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It is when you don't know their circumstances. NYC is still majority renters by a mile, so those who buy, many of them are not rolling around in money.
You don't know their circumstances either. And I said if they bought awhile ago, they'd have equity because of buying in a neighborhood where prices rose dramatically.
Its ok if you don't agree with my suggestion but at least read what I wrote before jumping all over it
You don't know their circumstances either. And I said if they bought awhile ago, they'd have equity because of buying in a neighborhood where prices rose dramatically.
Its ok if you don't agree with my suggestion but at least read what I wrote before jumping all over it
I can read just fine. There are a lot of people that are out of touch on this forum. NYC is still NYC, with the majority of residents struggling to make ends meet, whether they rent or own. That's just a fact, so this idea that people can do this or so that... The people that had options and the money and needed to move in most cases already did.
What would happen if NYC had a “White Only Neighborhood”? White Only Colleges. White Only Anything.
Why is it if black homeowners over extend themselves and take on real estate business endeavors that they cannot afford to weather the storm, all the sudden everyone is picking on them because “black”.
I can read just fine. There are a lot of people that are out of touch on this forum. NYC is still NYC, with the majority of residents struggling to make ends meet, whether they rent or own. That's just a fact, so this idea that people can do this or so that... The people that had options and the money and needed to move in most cases already did.
Maybe they decided to drive around $50K cars every 3 years? Maybe they took nice vacations every year against a HELOC.
Poor, poor people. Lucked out into million+ in equity and pissed it away. We should.feel very sorry for them.
Maybe they decided to drive around $50K cars every 3 years? Maybe they took nice vacations every year against a HELOC.
Poor, poor people. Lucked out into million+ in equity and pissed it away. We should.feel very sorry for them.
Gentrification in Harlem was on a block-by-block basis and most New Yorkers rent, including people in Harlem. It was really West Harlem that benefitted, while East Harlem... Not as much. Sure, some people turned a nice profit and pissed it away, but to make that assumption for all of them seems a bit rash. Just because people own doesn't mean they're swimming in money. That's a very common assumption. We had a receptionist that used to work for us. I don't know what her salary was, but she didn't live in a great area of the Bronx, but she managed to put some money together to buy something. There are many New Yorkers like this. Generally speaking, owning is cheaper than renting, but the main obstacle people face is the down payment.
A neighboring homeowner of a three family might be at risk for this.
Her parents bought the house years ago. After they died, she and her siblings could have sold the property and pocketed the proceeds. Instead, she might have bought them out. She was the only one remaining in NYC, although she wasn't living in the family home.
She took out mortgages. She renovated the place and rented it out. But she isn't leasing the units at market rate--an elderly long term tenant, and now, some relatives she's moving in.
She's retired now and it's a struggle to pay the mortgage (and the taxes as well, I'm sure). At one point, she tried selling. It was on the market for a long time, with no buyers. She asked too much of an asking price? It's off the market now.
I can read just fine. There are a lot of people that are out of touch on this forum. NYC is still NYC, with the majority of residents struggling to make ends meet, whether they rent or own. That's just a fact, so this idea that people can do this or so that... The people that had options and the money and needed to move in most cases already did.
"Majority" struggling? Who's the one out of touch?
Meh. Just do what many NY blacks have been doing and move to Atlanta. Or Hotlanta as they call it. The place seems to be good for jobs, lower cost of living, cheaper housing, and culture. It also has less crime than NYC.
"Majority" struggling? Who's the one out of touch?
We could make a broader comment and discuss the entire US because yes that is correct. 56% of Americans can't cover a $1000 emergency. You think NYC is going to be much better with the high cost of living?
A neighboring homeowner of a three family might be at risk for this.
Her parents bought the house years ago. After they died, she and her siblings could have sold the property and pocketed the proceeds. Instead, she might have bought them out. She was the only one remaining in NYC, although she wasn't living in the family home.
She took out mortgages. She renovated the place and rented it out. But she isn't leasing the units at market rate--an elderly long term tenant, and now, some relatives she's moving in.
She's retired now and it's a struggle to pay the mortgage (and the taxes as well, I'm sure). At one point, she tried selling. It was on the market for a long time, with no buyers. She asked too much of an asking price? It's off the market now.
If this is a true story, this person made one mistake after another. This wasn't just one mistake, bad luck, and losing out. This is years (decades?) If poor choices?
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