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It's not all so simple. The city was a **** hole during the 70's -early 90's. The city was great post 09/11 - March 2020.
Of course the city always bounces back. The question is about the duration of the boom and bust cycles. If you're 30 and the city is ina. Bust for the better part of 20 years, do you care that it turns the corner when your best years are behind you? Timing is everything.
Landlords were making a killing! So it cracks me up when they whine about tenants not paying. Landlords have feasted for a decade or more in most neighborhoods, setting the approval process to be very challenging while charging astronomical rents that were not worth the price, honestly.
Bushwick apartments before the pandemic, were going for $3200 2 bedrooms, and $2400 1 bedrooms LOL...just unbelievable and crazy unaffordable--and landlords tryna get Upper West Side prices for drug-infested-crime ridden Bushwick haha, although I do love the progress I've seen in Bushwick over the years.
And yep, NYC will be back very strong in a few short years.
Folks love to predict the demise in general, of New York. They always have.
More than half of all rentals are rent stabilized ..therefore most landlords are not making a killing on the rent.. general statements like landlords are making a killing on rent is just false.
Unless a landlord was pre gentrification in these hot areas they likely paid a high price too.
It is very difficult to turn a profit early on in nyc because properties cost so much.
It can take years to see a profit without depreciation figured in , which ultimately is paid back if you sell
Last edited by mathjak107; 02-27-2021 at 05:34 AM..
It's not all so simple. The city was a **** hole during the 70's -early 90's. The city was great post 09/11 - March 2020.
Of course the city always bounces back. The question is about the duration of the boom and bust cycles. If you're 30 and the city is ina. Bust for the better part of 20 years, do you care that it turns the corner when your best years are behind you? Timing is everything.
Things bounced back real good for Detroit didn’t they ?
I guess we totally ignore the giant industry that dominated the city, got lazy, and lost out to competition because of it. But yeah, white people....
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