Comments

You must log in or register to comment.

Calbinan t1_j7uk0n7 wrote

They don’t do that every month?

99

yasth t1_j7v1f4c wrote

I mean they really don't, this is generally the slack period in the market. Often they sort of drift downwards in winter, and increase in summer.

47

ironichaos t1_j7vnws3 wrote

When I was looking last summer the leasing agent told me the winter slow down is shifting due to a lot of people moving back in the city during the fall/winter of 2021.

No idea if the data backs that up but that was their antidote.

15

yasth t1_j7vwv8t wrote

Oh sure, but no one really knows what the market will do, it is starting to look like this year will be rough for renters. The best case scenario is that some of the demand is just moved like your agent said.

4

George4Mayor86 t1_j7uyw78 wrote

Clearly we need to keep strangling supply, it’s working so well to stop gentrification /s

99

[deleted] t1_j7v5wop wrote

[deleted]

37

George4Mayor86 t1_j7v6mcw wrote

Weird how landlords in Austin and Buffalo all happen to be better, less greedy people than ones in Boston and New York.

44

[deleted] t1_j7vc3lr wrote

[deleted]

27

George4Mayor86 t1_j7vd75l wrote

See also: vacancy taxes. They’re fine, they just don’t do much and they virtually always come up as a deflection from serious policy.

10

pddkr1 t1_j7vm5gf wrote

This was one of the most pleasant and enlightened exchanges I’ve seen on this sub. Kudos to both of you.

7

lokitoth t1_j8dy4py wrote

> they just don’t do much

Is there some good reading on this? I am wondering what breaks the mechanism in this case.

1

gigawort t1_j7wad58 wrote

I'm dubious about it being the cause. Less than 2% of the units use that one company's software, and I can't imagine it would have this kind of outsized effect we've seen in the past 2 years.

I would like to see a chart of average square feet rented per person over time. I suspect that might be telling, but I don't know if that data is available.

7

[deleted] t1_j7wb4ga wrote

[deleted]

4

gigawort t1_j7wcst6 wrote

Sorry, I know, it wasn't really directed at you. Just everyone in general.

5

myassholealt t1_j7vcw6b wrote

Yes, because those two things are exactly what every claims.

I swear you people love making shit up to argue against. And I don't get why you people refuse to acknowledge the fact that rents will always keep going up because there will always be people willing to pay the asking price. it's also comical that you're comparing Buffalo and Manhattan real estate.

I can't even say you've lost the plot cause it doesn't sound like you've ever held it.

−20

George4Mayor86 t1_j7vdc2x wrote

Why doesn’t every landlord raise rent to a million dollars a month? Demand is very high in New York, but it’s still finite at a given price point.

19

myassholealt t1_j7x43dt wrote

>Why doesn’t every landlord raise rent to a million dollars a month

Going to the extreme to refute a point. Solid strategy. That 'given price point' is unaffordable for a lot of people. Unless that example above of a $2K increase is totally reasonable. And all the new buildings around him will charge 5K+ too, cause that old place is charging $5K, but we're offering completely brand new with shiny new appliances and finishes. So surely you will have to pay more here. And on and on and on.

That owner will find someone with deep pockets to rent it.

−6

Caroline0330 t1_j7vc3ut wrote

My rent is going from $3300 to $5300 for a one bedroom in a poorly constructed and managed "luxury" building in Hell's Kitchen. I had a newly renovated two bedroom in Stuytown for $4500 in 2019. Moving out to Harrison, NJ in April. 🥲

92

101ina45 t1_j7vez8g wrote

$5300 for a one bed is brutal

81

Caroline0330 t1_j7vfg25 wrote

Yep. In a building quickly (poorly) built in 2016. The pipes bang, I have mold from the tub in the entry way closet/pantry since one of the walls is shared with the bathroom. And the light fixture in my bathroom fell on me and shattered, causing me to need stitches in my hand. We also seem to have new management personnel every 3 months or so.

41

ctindel t1_j7vmdp6 wrote

I mean my friends were paying that much in the Mima building 10 years ago. They moved to a brand new building in williamsburg that had a nice roof deck for $4k for a 2 bedroom.

2

soflahokie t1_j7zyztl wrote

Not sure if you've looked recently, but most of the 1br in lower Manhattan that are big enough for 2 people if one is WFH are going for that much. Not even luxury buildings, just 600 sq ft co-ops built in the 60s

2

101ina45 t1_j8066ed wrote

We were looking at 70 pine when we were floating breaking our lease back in November and did notice that rates were in the mid 4's.

