TheSheikYerbouti t1_j7xdffv wrote
Genuine question — I live outside of the city but I work here… Are people really making enough money to afford this? I’m sure some people do, but it just seems so freaking high. Like why do people subject themselves to that?
wh7y t1_j7xgcjn wrote
A working couple could easily afford this on Manhattan midtown salaries. Not many people living on their own though.
TheSheikYerbouti t1_j7xgpnz wrote
So are we saying both partners are bringing in like $100-$150k? I get it, it’s just wild to me. I know plenty of people who do well for themselves but then I also know some people who don’t and that disparity is just wild to me
wh7y t1_j7xhs7w wrote
Yeah if a couple is making 150k each they could afford 4k rent fairly easily and maybe even save. There are many couples like this out there.
I think it's tough because these rents are exorbitant and we need to build housing, but there are many very well paid and wealthy people in this city.
Unlike_Agholor t1_j7yydq4 wrote
if both are making 150k they can afford way more than 4k a month on rent.
soflahokie t1_j813h1g wrote
Just an FYI, if both individuals make $150k and choose to max out their 401k's assuming a 6% match, they'll be taking home between $14-$15k a month.
That's a 20% savings rate already, then you have an additional $10k after rent to live on. Anyone without other debts or obligations making that kind of money should be saving quite a bit.
Honest_Ice_7239 t1_j84x2th wrote
True but don't use the world easily. It hurts me because I make 50k a year and still live at home.
Discount_Lex_Luthor t1_j7y5pgp wrote
The housing doesn't just need to be there. It needs to be moderated somehow. Tax the fuck of of big landlords and management co's. MURDER the airbnb market.
The wreckless trickle down profiteering is a huge problem. I've seen buildings where the rats were calling in 311 complaints and it was $3k a month in Brooklyn. At this point your better off trying to figure out how to buy something because your paying the same amount monthly.
TOMtheCONSIGLIERE t1_j7yns1n wrote
> Tax the fuck of of big landlords and management co's. MURDER the airbnb market.
You can always tell when someone doesn’t have a basic understanding of economics and the result is a post like that. A tax to make housing more affordable, genius!!! Educated people, even those that could avoid having their knuckles drag on the sidewalk, would say increase the supply, but not this poster. Amazing stuff!
Holiday-Intention-52 t1_j808e70 wrote
I think his point is to essentially "break" the big landlords that own dozens if not hundreds of properties and play games like leaving half of them empty to artificially inflate rents. Capitalism is awesome ONLY when it leads to aggressive competition. I really wish this country understood decades ago that capitalism was only so amazing because it led to competition. It's actually competition that leads to amazing outcomes, capitalism is just a mechanism to get there.
If all the apartment unit owners owned at most 2-3 units there would be insane competition and none of those owners would ever want to leave a unit vacant. The competition with thousands of other owners would lead a race to the bottom for rent prices (while easily still staying very profitable due to NYC demand) it would be a true buyer/seller equilibrium.
Right now you have a dozen big landlords conglomerates that lazily all move in the same direction and hardly compete at all with each other.
If you look at 60s rents in this city where the environment was infinitely closer to the ideal with almost all landlords being small owners with just a couple properties and then adjust for inflation........you can easily see that the rents for the city would be cut in half. All while landlords would still make a killing.
So yes, a huge part of the solution here would be to find a way to break up the current landlord situation.
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TheSheikYerbouti t1_j7xhb7g wrote
Well said. I love this city and love working here, but that bums me out sometimes.
soflahokie t1_j812t3t wrote
$4k in rent is equivalent to like a $650k house outside of the city, so it's not like there's really much of an option either way. You obviously get way more space outside, but people paying that rent for a 1br aren't having kids anytime soon.
mp90 t1_j7xsygd wrote
They're paying half (or over half) of their salary to a property management company.
TheSheikYerbouti t1_j7xt1yi wrote
I’m always torn between “people make stupid money” and “people are stupid”
IGOMHN2 t1_j7z329v wrote
Stupid people can make stupid money.
brooklynlad t1_j7xpsfc wrote
They could but sometimes it's difficult to ascertain. Their take-home pay could cover rent, but maybe they are not maxing out their 401(k)/403(b), IRA, etc.
I know a lot of my friends are not saving for retirement since the bulk of their pay goes to cover rent, utilities, and food.
TheSheikYerbouti t1_j7xpyil wrote
Yeah that’s what I suspected. It’s scary how many people are in huge credit card debt too and you’d never know it.
TarumK t1_j7zakvs wrote
These headlines are clickbait. The vast majority of Ny'ers aren't paying this. This is the median of new leases signed in Manhattan. Most people have been in their apts a while and most people don't live in Manhattan. I pay 2k per month and live alone in Brooklyn.
