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This is wrong. Excepting the huge externality of the pandemic, as units empty out and more AR built, owners have to lower rents to get tenants. When rents get low enough the units get rented. Even before the pandemic rents were coming down.
And if companies want workers, the need to pay them what they need to live here.
Quote:
Originally Posted by IForgotMyOldAccount
this is old and has nothing to do with corona
NYC and surrounding areas have an affordable housing crisis aka developers tend to build luxury condos instead of regular apartment buildings. Add to the fact landlords then charge the city "premium" well you get a mass exodus, vacant units and ppl get priced out. The people needed to keep the city running cant afford to live in the city and its been this way for years
I think its 1 in 4 or 1 in 5 ppl in NYC make over $100,000/yr.
That means 75% households in NYC don't make over $100,000.
The cheapest market rate 1 BR is in the Bronx avg rent $1600-$1700/m.
You would think Westchester, Yonkers, would be diff but um no same prices b/c again "premiums" and the farther north you go the more affluent (Bronxville, Scarsdale, Hartsdale) meaning you can expect Manhattan prices until you hit Mt Vernon/Fleetwood -skip where IB live- White Plains (which IMO ask way too much for what tenants are getting).
They don’t but we are responsible for ensuring their lives are disrupted as little as possible and that every decision we make is more beneficial to them than it is to us, which is a big part of why I gave up my dream of moving to the Adirondacks to live as a happy hermit.
The place we have decided on has family very close, isn’t far from here, much more for the kids to do, great schools, and will net us a much larger house much cheaper leaving us a lot more to spend making their lives better. Priorities as a parent.
I had a child (now an adult) and I don't understand either. Oh, well.
I was right about Gen z. Covid 19 will put a nail in the coffin for college millions and millions of college educated born suburbanites who moved to urban areas after graduating from college. Covid will scare many of snowflake generation to move back to thier suburban bubbles. Real estate now in NYC must target Gen Z for jobs and living space.
NYC and surrounding areas have an affordable housing crisis aka developers tend to build luxury condos instead of regular apartment buildings. Add to the fact landlords then charge the city "premium" well you get a mass exodus, vacant units and ppl get priced out. The people needed to keep the city running cant afford to live in the city and its been this way for years
I think its 1 in 4 or 1 in 5 ppl in NYC make over $100,000/yr.
That means 75% households in NYC don't make over $100,000.
The cheapest market rate 1 BR is in the Bronx avg rent $1600-$1700/m.
You would think Westchester, Yonkers, would be diff but um no same prices b/c again "premiums" and the farther north you go the more affluent (Bronxville, Scarsdale, Hartsdale) meaning you can expect Manhattan prices until you hit Mt Vernon/Fleetwood -skip where IB live- White Plains (which IMO ask way too much for what tenants are getting).
The whole country has an affordable housing crisis.
Cities like New York were always risky. China could just launch another
virus anytime they want to. Terrorists could plant a dirty bomb and wipe
out thousands in a single day.
Fear mongering and paranoia at its finest. What exactly do you get out of thinking about things that most likely will not happen?
This is true, and this is why I'm leaving. It's only a matter of time. I'm also leaving because its obvious that our govt is useless at protecting its citizens. I'm not going to single out any political party because the president, the governor, the mayor and even the city health commissioner all failed. The virus was ravaging china, Italy and Iran but nobody here thought to stock up on medical supplies or ppe just in case? In the biggest and richest city in America doctors and nurses were begging for mask and using trash bags? And city workers like myself didnt get anything for protection until weeks after the city shut down. Thousands of city workers got sick and hundreds died because nobody had a plan or thought to prepare.
Its obvious that all these city and state politicians that make 6 figure salaries are only good for photo ops, lip service and coming up with new ways to fleece the middle class workers out of thier money thru taxes, tolls and tickets. I once loved this city but now I hate it. Me and my pension are going south in 3 yrs. Oh btw this is coming from a liberal Democrat.
God forbid but you're most likely to be a victim of an American walking to your nearest walmart and shooting down 50 people in cold blood than any of those things happening lol. I beg to differ, there have been worse virus outbreaks than this and cities have still thrived and the technology in urban centers is much more advanced at fighting a disease than a suburb or rural town which has much more poorer access to medical facilities. Funny enough New Jersey, PA, Michigan, Louisiana all have high cases of Covid-19 and there is not a single city in those stats that is as dense as NYC. NYC's issue is the initial response to the virus from the beginning.
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