, homeowners, etc..
Whatever you have to add will be greatly appreciated.
Can anyone tell about the difference that the New York Highline has made to the residents and small businesses in Chelsea and surrounding areas. For example, how the introduction of the Highline has affected people renting apartments, small business's customers, tourists, homeowners, etc..
Whatever you have to add will be greatly appreciated.
There are plenty of posts in the media about how the HighLine Park has affected Chelsea/Far West Side/ West Village. Just "Google" or otherwise use a good search engine.
Bottom line is property values from Washington Street/route of the HLP have increased more than anyone predicted. This has affected not only residential but commercial real estate prices/rents. As a result many older Meatpacking District/Far West Side businesses have been shut or displaced as they either no longer can afford rents and or the property has been sold for development.
Title says it all. I am educated and not dirt poor either. It's a little depressing.
The sad part is not having bought your property when you had the chance, that would have been the smart thing to do. People who sacrificed a little extra each month towards a mortgage are really sitting pretty right now
It's not a knock on you specifically, I have several relatives who could have bought their apartments or townhouse 50-60 years ago in the west village and upper east side. Instead they kept renting and eventually just moved
Go out to Staten Island or parts of Brooklyn. Many of those nice and even MacMansions with Lexus, BMW, (sometimes more than one) parked in the drive/out front are DSNY.
Grew up with and know of plenty of "sanitation" and trust me they aren't some poor slobs out of a 1950's movie. In fact unless things have changed DSNY is one of the last if not only high paying NYC civil servant jobs that only requires a high school diploma. Aside from the professions such as licensed plumber or carpenter there are few other jobs where someone with no college education can pull big money. If the winter is bad and OT piles up then all bets are off.
I ain't mad....I got friends in DSNY too and they bust they tails for their pay.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Home owners, co-op shareholders face some of the same pressures as renters. Many property owners are "house poor" as yes they own but have seen their property taxes skyrocket as values have gone up.
There is no small number of brownstone and townhouse owners in parts of Manhattan and Brooklyn who are selling up properties that they have owned for decades and or perhaps were the homes they grew up in (inherited from parents or other relatives) simply because they cannot afford to pay the taxes. That and with the kind of money being waved about these days provides a powerful incentive to sell up.
I don't know. Those brownstones that are going on the market in Brooklyn and Manhattan are often 4-5 story, multiple family homes (or can easily be converted, even if not by the book, into such). Given that NYC property taxes are fairly reasonable, I've always been hesitant to believe that many people are selling their huge brownstones/townhouses because they can't pay taxes, especially since many of these houses (in my experience) are often underutilized and ripe for renting to tenants who would more than cover the property tax bill. Note, while brownstones in Bed Stuy are selling for between 1.3-2.2, they are almost always assessed at a much lower value for property tax purposes.
One day I would love to buy a house. But I know it will not be in NYC. Not Manhattan, Brooklyn, Queens. Forget about Jersey, the Bronx, or LI, I ain't living there.
I live in Astoria and the "house" next to me is selling for $800k. Of course it is still sitting on the market, but on a 150k salary, I can't afford that. My mortgage/pmi/insurance/property taxes would be close to $4,500. That would live $3000 a month to save. Then I would empty my current savings for downpayment and renovations.
Sometimes I wish I was older and brought in NYC 20 to 30 years ago, lol.
Plus I have friends who can afford to buy houses, but they can only finances and they are being outbidding for people who are willing to pay cash! I don't have a million dollars to pay cash on a house!
Right now 15% gains are pretty easily had in a mutual fund... why are you so desperate to get into the housing market if you can't afford it?
There is money to be made other places than NYC Real Estate.
Last edited by bmwguydc; 08-27-2014 at 10:52 PM..
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Title says it all. I am educated and not dirt poor either. It's a little depressing.
