Comments
[deleted] t1_j7wjzak wrote
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tiregroove t1_j7wpmq3 wrote
What REALLY pisses me off more is how all these media outlets are like 'RENTS ARE SKYROCKETING THIS IS INSANITY!!!!!!!!' and then none of them bother to fucking do ANY investigation whatsoever, Just assholes in badly fitting suits and glasses pontificating and basically whining about it like 'WTF is going on nYC iS cRazyToWn!!!!!'
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iv2892 t1_j7xb701 wrote
Is this happening also outside the US?
[deleted] t1_j7xd728 wrote
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iv2892 t1_j7xfe4a wrote
I just feel sad that almost everybody won’t be able to truly anything . I hardly was able to buy a 1br apartment in Hackensack, just a few minutes away from nyc. But eventually trying to own a full sized house. But it seems very hard to achieve , unless I move even farther
[deleted] t1_j7wxjl5 wrote
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CoochieSnotSlurper t1_j7xww32 wrote
Apartments.com (CoStar) also has a similar system. All these companies are crooks
AllCommiesRFascists t1_j7xqseh wrote
Least fascist redditor here
Freddy-Sez t1_j7x1fna wrote
It’s funny to me that you are blasting CNBC for this report while uncritically accepting a Curbed story that asserts people didn’t come back to the city by citing USPS change of address filings, which are virtually meaningless as a measure of short-term population shifts.
Does anyone who lived through 2020 honestly believe there was not a massive influx of people back into the city in 2021 and 2022? Did you experience what it was like to try to rent an apartment in summer 2021?
Price fixing is always an issue but the idea that surging demand isn’t a major contributing factor here is ludicrous
Effeted t1_j7xnwk9 wrote
People are just looking for rage porn to find someone to blame for their rent
Welcome to the highest demand market in the entire world lol
colourcodedcandy t1_j813qft wrote
There are people in this very thread disputing peer-reviewed research because "it's written by luxury housing developers" -- these people are beyond redemption and don't believe in what economists have to say. There's little point in debating tbh
Papa--Mochi t1_j7z4umt wrote
>Does anyone who lived through 2020 honestly believe there was not a massive influx of people back into the city in 2021 and 2022?
I know one entity that doesn't believe that; the census. It shows that population in summer 2021 was 400,000 down on April 2020.
Demand to live in NYC is depressed, likely temporarily, and right now we're losing more people than we're gaining.
I totally understand why people will do a ton of mental gymnastics to avoid accepting this fact, but it is what it is.
We like it here. That's all that matters.
Freddy-Sez t1_j7zkg44 wrote
That’s an estimate from 18 months ago. Rents peaked a full year after that
Papa--Mochi t1_j7zkyii wrote
I know, but you said summer 2021 was difficult to rent an apartment. Given population hadn't recovered, that clearly wasn't due to demand, but artificially limited supply.
lupuscapabilis t1_j84kfus wrote
Rents peaked once landlords were again able to evict people.
Rottimer t1_j7x09s1 wrote
The curbed article is an opinion using the Postal Service's Change of Address Requests - which the author even admits has problems. It's almost as if he picked out part of this report:
And then ignored everything else that went against the idea that the population is falling. I found this bit particularly fascinating:
>And I spent a long time trying to make sense of 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. (Maybe everybody had shit their pants when they found out how much their rent was going up?) But it turns out those plants treat not just human waste but stormwater too, and 2021 was rainier than usual. At least I think that’s the reason — the Water Board quit returning my emails after a while.
So the Waterboard is treating more waste, but he dismisses it as just more rain. Did he try to speak to an third party to make sense of the data? Or did he just not want to make sense of the data?
Calling moving companies doesn't really help much either because of course people aren't generally going to call local NYC moving companies if they're moving into NYC from elsewhere. Rather they'd do that if they're moving out and use one local to them for moving into the city.
I'm not saying that the report on CNBC is right. I'm just saying the curbed article is also ridiculous.
[deleted] t1_j7xzkaq wrote
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thisismynewacct t1_j7z0m03 wrote
They do that for taxes. They still live here
Rottimer t1_j7z4tzh wrote
And that’s a whole other issue. People living here for 180 days per year to avoid contributing to the tax base and then others just cheating by reporting their address as elsewhere but spending 100% of their time in nyc.
I know 3 high income people (300,000+ salary) that have done that, where they report living in low or no income tax state because they own homes there, but spend nearly 100% of their time in nyc paying rent. It’s something they can do with their employer because they’re remote and only come into the office a couple days per month.
[deleted] t1_j7zc7ml wrote
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Papa--Mochi t1_j7z54o0 wrote
>So the Waterboard is treating more waste, but he dismisses it as just more rain. Did he try to speak to an third party to make sense of the data? Or did he just not want to make sense of the data?