We lived in FiDi 2020-2021 and paying $3900.

3

mrheh t1_j8b0kvj wrote

600 sq ft for 2 its tiny my friend. 700 Minimum for 2 adults

1

iv2892 t1_j7vfncc wrote

That’s the landlords lost , he won’t get anybody to rent at that price

7

DarthDialUP t1_j7w89bv wrote

That landlord absolutely will get someone to rent at that price. And then when it's raised again next year, someone will pay that too. They aren't just naming prices, they are naming prices they KNOW will get rented out at.

They aren't looking for long term renters; some idiot passing through for a year with unlimited cash will pay it.

37

MaizeNBlueWaffle t1_j7zodu8 wrote

> They aren't looking for long term renters; some idiot passing through for a year with unlimited cash will pay it.

Exactly, if you ever notice where Instagram influencers, who have just moved to NYC, live, it's always in those buildings

6

iv2892 t1_j7wqq2a wrote

If everyone does it is not gonna work , unless there are that many people that make that much in Manhattan

0

myassholealt t1_j7x53dn wrote

Manhattan is a constantly revolving door of people. There will always be people looking to move here for short stints with the income to cover the living costs. And then they move on.

The people who plan to at least attempt to plant roots get pushed out to the outer boroughs, further and further out, till they just say fuck it and eventually move on to somewhere else. Either in the tristate area still, or some other region altogether.

13

HKtoSFtoNY t1_j7xl7r5 wrote

The unfortunate truth is there are that many people that make that much in Manhattan

2

[deleted] t1_j7wej5y wrote

[deleted]

21

motherthrowee t1_j7xvps2 wrote

Not sure why people are surprised to see this play out in residential properties when the same thing has happened with commercial buildings for ages (empty storefronts to hold out for a bank or a Duane Reade)

2

Environmental_Pea369 t1_j802i7w wrote

You can probably do much better than that without changing the area. I'm in Hell's Kitchen two and I pay only $2350 for a one bedroom (the apartment is obviously small and the building is old, but it's still a great deal)

5

thebruns t1_j7wehk0 wrote

> Moving out to Harrison, NJ in April. 🥲

Big oof. No nightlife, no retail, one bus line every 40 minutes and one trian line every 20.

3

NotThreeLeafCasaba t1_j7woqga wrote

You have to do what you can to save money and get by.

9

thebruns t1_j7wpgmb wrote

One does not save money by moving to Harrison lol. Newark, Elizabeth, Rahway are all cheaper without the problems Harrison has

5

Caroline0330 t1_j7weu0q wrote

My partner lives in the East Village so I'll be in the city a lot.

5

thebruns t1_j7wf0k8 wrote

You know the train is every 40 minutes after 11pm right

4

Caroline0330 t1_j7wf43z wrote

Yes, I'm well aware of that. If I'm out that late I'll just stay with my partner.

10

sketchingthebook t1_j7xopix wrote

Sorry that other user is throwing a blizzard at your rainy day. One way or another I’m sure you’ll make it work and find joy where you can. ☀️

6

Caroline0330 t1_j7xt2t7 wrote

I'm no stranger to a bit of commute. It's nice that's it's not by car.

3

thebruns t1_j7wfcu9 wrote

Bets of luck but I think youll discover why no one stays more than a year. The river walkway is nice though

4

lossandstatic t1_j7yjpgz wrote

Don’t they have a path station stop and NJ transit? Not saying it’s more affordable. Just mentioning another transportation method that may be missing from your list.

2

thebruns t1_j7zdk2p wrote

Only path and I am quoting path frequencies

0

lossandstatic t1_j7zu3wx wrote

You’re right my memory was off, I went to the NJ Penn station stop. It was close enough to where I needed to get to in Harrison.

1

thebruns t1_j8040nx wrote

If there was a pedestrian bridge there it would be fantastic, but the walk right now is really out of the way

1

mrheh t1_j8b0ck9 wrote

Same this happening to me, I'm in a 16 year old "luxury" building that was built cutting every corner it could. Rent is getting doubled May 1st, not staying

1

yakovsmom t1_j7v5p3a wrote

Don’t worry guys, I’m sure Mayor Eric Adams will do something about this soon

41

domo415 t1_j7uvnjo wrote

The vibe from articles covering rent increases always seem fine… yes the market is strong, jobs everywhere, rents going up…

Vs when rents are dropping: there’s chaos everywhere

37

mac117 t1_j7vymi2 wrote

Our management tried to give us a 35.5% increase in our rent. We were able to talk them down to “only” a 20% increase. Shits wild

34

motherthrowee t1_j7vlvoh wrote

Everyone should read this article in Curbed about the phenomenon. tl;dr: according to all existing data (census, USPS, wastewater usage, etc.), there has not been a population spike, meaning the "people have come flooding back to NYC and that's why rents rae higher" excuse doesn't hold

25

gigawort t1_j7wb28s wrote

One thing the author didn't explore was the average sq ft rented per person. I suspect that's drastically increased since 2021, but I don't know if that kind of data is available.

