New York City among highest rent markets in the nation... (Boston: rental market, condos)
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Despite recent price drops in rent, New York City remains one of the highest rent markets in the country.
New York City ranked second in the nation with the highest rental market, behind San Francisco which is first.
NYC and San Francisco have always had high rents and high cost of living. No pandemic is going to change that!
My cousin lives in San Fran. When he visited, he noted the rents are cheaper. But he also noted, unlike San Fran that everything else is expensive which makes NYC more expensive as a whole.
As long as New York City provides high scale JOBS and a short commute to get to those jobs you
can bet your bottom dollar that you will pay for those accommodations. Now if the only type of employment
that New York City can pull out of its' hat is Dishwasher you can also bet prices will drop exponentially.
Landlords will then be forced to drop their asking price while at the same time Landlords will be taking
up measures with their local leaders to have property taxes dropped... I see nothing but a mess unless
high stake jobs start taking roost in the city.
I have said it plenty of times in early posts. New York is operating as one big PONZI scheme.
You have to keep feeding the top Land owners by introducing high revenue corporations like
Google, Apple....( you get the picture ) to cover costs and profit for Big building owners while supplying
jobs at the same time to the masses on the lower part of the PONZI triangle that will pay for the Lower
Level Landlords to profit and pay their property taxes to the City and State Governments which in turn
uses ( supposed to use ) this flow to the non contributing members of Society at the very bottom of the
triangle. Those at the bottom of the triangle struggle to move their way up to eventually becoming contributing
members ( we hope ) which keeps the Scheme alive.
The introduction of Covid stops the PONZI dead in its
tracks. No money flow. Everyone knows the easiest
way to kill a PONZI scheme is to stop paying into it.
This is why the city is dying. This is why the city is
begging government for a handout and this is why
government wants no part of New York. There is
nothing in it for them anymore.
It is up to out Politicos to supply millions of high paying jobs
to the masses to pull the city out of this big economic disaster
about to unfold. We are only seeing small signs of bigger problems
yet to come.
NYC and San Francisco have always had high rents and high cost of living. No pandemic is going to change that!
Yep. So those of you who are sticking around hoping for reduced rates, I hope you like NYC for other reasons because you're in for a long wait. And for those of you who have property, hold off on the panic selling unless you're selling for other reasons.
It's possible if next year if the government is too slow with bailouts and stimulus. Most big landlords are being floated by stimulus right now. There are so many commercial vacancies that would put them in bankrupsy for sure but congress sent them millions while most Americans got only $2400 for 6 months.
It's possible if next year if the government is too slow with bailouts and stimulus. Most big landlords are being floated by stimulus right now. There are so many commercial vacancies that would put them in bankrupsy for sure but congress sent them millions while most Americans got only $2400 for 6 months.
Response: Opinion
When the money stops the real problems begin............
My cousin lives in San Fran. When he visited, he noted the rents are cheaper. But he also noted, unlike San Fran that everything else is expensive which makes NYC more expensive as a whole.
I lived for a short while in SF quite a few years back. At that time the cost of living index was higher in SF than in Manhattan.
I lived for a short while in SF quite a few years back. At that time the cost of living index was higher in SF than in Manhattan.
I am based in one allegedly somewhat less expensive city (Boston), and have pied a terres in a good part of SF and the cheapest part of NYC. Purchase cost of equivalent properties is actually the lowest in NYC (and now I am comparing with Manhattan, not the Bronx), and appreciates least in NYC, possibly because most properties in Manhattan are co-ops, ie, condos are rare - but maintaining a co-op in Manhattan is more expensive than maintaining a condo in SF, and substantially more expensive than maintaining a condo in the best part of Boston. I don't pay rent, but from what I catch while browsing around, rents in central Boston, Manhattan, and SF Peninsula are all comparable. Maintaining a condo in the best part of Boston costs 1/3 of maintaining it in a good part of SF, and 1/2 of maintaining it in the cheapest part of NYC. Cost of public transportation is least expensive in Boston, and substantially more expensive in both SF and NYC (and most expensive in NYC). Groceries in all three cities cost about the same. Eating out in all three cities costs about the same for equivalent restaurants. Entertainment costs the same, with wider range of entertainment normally found in NYC. SF has an excellent public library, Boston has the largest library system and in combination with Cambridge public library system matches or occasionally exceeds the quality of SF, while in NYC every time I tried to borrow a book so far, it turned out it was stolen, all copies of it, at all branches :-).
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