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NYC Rental Market Pushed to Breaking Point by Covid shutdown
Posted on 7/11/20 at 8:11 am
Posted on 7/11/20 at 8:11 am
quote:
NYC Rental Market Pushed to Breaking Point
Bloomberg
Covid-19 is pushing New York City’s affordable housing crisis to a breaking point.
Look at 25-year-old Jessica Lee and her husband, who needed four roommates to afford their $4,000-a-month four-bedroom apartment in Brooklyn’s hip Bedford-Stuyvesant neighborhood, a relative bargain in the Big Apple. Now her husband and everyone else in the house have all lost their restaurant jobs and she’s the only one still working—at a company making hand sanitizer. The landlord is threatening legal action to collect the $20,000 in back rent. “Nobody is hiring in the food industry,” she says. “I’m on the hook, because I am the only employed person on the lease.”
Two-thirds of New Yorkers rent their homes, making it America’s biggest rental market, and it’s always had its own crazy kind of housing math. But with unemployment soaring and the typical rent about twice the national average, the numbers no longer add up. A quarter of the city’s apartment renters haven’t paid since March, according to the Community Housing Improvement Program (CHIP), a group that represents mostly landlords of rent-stabilized buildings.
Some landlords, with their own bills to pay, are running out of savings, so the city is bracing for hundreds of millions of dollars in delinquent property tax payments.
quote:
In New York and other densely packed cities, people who can work remotely—predominantly office workers—are moving to the suburbs if they can afford it. But many renters can’t. They include the poorest and most vulnerable people, particularly minorities and immigrants, documented and undocumented. Among them are also millennials with multiple roommates.
These are the people who keep places like New York running every day, sometimes at great risk to themselves. They also have the highest unemployment rates. A majority of renter households are stretched, paying at least a third of their income on rent. More than 700,000 of them lost income as a result of the pandemic, according to New York University’s Furman Center.
quote:
For landlords, the problem isn’t just nonpaying tenants. It’s harder to find replacements for the ones that are leaving, says Dondre Roberts, an agent with brokerage Nestseekers International. A landlord he represents near New York University in Manhattan now has a 17% vacancy rate because college students are waiting out the pandemic at their parents’ homes instead of returning to school and their apartments, he says.
“Typically a studio would go for $2,600, but now it’s $2,300,” Roberts says. “A lot of landlords are offering one month free rent, and they’re paying the broker fee. It’s a tenant’s market.” Of course, tenants with jobs are getting harder to find.
Rental housing market in NYC (and possibly other cities) are starting to tank. People who can afford to move to the suburbs are doing so, at least temporarily, to ride out to the economic sanctions against small businesses, Marxists riots, increased crime, and restrictions on being social.
I hope we aren't going back to that 25 year spell in the late 20th century when American cities started to hollow out and decline for a while.
This post was edited on 7/11/20 at 8:14 am
Posted on 7/11/20 at 8:13 am to dewster
The government will bail us out. They have tons of money!
Posted on 7/11/20 at 8:14 am to dewster
quote:
$4,000-a-month four-bedroom apartment
That’s really cheap for NYC
Posted on 7/11/20 at 8:16 am to dewster
quote:
I hope we aren't going back to that 25 year spell in the late 20th century when American cities started to hollow out and decline for a while.
Why?
They brought this among themselves.
Posted on 7/11/20 at 8:17 am to StringedInstruments
quote:
Why?
They brought this among themselves.
Such short sightedness.
Posted on 7/11/20 at 8:17 am to thadcastle
quote:
frick living in NYC.
It was awesome before de Blasio.
Posted on 7/11/20 at 8:18 am to dewster
quote:
Look at 25-year-old Jessica Lee and her husband, who needed four roommates to afford their $4,000-a-month four-bedroom apartment in Brooklyn’s hip Bedford-Stuyvesant neighborhood,
I bought something I can’t afford because I’m dumb and now I can’t pay for it because my parents sucked at raising me, won’t anyone help me !?!?!
quote:
I hope we aren't going back to that 25 year spell in the late 20th century when American cities started to hollow out and decline for a while.
frick em. Cities are fluid. A few bloated and corrupted shiitholes will crumble, but the suburbs will build up and create new cities and districts. There’s nothing wrong with that.
Forget saving places that destroyed themselves. They can be left to rot
This post was edited on 7/11/20 at 8:27 am
Posted on 7/11/20 at 8:18 am to dewster
Anyone who lives in NYC and doesn’t understand its expensive AF is dumb. Plenty of people commute into urban areas from cheaper suburban and rural areas. The article says it themselves. They wanted to live in a hip neighborhood. Well that costs money. If it’s too expensive for you to afford, live somewhere else. It’s not like those prices snuck up on anyone.
ETA: My uncle literally does this every day into NYC. Lived in the city in his youth and then moved out when he got married and had kids. Still humps back in every day. He's in commercial real estate. He's at the back end of his career but I still worry about those prospects with COVID.
ETA: My uncle literally does this every day into NYC. Lived in the city in his youth and then moved out when he got married and had kids. Still humps back in every day. He's in commercial real estate. He's at the back end of his career but I still worry about those prospects with COVID.
This post was edited on 7/11/20 at 9:31 am
Posted on 7/11/20 at 8:18 am to dewster
The forced shutdown of the economy is the earthquake under the ocean that will create a tsunami that will wipe out a lot and have a lasting effect on everyone
Posted on 7/11/20 at 8:19 am to dewster
Imagine being a married couple and having to have, not only roommates, but 4 of them
Posted on 7/11/20 at 8:19 am to StringedInstruments
But I thought wearing a paper towel over your face would make everything better?
Posted on 7/11/20 at 8:19 am to dewster
i've said since the beginning of this crisis that covid will expose how expensive hyper urbanity truly is
those areas with their insanely expensive bubble RE markets are going to collapse. too much leverage
those areas with their insanely expensive bubble RE markets are going to collapse. too much leverage
Posted on 7/11/20 at 8:19 am to Breesus
quote:
quote:
Look at 25-year-old Jessica Lee and her husband, who needed four roommates to afford their $4,000-a-month four-bedroom apartment in Brooklyn’s hip Bedford-Stuyvesant neighborhood,
Holy shite. I just read that closely. They’re idiots.
Posted on 7/11/20 at 8:21 am to dewster
All these pieces of shite are going to have to move away from what they voted for
And they will vote for it again
Wish you could do terrible things to those people
And they will vote for it again
Wish you could do terrible things to those people
Posted on 7/11/20 at 8:21 am to BearCrocs
quote:
But I thought wearing a paper towel over your face would make everything better?
what? no
it is just highly likely to help allow things to not get very worse very quickly
Posted on 7/11/20 at 8:22 am to dewster
quote:
I hope we aren't going back to that 25 year spell in the late 20th century when American cities started to hollow out and decline for a while
We probably are but don’t worry. Taxpayers will end up bailing out these slumlords.
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