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JeromePowellAdmirer t1_je1ad7q wrote

Reply to comment by Byzantium-1204 in Tenants Fight Back As Rents Soar In Jersey City And Hoboken by mad_dog_94

You realize the share of investors in housing peaked in 2012-13?

And that Zillow famously wound down its home buying after taking significant losses on it, something big enough to make national news last summer?

And that small to midsized landlords make just as much profit per unit as large landlords?

There is only one solution and it's getting New York City to build enough housing so their residents stop moving here. If that happened, Jersey City's high building rate would lead to stable prices just as it did in Minneapolis. Problem is Minneapolis is the largest city in their region and Jersey City is not even close. As for Hoboken they don't build enough either and it's no surprise there are no neighborhoods like Greenville or Bergen Lafayette or McGinley Square still standing there.

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Blecher_onthe_Hudson t1_je1fy9q wrote

>There is only one solution and it's getting New York City to build enough housing so their residents stop moving here.

100%, only it needs to be the suburbs as well as the city. The town I grew up in on Long Island is 35 minutes from Penn station, has two rail stops, and zero multifamily development.

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smrb t1_jegsz81 wrote

or perhaps new york should adjust/waive the city tax rates so people making over 400k don't flee to JC

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JeromePowellAdmirer t1_jegxbih wrote

If that were the issue rents in NYC would be cratering as all the rich people moved out. Yet NYC rents are much higher than here.

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