DarthDialUP

DarthDialUP t1_j84obzg wrote

Reply to comment by colourcodedcandy in Median New York rent passes $4,000 a month in January by geoxol

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.

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DarthDialUP t1_j819uof wrote

Reply to comment by colourcodedcandy in Median New York rent passes $4,000 a month in January by geoxol

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?

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DarthDialUP t1_j7zw4rv wrote

Reply to comment by BurninCrab in Manhattan rents hit an all-time high in January by WarrenBuffetsDriver

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.

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DarthDialUP t1_j7w89bv wrote

Reply to comment by iv2892 in Manhattan rents hit an all-time high in January by WarrenBuffetsDriver

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.

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