More sq. ft. person -> less people per unit -> higher demand -> higher prices

12

TwoOliveTrees t1_j7xg6e9 wrote

This article doesn't mention household formation once. Household formation has increased in the past two years, and most people consider it one of the main drivers of the increase in rent.

7

donttouchthirdrail t1_j7zs815 wrote

The article explicitly says that wastewater usage has gone up, then hand waves it away. Also does not mention household formation.

All I want to do is live in the city I grew up in but you fucking people are trying as hard as you can to make that impossible.

5

jadedaid t1_j7xzdlk wrote

Yup. And do you see those people in NY? Have we seen this flood of people? I haven’t.

2

crek42 t1_j7wgycc wrote

Can’t read the article as it’s paywalled but isn’t it just the most desirable neighborhoods seeing these increases? Sounds like a bunch of upper middle class, DINKs or whatever bidding up Soho or LES or something.

1

sunmaiden t1_j82k9xz wrote

So, one thing that's important when you are doing research is to use more than one source. I'm not going to say outright that the author is wrong, but here are some quotes that should make you want to find more information.

  • "While I am not technically a statistician, I do pay $7 a month for Microsoft Excel"
  • "the New York City comptroller issued a widely circulated report on pandemic migration, which cheerfully asserted that “since July 2021, USPS data has shown an estimated net gain of 6,332 permanent movers"
  • "Placer.AI published a study this past summer that found Manhattan’s population had recovered its pandemic losses, then followed it up this month with a claim that the borough is now 3.9 percent more populous than it had been in 2018"
  • "...data from the New York City Water Board, which shows that the amount of waste treated by the city’s processing plants jumped in 2021"

Also some of these points are not as strong as they seem. Remember that the claim is that people are not coming back to New York _after_ the pandemic, not during.

  • the [census] bureau announced that New York City lost 305,000 residents between July 2020 and July 2021

The article also links to a lot of stories and reports that make different claims than the author is making, with the implication that there is some kind of conspiracy to make it seem like there are more people in New York than there actually are. But if the data is really there then 1) why are the professionals coming to different conclusions than the author, and 2) why aren't there more people coming to the same conclusion as the author? There are quite a few people in New York who know how to use Excel.

0

KeepthePeaceHumanity t1_j7udp4g wrote

Must be worth it if the price is so high, why else would it be rising

22

NeegzmVaqu1 t1_j7uea0n wrote

Which is why you should start buying as much real estate as possible with those prices.

4

ctindel t1_j7vmocb wrote

I mean most of the time it makes sense to buy and hold real estate in NYC. Actually my conspiracy theory is that the "powers that be" periodically (say once every 50 years) decrease the police enforcement to allow crime to increase and the city to fall to shit so they can go buy up and consolidate more real estate at low prices, then install a tough guy like giuliani and bloomberg to clean it up so the prices rise again.

−3

socialcommentary2000 t1_j7vzghs wrote

This is ridiculous. Mainly because they've been trying to do this for almost 15 years and it doesn't work.

The numbers do not lie. There have been some specific tragedies, but this place hasn't really gotten that much more dangerous in an absolute sense.

Mainly because we're all not huffing lead as a main part of our existence anymore. Funny how that works. We're literally not being bad enough to each other.

8

ctindel t1_j7w0lvr wrote

> The numbers do not lie.

Numbers lie all the time. They lie when police don't enforce the laws (traffic or otherwise), they lie when DAs don't even bother to prosecute crimes, they lie when DAs downgrade felonies to misdemeanors.

If people's jobs and careers depend on there being less violent crime based on certain measurements, you better believe those measurements are going down one way or another. But this city is more dangerous than it was in 2019.

−3

socialcommentary2000 t1_j7w85si wrote

>If people's jobs and careers depend on there being less violent crime based on certain measurements, you better believe those measurements are going down one way or another. But this city is more dangerous than it was in 2019.

