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jae343 t1_ja9hszh wrote

Reply to comment by Calm-Heat-5883 in Midtown Owners Hedge on Costly Office-to-Home Conversions by psychothumbs

Lol how is that even remotely feasible? You think these developers are running a charity? A lot of talk as usual but how will you finance that even with a tax break?

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Calm-Heat-5883 t1_jadiecx wrote

It's feasible if people suddenly decide enough is enough. Imagine if they spend money converting offices to apartments ( that's not really going to work) but nobody buys or rents an apartment. They are left sitting on property that costs them money. NYC prices are crazy and the knock-on effect hurts house buyers and renters alike. A friend of mine sold his parent's house for around $600,000 back 2003/4. His parents paid $53,000 for it back in the 70s. The houses in my area are going $1.3 million on average. You tell me how a house that is built for less than $53,000 (because builders have to have made a profit on the sale) is now worth $1.3 million and up? The property market is being controlled and bought by companies that don't want the ordinary citizen to be able to buy even a starter home. Ask your grandparents how they were able to buy a house car have holidays etc on one salary. While today both people have to work just to rent a 2 bedroom apartment. And the second bedroom is barely large enough to put bunkbeds in.

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jae343 t1_jadlu01 wrote

Because inflation and demand, my house was worth $300k in 2000 now it's close to a million. My neighborhood isn't wealthy at all but it attracts working class families that can afford decent mortgages.

And to answer your question if I'm a real estate agent or not why does that matter...? But no I'm not. Although but I understand the absolutely stupid bureaucracy to get things done in this city, the technical feasibility in terms of construction, design, code, finances, etc more than your average person.

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Griever114 t1_jac4syd wrote

They can afford it. I have no sympathy for real estate owners or landlords

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jae343 t1_jacixf2 wrote

This ain't about sympathy, you're all about emotions not actual practicality or feasibility. Plenty of that here, just don't see real solutions mostly useless rants.

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