There's a reliable third-party that's already confirmed his claim that NYC population was off a cliff even in the back half of 2021: The government census says NYC's population was down 400,000 in July, compared to April 2020.
I get why people don't want to accept it, but it's right there in black and white.
Rottimer t1_j7z6gok wrote
And that makes a lot of sense given how covid hit this city. A LOT of people that could, left. The question is whether the population rebounded in 2022. There are a lot of indicators that it has and that would explain the increase in rents. It could be collusion using software or some combination of factors. But I don’t think it’s reasonable to definitively say that the population has stayed depressed when there is conflicting data and we know the Census PEP has consistently under estimated.
froggythefish t1_j7wtres wrote
Landlords will keep prices as high as they can. That’s literally their “job”. They can’t make more money by providing better service as they don’t provide a service. They just set the price as high as possible. They don’t need software to do this, there will always be a demand for housing so they can set the price as high as they want and eventually someone will bite. The only solution is to get rid of landlords.
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colourcodedcandy t1_j7z5yr8 wrote
Oh also…maybe building more
[deleted] t1_j7z8fix wrote
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colourcodedcandy t1_j7zsnii wrote
That's not how things work.
https://www.theatlantic.com/ideas/archive/2021/04/theres-no-such-thing-luxury-housing/618548/
https://www.thenation.com/article/society/affordable-housing-debate/
https://www.fullstackeconomics.com/p/how-luxury-apartment-buildings-help-low-income-renters
https://www.nytimes.com/2020/02/14/upshot/luxury-apartments-poor-neighborhoods.html
DarthDialUP t1_j801ds6 wrote
Don't want to sound cynical, but those articles were written by luxury buildings. Those are years old, and it doesn't seem to have any actual proof, just theories floated.
colourcodedcandy t1_j8138i4 wrote
Yes, all academics and thinktanks publishing this research are actually luxury builders in disguise. Please feed into more conspiracy theories.
https://academic.oup.com/joeg/article-abstract/22/6/1309/6362685?login=false
DarthDialUP t1_j819uof wrote
Imagine, though, if buildings could write? Would be wild. Almost as wild as developers even accidentally helping middle class renters.
Also, to add, this is NYC. Has rent gotten any better, or easier, anywhere outside of the pandemic?
Someone mentioned 2018 as rents going down or something, but practically, who has it better now?
colourcodedcandy t1_j8261ay wrote
NYC has a housing shortage. When demand fell in proportion to supply during the pandemic, so did rents.
But from what I can see you don't believe in peer-reviewed research, so I think we can call it a day here.
DarthDialUP t1_j82dlhy wrote
Demand fell because of COVID. If there is more supply, it will immediately get filled up. Unless something like COVID happens again. You need a review for that?
colourcodedcandy t1_j84h10f wrote
>If there is more supply, it will immediately get filled up.
... yes, and those people won't be competing with you for existing supply.
DarthDialUP t1_j84obzg wrote
And what would make existing supply drop in price or stay level if existing supply is in demand? What I am saying here is that as long as there is demand, as there is right now, prices will continue to go up. New development will bring new demand, as it has in the past. Covid was an outlier. Prices will continue to rise, people want to be here. Middle class long term renters will get squeezed out. As is tradition.
coldbruise t1_j806au8 wrote
>Trickle-down housing policy is a farce. In a highly speculative housing market, increasing the supply does not automatically reduce housing costs. When cities permit more market-rate development, developers build more market-rate housing, because that is what will yield the highest return on investment. Especially when labor productivity lags in the construction sector, the profitability of housing production depends on rising rents. Rents are set not based on the quality of a home but on whatever the market will allow. This is why most “luxury” housing is so ugly and poorly built.
> “Affordability” is an abused concept in development deals and local policy-making. Developers receive public subsidies and tax abatements to build market-rate apartments, sometimes with conditions to set aside “affordable” units. Those conditions rarely create truly affordable housing, because the definitions of “affordable” have more to do with what is affordable for the developer than with what is affordable for a working family. Affordability standards are determined by “area median income,” but the area isn’t a neighborhood; often it’s a county or a metro area, and the incomes aren’t limited to tenants but also include those of property owners.
