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I think most new comers to NY will love the early years but once the dust settles they may have mixed feeling or change of heart. More and more people coming over means higher rent and don't be surprise that your landlord is jacking up your rent and everything around you cost more while your paycheck hardly move.
The big kick in the rear is when the next recession comes probably 2017 right after an election is about right that's when the rug under many will be pulled and a real rude awakening.
During the last 2 recessions I've experienced in NYC, most folks that only been living in NYC for less than 5 years will get hit the hardest by job pressures, lack of employment, while cost of rent still high. At the height of the recession those 2-3 years after Guliani is when NYC started seeing lots of vacancies and people leaving NYC is droves.
Those that are least prepared are people coming here with no real skills, paying expensive rents, and living the NYC dream.
The thing is rent isn't going to rise forever. The very high end of the market is already softening and that will have ripple effects throughout the city. Rents will come down once vacancies being to pile up.
I think most new comers to NY will love the early years but once the dust settles they may have mixed feeling or change of heart. More and more people coming over means higher rent and don't be surprise that your landlord is jacking up your rent and everything around you cost more while your paycheck hardly move.
The big kick in the rear is when the next recession comes probably 2017 right after an election is about right that's when the rug under many will be pulled and a real rude awakening.
During the last 2 recessions I've experienced in NYC, most folks that only been living in NYC for less than 5 years will get hit the hardest by job pressures, lack of employment, while cost of rent still high. At the height of the recession those 2-3 years after Guliani is when NYC started seeing lots of vacancies and people leaving NYC is droves.
Those that are least prepared are people coming here with no real skills, paying expensive rents, and living the NYC dream.
A big percentage of the population you spoke of is going to leave NYC even in good times. The period of time that they are here is extremely short. In the Lower East Side area you meet a lot of kids and the next time you bother to look at their social media accounts they've already gone back home to wherever for the bolded reasons.
The thing is rent isn't going to rise forever. The very high end of the market is already softening and that will have ripple effects throughout the city. Rents will come down once vacancies being to pile up.
A lot of new buildings will be open for occupancy in the next year or so. We'll have to see what effect that has. Of course the number of people streaming into the city could be such that those new projects fill rather rapidly.
Fascinated to see how the rent prices change over the next few years. For now, think it's worth investing in the outer areas of North Jersey to take advantage of the location and easy transportation to the city.
The thing is rent isn't going to rise forever. The very high end of the market is already softening and that will have ripple effects throughout the city. Rents will come down once vacancies being to pile up.
I've been a renter and landlord since the 70s and rents have never come down. They go one way only and that's up. With a steady supply of people who want to live in NYC I don't see that changing anytime soon.
Fascinated to see how the rent prices change over the next few years. For now, think it's worth investing in the outer areas of North Jersey to take advantage of the location and easy transportation to the city.
Strong job market and 45 million visitors a year no time soon. I can see The Bronx starting to get very expensive.
Fascinated to see how the rent prices change over the next few years. For now, think it's worth investing in the outer areas of North Jersey to take advantage of the location and easy transportation to the city.
Property tax and flood zones were a big negative from wanting to invest in NJ.
The thing is rent isn't going to rise forever. The very high end of the market is already softening and that will have ripple effects throughout the city. Rents will come down once vacancies being to pile up.
It will accelerate once Wall Street tanks, this run up of cheap money has lasted almost a decade now. People don't realize in NYC, you may have a job now but it's only temporary when the market implode they will hand out the pink slips fast.
I bet majority of those living here has more than a few months of rent money saved.
Quote:
Originally Posted by NyWriterdude
A big percentage of the population you spoke of is going to leave NYC even in good times. The period of time that they are here is extremely short. In the Lower East Side area you meet a lot of kids and the next time you bother to look at their social media accounts they've already gone back home to wherever for the bolded reasons.
There are plenty waiting to move here taking place of those that leave during good times. When Wall street has a good cycle, they will keep hiring. Once the recession comes back again, only those that are living here with cheaper expenses will survive vs those free spenders living beyond their means.
Murders have slightly increased from the previous year and overall crime figures are trending down. It is really disgusting that the mayor's detractors are wishing that crime increases drastically so as to say "I told you so." Ray Kelly is now shamefully accusing the NYPD of manipulating the numbers to make the mayor and the City look good.
Things can always be better but I remember back in the 90's as a teenager visiting NY every year during my summer holidays and it was really scary. It was similar to the current situation in my native island Jamaica but now as an adult I have no FEAR walking most of the city streets during nights. People who are fear-mongerers need a reality check; there are serious QOL issues that need to be addressed but let's not blame this current administration for all the problems that have snowballed over the years. di Blasio needs to forcefully address them though because he's in power.
Murders have slightly increased from the previous year and overall crime figures are trending down. It is really disgusting that the mayor's detractors are wishing that crime increases drastically so as to say "I told you so." Ray Kelly is now shamefully accusing the NYPD of manipulating the numbers to make the mayor and the City look good.
Things can always be better but I remember back in the 90's as a teenager visiting NY every year during my summer holidays and it was really scary. It was similar to the current situation in my native island Jamaica but now as an adult I have no FEAR walking most of the city streets during nights. People who are fear-mongerers need a reality check; there are serious QOL issues that need to be addressed but let's not blame this current administration for all the problems that have snowballed over the years. di Blasio needs to forcefully address them though because he's in power.
I never thought NY was scary in the 90s, at least not most of Queens and Manhattan.
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