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Policies in NYC have actually nade the CD NYC forum laughable. Many of the threads are about housing lotteries for low income people. It got so bad people requested a subforum for this topic. Socialism at work!
Americans are NIMBYs who cannot cope with downward mobility or with classes 'beneath' them.
The free market solution would be allow the private sector to build baby build but Americans prefer to dole out an inadequate supply of subsidized housing and to mandate higher minimum wages - neither of which resolves the persistent shortage of affordable housing.
It's all supply and demand. California is always going to be expensive to live due to very desirable climate. Bigger cities are always going to be expensive simply due to a lot of population and more people looking for housing.
Why people think politics has anything to do with it is beyond me.
So it's okay if foreigners buy up rental properties to fleece renters and take our money back home?
They are spending a lot of money on new condos, which heavily drives the NYC commerical construction market. There would be a lot fewer jobs if only US citizens are allowed to buy $50 million condos.
To specifically answer your question, yes I take no issue with that. Who do you think they bought that property from in the first place? The tower wasn't built in Russia and shipped over here.
Yes, it's called "rent compression". What happens is, when high-end rents become unaffordable, demand shifts to lower-rent apartments, which makes the lower-rent apartments more expensive...which shifts demand downward to the NEXT lower-rent apartments...etc etc.
Whenever any rental segment becomes unaffordable, demand shifts cascade downward all the way to the ghetto.
Report: Pricey Class A Market Creating Demand for Class B Apartments
A lot of cities have abandoned rent control, including Boston. There is no rent control anywhere in Arizona, yet rent still went up 30% from 2013 to 2016 in Phoenix
And only 1.8% of NYC apartments fall under rent control guidelines, a number that will reach zero within our lifetimes (maybe even the next 10 years.) 45.4% are rent stabilized, and the average rent on those is $1,050/month... not exactly cheap (I lived in a rent stabilized building and paid $1,200 but left the city for the suburbs a few months ago.)
Location: By the sea, by the sea, by the beautiful sea
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Quote:
Originally Posted by njquestions
FYI, that's due to liberal rent control policies.
Oh? Then WHY is it rents go up in places with NO rent control? Have anything factual supporting your allegation or did you just feel making a baseless liberals this liberals that whine?
A lot of cities have abandoned rent control, including Boston. There is no rent control anywhere in Arizona, yet rent still went up 30% from 2013 to 2016 in Phoenix
General explanation for states without rent control:
When a local rental market becomes so expensive that talk of rent control gains traction, landlords run to the state legislature for a statewide ban on rent control, thus proactively dispensing with any future potential for rent control.
e.g. in the 1980s, high rents (thanks Reagan!) led to rent control mumblings in Portland and an actual initiative ballot proposal in Detroit. In each case, landlords ran to the legislature which passed a statewide ban on rent control - in Detroit this process was so fast that the rent control initiative which had qualified for the 1988 ballot didn't even reach voters.
Yes. I've met people who have moved to the Atlanta area from California. I've been told that it takes alot of money just to rent in the sketchy areas in parts of the Bay Area. With gentrification, the ghettos are becoming expensive. With median rent at $3600 per month in San Francisco(for a 1 bedroom) and median rent at $2400 for a 1 bedroom in Oakland, many people just leave the state altogether.
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liberals this 