From the linked Nation article.
colourcodedcandy t1_j810yuu wrote
It doesn't matter if they build luxury units. The people that can afford those luxury units will opt for those units, easing the demand for smaller townhomes. https://escholarship.org/content/qt5d00z61m/qt5d00z61m.pdf?t=qoq2wr
Of course we need to prioritize housing for all, but any housing built is helpful.
b1argg t1_j80x3t3 wrote
Half a million new units would definitely lower rent
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[deleted] t1_j7zcezp wrote
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Darrackodrama t1_j81s297 wrote
Has to be the right building, it needs to be Austrian style government controlled housing that we contract out, needs to be fast tracked, set up a special administrative court to hear legal claims and get 200k rent controlled units on the market at cost. This is how we tackle this. The private market isn’t going to fix housing
colourcodedcandy t1_j82663e wrote
Of course, I guess I meant we need to increase supply and what you mentioned are some of the key things we can do for that.
reduuiyor t1_j7y68vo wrote
Damn
ECK-2188 t1_j7wa2rw wrote
No surprises.
You all wouldn’t believe what some buildings charge per month for a 3 bedroom in midtown.
iv2892 t1_j7xftzn wrote
I mean , unless you’re some big shot tech guy or business person, affording anything decent in midtown without government assistance is basically impossible .
blackraven36 t1_j7xn8ug wrote
If anything “decent” is what’s listen on zillow even a big shot tech guy is going to think long and hard about those prices. Unless you’re paying a grandfathered rent you’d need to be in the top of your field before mudtown prices will seem “reasonable”.
Anonymous1985388 t1_j7y16xy wrote
I work at an investment bank in Midtown Manhattan. I don’t think any of the senior people in my department are living in Manhattan at this point. Even the MD lives in like Astoria in Queens.
GoHuskies1984 t1_j7xnndf wrote
It feels like everyone living in midtown is in the fields of tech, law, finance, or a doctor.
ECK-2188 t1_j7y9wst wrote
Tech nerd, lawyers, or Doctors would not even be able to afford the apartments I’m talking about.
nygiants99 t1_j85dqvn wrote
Uh they can and they do? Also midtown isn’t even a desirable location. A family of two professionals can absolutely afford 15k a month in rent.
ECK-2188 t1_j85ejq8 wrote
Try 3x that
nygiants99 t1_j85izv1 wrote
Link me all these 45k a month 3br on StreetEasy plz. Thx.
lupuscapabilis t1_j84kswo wrote
“Tech nerd.” Tech is running all aspects of your life. Us nerds probably deserve some of our perks.
Solsticeoftherevered t1_j85herz wrote
shut up man.
ECK-2188 t1_j856png wrote
Sadly not reality
[deleted] t1_j7yxk8v wrote
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NetQuarterLatte t1_j7wvd65 wrote
That’s 1k cheaper than a typical shelter bed packed in a homeless shelter in NYC (which the city pays more than 5k per month per bed in long term contracts).
chenan t1_j7yrseh wrote
shelters include a host of social services. it’s not just a bed.
NetQuarterLatte t1_j7zrzxj wrote
Yeah, a 3min intake “medical” screening on an uninsured person in a shelter would be the most profitable 3min of any doctor in the city.
Meanwhile, NYC shelters are more deadly than Riker’s.
LamentableTerror t1_j7ycfhj wrote
We should convert those into luxury condos too.
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.
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smallint t1_j7xm1o0 wrote
4K rent is a paycheck (after taxes) for someone making $150k
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123456abc__ t1_j7y0rzn wrote
150k after benefits is about 7k a month
selfcareanon t1_j7z66dt wrote
I believe this is assuming nothing going towards 401k, which someone making 150 is likely maxing out.
Wowzlul t1_j7zirdh wrote
Or saving for a down payment, or investing, or any number of other things besides spending upwards of 1/2 your monthly income on rent in a neighborhood with many other, cheaper apartments and neighborhoods nearby.
harrytrumanprimate t1_j7y1680 wrote
A little bit more than a pay check bimonthly after taxes, insurance. Its doable but I dont see why someone would voluntarily put themselves in that situation
smallint t1_j8092r8 wrote
Agree. I personally like to pay everything, including bills, utilities and any liabilities with that one (of two) paychecks.
Even better if you’re able to max out your 401k, pay all your bills and have that second check still available.
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marishtar t1_j7z2uxf wrote
They said paycheck, not monthly pay. Effective tax rate for $150k is going to be 34.57%. One paycheck is going to be for every two weeks for most people.
$150,000 / 26 * .6543 = $3774.81
ZookeepergameEasy938 t1_j7zcl2q wrote
slight adjustment - most people get paid twice a month so there are 24 pay periods in the year, not 26
marishtar t1_j7zemc5 wrote
I had to double-check, but the plurality of workers (45.7%) get paid biweekly. 18% get paid semimonthly.
ZookeepergameEasy938 t1_j81eb9v wrote
i stand corrected, good looks chief
bittoxic00 t1_j7zdw14 wrote
Usually twice a month but those magical months when you get 3 checks
doodle77 t1_j7x2yl9 wrote
Asking rent on vacant apartments.