But...the thing is, and I say this as someone that's particularly close to the NYPD, the numbers are not working for them internally.

They are staffed at a level for a city that no longer exists. It's a city that had around 900 thousand violent crime incidents a year..e.g. the early 80's. That simply does not exist anymore and the hiring spree that they went on during the Dinkins administration is now over 30 years in the rearview. This means that many of the officer lines that were created and filled at the time are now nearing, at or beyond their 30 and they can ride off into the sunset with a fat pension.

Every last one of those guys and gals that retires is another round were the NYPD has to justify their staffing levels to the City and the State. That's a hard sell if the numbers aren't there to justify it.

And they are not.

They literally are not. I'm not kidding when I said above that we are literally not being bad enough to each other anymore. Because we are not.

5

ctindel t1_j7w97gs wrote

I agree its not the 1970s or 1980s. Nobody serious is saying it is. But you know when it also wasn't? The 1950s and the 1960s when the city went on the slow decline into lawlessness and crime, which is what this feels like.

0

frugalbruin t1_j7wao26 wrote

Were you there in 50s and 60s to make a valid comparison?

−1

ctindel t1_j7wgkb4 wrote

Are you trying to argue with the notion that between periods of lower crime and higher crime there was a period where crime was increasing?

4

Embarrassed_Big372 t1_j7xgter wrote

I agree. My close buddy had his electric bike stolen and the detectives flat out told him they would do everything not to report it as larceny so that their precinct didn’t have shit numbers for the year.

1

[deleted] t1_j7uxydr wrote

> Must be worth it if the price is so high, why else would it be rising

You seriously think this train of thought makes sense?

−4

WagwanDeezNutz t1_j7v14x9 wrote

I think you just got served a plate of sarcasm over rice, my friend

26

[deleted] t1_j7v1xen wrote

I am not at all embarrassed that I can no longer detect sarcasm on this sub.

9

KeepthePeaceHumanity t1_j7v17z3 wrote

It’s okay, you’ll get it one day, not today, but one day…

4

[deleted] t1_j7v279r wrote

I am not at all embarrassed that I can no longer detect sarcasm on this sub. The onus is one you to clearly differentiate yourself from the idiots.

−6

doodle77 t1_j7ujqsy wrote

Asking rent for vacant apartments.

15

lovely-donkey t1_j7wfz52 wrote

I’m in a Greystar apartment and i can confirm that they are warehousing units while still keeping rents very high because the YieldStar algorithm from RealPage tells them that people will pay a LOT more when there is an illusion of housing scarcity

15

P0stNutClarity t1_j7xppv3 wrote

I'm never leaving my rent stabilized apartment. This is bonkers.

15

jadedaid t1_j7xz8z5 wrote

I really regret leaving that rent stabilised 2br for 2500 in Astoria in 2019.

9

P0stNutClarity t1_j7zjhuh wrote

I feel for you.

This is the one time my laziness was a benefit. I didn't feel like looking at apartments during covid but was jealous of all the folks getting luxury units in great neighborhoods for the same price as my Flatbush one bed. I'd have been fucked when they raised them back to market rate post covid.

Now my one bed would probably rent for $400 more than I'm paying rn if it were market rate. And it'd likely have a brokers fee.

6

cast-away-ramadi06 t1_j7xqicb wrote

It's almost like the prices are being manipulated 🤔

12

copperblood t1_j7v1jii wrote

Makes sense. A ton of people really do want to live and work in NYC. Something something supply and demand economics.

11

NotThreeLeafCasaba t1_j7wow0m wrote

Low supply has more to do with empty buildings by rich landlords jacking up rent.

6

hdkeegan t1_j7vztjx wrote

Just build more units

11

NotThreeLeafCasaba t1_j7wojlg wrote

Wait until next Jan tho. Same article, different year.

9

chris_was_taken t1_j7wy9jg wrote

Jesus. Suddenly my 3400 asking price to renew 1BR lease UWS is not so bad.. I was hoping to move to BK and keep it under 3k, but that's barely even possible.

8

AnneArchy123 t1_j7wyo5z wrote

And my days of working in NYC but not being able to afford to live there continue...

6

Inevitable_Appeal790 t1_j7xe5pl wrote

I thank God I live in queens. My 3 bedroom family house in a safe and quiet neighborhood is only 1850 a month. Because of my good landlords

5

wheely-overhead t1_j7xx5tj wrote

Native here... the quality of life in Manhattan these days is shit compared to the last 50 years. Those of you who don't know any better, you're suckers.

