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You all can keep rabbiting on about this all you like; fact is that for *market rate* apartments rents are not going up, that and or are decreasing/remaining stable.
Is it a crash? Beginning of a long recession in rents? WTF knows.
Are rents in those new luxury and or whatever buildings going to hit rock bottom so someone making the median NYC wage (about $51k per) can afford a studio or one bedroom? Not very likely as landlords aren't that desperate, yet...
Simply put a lot of new supply has come on line in the past few years and more is still coming. Downtown Brooklyn alone is awash in total new construction and gut renovated buildings (commercial into rental or condo).
Across the East River in Manhattan from the Financial District going well north to 14th Street and perhaps 23rd, there is more new construction, and yes, more is still coming. This does not even touch Mid-town including the Far West Side. The Hudson Rail Yards project alone is going to add plenty of new construction.
You all can keep rabbiting on about this all you like; fact is that for *market rate* apartments rents are not going up, that and or are decreasing/remaining stable.
Is it a crash? Beginning of a long recession in rents? WTF knows.
Are rents in those new luxury and or whatever buildings going to hit rock bottom so someone making the median NYC wage (about $51k per) can afford a studio or one bedroom? Not very likely as landlords aren't that desperate, yet...
Simply put a lot of new supply has come on line in the past few years and more is still coming. Downtown Brooklyn alone is awash in total new construction and gut renovated buildings (commercial into rental or condo).
Across the East River in Manhattan from the Financial District going well north to 14th Street and perhaps 23rd, there is more new construction, and yes, more is still coming. This does not even touch Mid-town including the Far West Side. The Hudson Rail Yards project alone is going to add plenty of new construction.
You are correct that the market is now flush with new buildings coming online shortly. This helps supply and helps bring down rents. I have also heard that the massive tower up near the park was originally going to be one apartment per floor. But they are having trouble getting them sold and have decided to split many of the floors into two or more apartments to meet demand at a lower market rate. The ones that remain a full floor have had their asking price cut substantially. I guess there are only so many billionaire Russian daughters in the world.
I don't know the reason but more lotteries would sure help out...
No, it wouldn't and that is the problem
Without persons willing to pay market rent, the "poor" or whatever lottery apartments don't work.
Places like the VIVA on West 57th Street have thousands of applicants for the "affordable/low income" housing units. However they are having to work hard to get market rate tenants. I've seen adverts all over for that place and IIRC they are also offering some sort of concessions to market rate tenants.
Again those who can afford to pay non-regulated rent now have options, and can pick/choose. That is why you are seeing landlords of such properties offering discounts or concessions.
You all can keep rabbiting on about this all you like; fact is that for *market rate* apartments rents are not going up, that and or are decreasing/remaining stable.
Is it a crash? Beginning of a long recession in rents? WTF knows.
Are rents in those new luxury and or whatever buildings going to hit rock bottom so someone making the median NYC wage (about $51k per) can afford a studio or one bedroom? Not very likely as landlords aren't that desperate, yet...
Simply put a lot of new supply has come on line in the past few years and more is still coming. Downtown Brooklyn alone is awash in total new construction and gut renovated buildings (commercial into rental or condo).
Across the East River in Manhattan from the Financial District going well north to 14th Street and perhaps 23rd, there is more new construction, and yes, more is still coming. This does not even touch Mid-town including the Far West Side. The Hudson Rail Yards project alone is going to add plenty of new construction.
That article basically says a huge factor is in all these new units coming online. There are other factors at work, and they just aren't understood. Perhaps for now NYC is losing popularity. As the article says it takes awhile for trends to show up in the statistics.
All the major newspapers and articles are reporting the drop in rents in NYC and SF.
Because real estate is such a big part of the economy in these cities, we may have a crash coming. Looks like de Blasio will rue the day he spent so much city money. LOL
Are you sure about that? Not that I don't believe you--because if that is true, that is good news--but the only large and well known project which chose to go non-union that I've heard about is 111 W 57.
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