NewYorker0 t1_j7ykbfo wrote
$4,000 median rent in Manhattan not the entire NYC. Manhattan is expensive because of high demand. Clickbait title, outrage just sells.
EvilGeniusPanda t1_j80mkkl wrote
Also worth pointing out that that's the median rent of listed/vacant apartments, the median rent people are actually paying is way less because so much of the housing stock is rent stabilized and rarely vacant.
kasaan110 t1_j7wa8vv wrote
Unbelievable smh
topazblue t1_j7xy1c2 wrote
The housing lottery raised the monthly rents this year as well. I saw listings for upwards to 3K in my salary range. That doesn’t equal 30% of my yearly salary so I’m not sure how that’s considered affordable housing.
jonnycash11 t1_j7xdz15 wrote
Manhattan*
juanmoperson t1_j7yrgdu wrote
Got a mortgage in 2020. I pay less and have way more space. No landlord to deal with other than myself.
sha256md5 t1_j80gad3 wrote
In Manhattan?
juanmoperson t1_j8aoia7 wrote
Maspeth, Queens. Right next to trendy Bushwick, Williamsburg, and Greenpoint. They just added citibikes and a trendy wine shop. Only thing missing is coffee spots and beards now.
Tyzed t1_j7yeynt wrote
being a renter is crazy ☠️
nightlyspell t1_j7yis5s wrote
What's with Victor Von Strangle?
theultimateusername t1_j7ytvqd wrote
It's getting wild. Just gave up my apartment since I'm not usually in the city much anymore, I just grab hotels when I'm in town now.
MaizeNBlueWaffle t1_j7z998u wrote
Doesn't help when the only apartments being built are all luxury apartments. Supply and demand don't really apply in NYC because the demand from wealthy transplants to live in NYC will always be there. There's barely any nice 1 bedrooms in Manhattan for under $3500
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HadTo87 t1_j7ze8et wrote
As an Arizonan, this cost is astronomical to me.
ineededanameagain t1_j8072n5 wrote
as a nyer its astronomical to most of us here lol
HadTo87 t1_j80bos3 wrote
Crazy
overitncallinuout t1_j833gl2 wrote
No matter how long I look at the title, it doesn't get any easier to fathom. Smh.
overitncallinuout t1_j833xcv wrote
It's annoying to know how much space isnt even being used. Like the places are sitting empty for most of the year for years...the only thing that "occupies" is the money invested by the people who just want somewhere to park their cash. Lol I accidentally laughed, but u have to or u will just get more upset.
ponyo_impact t1_j7xrigf wrote
but the avg can be really really wild. Some Lux places might be throwing this off
FlamingoOutrageous15 t1_j7y6gxj wrote
This is median, not as affected by high end apartments compared to mean
downbadkayden t1_j7xusqj wrote
And yall really say there isnt a housing bubble. Lol okay
user_joined_just_now t1_j7ydr6e wrote
Can someone who pays this sort of rent (and higher) and has been doing so for years explain why they don't just buy a house in the outer boroughs? A friend of mine recently bought a house in the Bronx and their mortgage comes out to about $4K a month.
svalbard32 t1_j7ywaeg wrote
I pay a good bit less than $4k but live in a nice high rise (not in Manhattan). I enjoy living in a more central location and don’t want to deal with the things you have to with a house. I enjoy the views and amenities and having a doorman feels more secure (even if it’s just an illusion). It’s also nice almost never having packages stolen.
beer_nyc t1_j7zyja6 wrote
because nobody paying 4k/month for a 1BR in manhattan wants to live in the bronx
Ali26026 t1_j7z181c wrote
Here on a temporary basis and I pay 3500 a month to live 15 mins walk from work, wouldn’t have it any other way
IGOMHN2 t1_j7z3cxi wrote
Because some people value time more than equity.
sha256md5 t1_j80gfyg wrote
It's because people don't want to live in the Bronx. You're so far outside of the city that it might as well be the suburbs.
user_joined_just_now t1_j80vhms wrote
There are places in the Bronx that are 30 minutes from Midtown. That seems like a fairly reasonable commute to me.
tiregroove t1_j7wcza5 wrote
CNBC is absolute bullshit with that report.
Actual data is showing PEOPLE ARE NOT RETURNING FROM THE PANDEMIC.
You know what's keeping rents high?
COLLUSION.
Landlords have been using proprietary software to set prices in real time.
It's called RealPage and they're already being investigated by the DOJ.
https://www.propublica.org/article/yieldstar-realpage-rent-doj-investigation-antitrust
Also landlords' warehousing' units.
Here's a deep-dive that refutes the influx of 'people returning from the pandemic.'
https://www.curbed.com/2023/01/nyc-real-estate-covid-more-apartments-higher-rent.html