5

dualitybyslipknot t1_j7xt2l8 wrote

This is SO fucked up. God I fucking hate this country.

4

magicfitzpatrick t1_j7yswqh wrote

I lived in a studio on 34th and 11th for $300 a month from 90-95.

4

KidAstoria t1_j7x35a2 wrote

But more housing means lower rents, right?!

3

CommunicationMost184 t1_j7xr4d9 wrote

Can’t imagine! When I was in dt bk in 2020, rent for 1b1b was only 2500. It was a very nice apartment

3

shit_knife t1_j7y8m5v wrote

Guess when I moved back to NYC? The rent is absolutely bananas. I am at 40% of take home pay. I am leaving in May. It’s just bullshit.

3

soflahokie t1_j7zzikc wrote

Stuytown went from above average in 2019, to way overpriced between 2020-2021, to a fucking bargain in 2023

2

DFB- t1_j7vakxc wrote

Keep that high rent in Manhattan

−1

mediocre_at_most t1_j7xnxm6 wrote

It's already spreading north to Westchester. With our current rent in peekskill, we may as well have moved to Brooklyn.

1

IJustBringItt t1_j7x9rbp wrote

No reason to reside in Manhattan to begin with unless you're rich and you depend on luxurious stuff every day. There are bunch of towns/cities in New York, which will provide comfortable housing.

−6

mediocre_at_most t1_j7xo98w wrote

My previous apartment is now going for over $2k/month, and has problems with hot water all winter long.

Not to mention, the further north you go, the lesser your job prospects & economic opportunities become.

5

IJustBringItt t1_j7xq0ia wrote

Well, people on reddit enjoy downvoting others for speaking the truth sometimes.

−1

Sea_Consequence_7699 t1_j7vaumb wrote

$4k a month, you can just buy a home for less of a monthly debt than that, a home without rats. Manhattan, keep your high rent and your rats over there.

−12

101ina45 t1_j7vevwf wrote

Yeah, a home somewhere that sucks for most people interested living in NYC.

15

colourcodedcandy t1_j7viv44 wrote

Well the city can't be highly coveted and the center of everything and be cheap at the same time -- it's expensive because so many people want to live there and there is little supply

14

101ina45 t1_j7w1vgr wrote

I don't disagree. Why we need to work on increasing supply.

I can afford it, but it shouldn't take what I make to live here.

7

ChornWork2 t1_j7w2k6u wrote

Supply is the issue. Need to streamline zoning rules and facilitate more construction.

4

[deleted] t1_j7wezjk wrote

[deleted]

−2

[deleted] t1_j7wr1bi wrote

In what world is housing cheap in Tokyo and Seoul? Both markets are more expensive per square feet to buy than nyc. Rent is sort of cheaper there because there’s extreme stigma against renting and people own for the sake of owning. Adjust the rent prices to local salary as well in both cities and it’s still miserable.

4

[deleted] t1_j7vyqb1 wrote

Let’s all move to middle of rural America!

5

[deleted] t1_j7wqpt6 wrote

You can have a mortgage on a house in Queens for that price. My mortgage is like 2k lol. And yeah Queens is part of the city I can get to Manhattan in an hour.

There are coops in queens for like 200k which is only 5 years of 4k a month rents.

3

101ina45 t1_j7y1ad8 wrote

You're right. With that said, not everyone is willing to stomach an hour commute to Manhattan.

Personally I would rather do that than move to Ohio or some BS, but don't think that's true for everyone.

2

[deleted] t1_j7zh3ar wrote

It’s increasingly more common to have a job in the outer boroughs and live in the outer boroughs. So living in eastern queens isn’t the commute death sentence that it used to be for more and more people. Agree that the 1 hour commute would suck. But hey is it worth a 2k+ premium in rent? That’s for each to their own to decide.

1

Isawthebeets t1_j7vredk wrote

Sorry beloved. Nobody here cares that you can buy a house near an Olive Garden in East Rutherfuck, Nj.

10

anarchyx34 t1_j7vufgy wrote

Other boroughs exist. You can get a condo in Queens for $500k within reasonable commuting distance of Manhattan.

3

sad_pizza t1_j7w2k1d wrote

The issue is commuting, which is expected to get worse as our population grows. Whatever savings you get from cheaper housing costs is replaced with transportation costs and the toll on your sanity.