I'm not saying this carries no information value but what it says is mostly about newer high end buildings in Manhattan.
Gotititoutthemud t1_j7zi66d wrote
How much do you make a year?
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IGOMHN2 t1_j7z2r2p wrote
Yes. This is nothing compared to all the people buying 1M houses all cash.
camsterc t1_j7z6ono wrote
an investment banker, google software engineer, or (at least less equal comparison) big law associate will average 200k a year in their first 3 years out of college/law school.
Spirited_Touch6898 t1_j7z93rc wrote
Shit ton of people make 400k and up on one salary. Personally I know many IT and finance people, but I’m guessing other fields pay that well, thinking of doctors and lawyers.
givemeacoff33 t1_j7z6mds wrote
no, we really dont make enough for this and many folks have multiple roommates or straight up live at home with family.
numba1cyberwarrior t1_j816v3p wrote
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Dont live in Manhattan. Prices in outer boroughs are rising. In Southern Brooklyn I can go on Zillow rn and see stuff that's 1600-1800 for a 1 bed room.
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Have roommates or live with your significant other
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Make a lot of money which a lot of people in the city do
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Be lucky enough to have bought property way before
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Have a big family and buy a house, seen a lot of immigrant families do this
Bjj-lyfe t1_j8675ld wrote
I earn 250k (net is about half after taxes & 401k), and I feel like an average joe; live in a small 1br, save diligently for a home/family someday. Hope ppl are managing out there, it’s rough
DandWLLP t1_j7xgapj wrote
How long is your commute?
TheSheikYerbouti t1_j7xghpi wrote
30 mins
DandWLLP t1_j7xgr4s wrote
So what - Hoboken? LIC? All of those are expensive too. Are you coming from immediately over the bridge?
We moved to the West coast last year, but the savings of living outside of Manhattan were very quickly eaten up by a dogshit commute
While also not really saving much.
TheSheikYerbouti t1_j7xh60b wrote
I’m being vague for the internet’s sake but yeah roughly. I’m coming from up north. Tolls not bad, sometimes I take the train. I’m paying around $2k a month for a 1 bedroom. I really don’t mind my commute, and seeing this huge jump in rent for living down in the city makes me feel like it’s worth the commute.
numba1cyberwarrior t1_j8173eg wrote
There are parts of the city where you can get a 1 bedroom for 2k or cheaper also. Not everyone lives in Manhattan
elecktrobunny t1_j7y42s8 wrote
No offense but I'm in queens, 15 mins from midtown and $1640/mo for a one bedroom. Rent stabilized been here since 2011. To also have to pay for a car....yeesh.
TheSheikYerbouti t1_j7y4xwx wrote
No offense taken at all. But getting a rent stabilized place is key. Not everyone has that luxury
TarumK t1_j7zb1ux wrote
I think you're confusing stabilized and controlled. A huge fraction of the buildings in NY are stabilized b default. If you rent a stabilized building now you're gonna pay market rate, and the rent's gonna go up 3/4 percent annually. In a couple years you'll probably be below market, but not that far below market. It's really only gonna be way below market if you've been there 20 years. But it's not hard to get at all.
elecktrobunny t1_j7y8dnt wrote
Hrm, I sort of fell into it and not sure I'd call it a "luxury" just a native New Yorker who legit ear to the ground of friends apt buildings and what opens when.
[deleted] t1_j7yofmi wrote
"Sort of fell into it" is called getting lucky. Not everyone has the luxury to fall into units that everyone else in the building has to subsidize.
IGOMHN2 t1_j7z3662 wrote
I got lucky. Why doesn't everyone else get lucky too?
maximalentropy t1_j7zrwbb wrote
I call BS, even from Long Island city it’s 20 minutes door-to-door to midtown. You’re not finding 1 bedrooms at that price even deep into Flushing
elecktrobunny t1_j7zz8iv wrote
I'm in Woodside- lirr to penn station is 9 minutes.
MaizeNBlueWaffle t1_j7z9rdn wrote
Hoboken and LIC are pretty similarly priced to Manhattan but you do get more for your money
MaizeNBlueWaffle t1_j7z9kdu wrote
This is what I've always wondered. I live with my significant other in a good enough 1 bedroom that was a covid deal in Manhattan and we've been lucky enough where our rent has only gone up $250 total over the past 2 going on 3 years. Who are these people living in 1 bedroom apartments that are $4000+? There seemingly can't possibly be that many people making that much money in NYC, right?
TarumK t1_j7zb6st wrote
Well if it's a couple there's a lot of people. Even if not, there are plenty of people in tech and finance.
[deleted] t1_j7y7pds wrote
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