7

TrekkerMcTrekkerface t1_j7wibjl wrote

>$4k a month, you can just buy a home for less of a monthly debt than that

Haven't looked at houses lately have you? Post up some links to homes, without rats, within 1 hour of the city.

2

[deleted] t1_j7wrfq3 wrote

Here’s a whole 2 family house in Woodhaven for sale for $4k a month mortgage which you could offset in the second unit by half. You do not need to own in Manhattan . Period.

8663 91st St, Jamaica, NY 11421

30 minutes to lower Manhattan by the J Z train. NYC is only super duper expensive in Manhattan . It’s quite doable to afford to buy in the outer boroughs.

0

TrekkerMcTrekkerface t1_j7xfta3 wrote

Broken windows on front door. Ceiling collapsing in two spots in living room. Dry rotted structure beams. Water stains all over basement ceiling. The challenge was 4k and no rats. What you linked to needs 200k in reno to be no rats.

7

[deleted] t1_j7xgc3t wrote

Fine here you go . Obviously a 2 family at that price isn’t perfect. But here’s a 1 family house for even less that isn’t in disrepair. I can easily fulfill your challenge by any 300k or below coop in queens or Brooklyn by the way.

89-34 91st Street, Woodhaven, NY 11421

Most New Yorkers live in the outer boroughs - Manhattan has 1/5 the population of the whole city . Yes the Manhattan population is over represented in this sub Reddit but that’s to be expected.

1

[deleted] t1_j7uqr1p wrote

[deleted]

−18

Pennwisedom t1_j7v3csw wrote

Except they do, generally rents drift downward in the winter.

18

BurninCrab t1_j7uyvry wrote

Rent prices go down if more housing supply is built

9

DarthDialUP t1_j7zw4rv wrote

Rents will not go down if there was more supply; more supply would just get filled up. The pandemic rents was an unique event that can't be replicated unless there is a large, sustained exodus.

New supply would be luxury anyway, it is not worth it for developers anywhere in NYC to build "affordable" housing for anyone making less than 150k or so. Housing isn't built "to house people". They are built as investment vehicles. Manhattan is for transients, the rich, or rent stabilized. It is what it is. The reality is that the current market supports high rents. And there is no reason to believe, unless theres another catastrophic event, that the market won't continue to support even higher rents, ad infinitum. As I have said earlier in the thread, landlords and management companies know what they are doing way more than any of us. If a 1 bed is priced at 5k, it's because they KNOW FOR A FACT someone will rent it at 5k.

0

myassholealt t1_j7vdltp wrote

Is there historical data to support this claim? There is a lot of new construction that has happened over several decades. Rent is higher now than it was in 2000, 2010, 2015, 2020. Or do we have to wait 50 years minimum for the 'trickle down' to start flowing.

−4

gigawort t1_j7wck16 wrote

Well, there's lots more people now, both in NY and in the USA. 630,000 people in NYC alone in the past decade. Yes, we did a lot of new construction, but not enough.

5

myassholealt t1_j7wquck wrote

...so no data. Just a claim not supported by rent pricing this century or for the last almost 4 decades. Got it.

−1

gigawort t1_j7wtf93 wrote

Maybe you should take an economics class then.

−1

myassholealt t1_j7wv1j0 wrote

Ah yes, the famous economics 101 comment. Of course. Before you lot, the economics 101 theory parroted was trickle down theory. Give tax cuts to the wealthy and it'll trickle down to the middle class.

The people of your mentality supported and advocated that theory, ignoring the reality, for decades. Results: shrinking middle class cause greed is allowed unchecked. Great job.

Now, it's build more! It'll eventually turn into lower rent prices for middle income people and lower.

I'm sure the wealthy appreciates the next generation advocating for them too.

And in 30 years, people will congratulate you on your in depth understanding of economics when rents never actually go down no matter how much was built cause sUppLY aNd DeManD is not the only reason rents keep going in one direction.

But, I get it, you gotta fight for real estate investors/property owners. Cause if you don't who will.

Meanwhile I'm wasting my time screaming into the void. Kinda reminds of 2020 when everyone here was just as confident that NYC was over and would never rebound. You guys definitely know best.

−3

leapfoot t1_j7wxsm1 wrote

Trickle-down isn't an actual economic theory. It's bad faith politics given by conservatives to justify tax cuts for themselves.

No one is fighting for real estate owners in as much as people fighting to end hunger are also fighting for Big Agra. We're fighting for lower housing costs. If some people make money off that as a side-effect, that's what living in a capitalist society entails.

So what's your solution then Mr-Knows-better-than-everyone?

6