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re: NYC Rental Market Pushed to Breaking Point by Covid shutdown
Posted on 7/11/20 at 7:47 pm to TexasTiger08
Posted on 7/11/20 at 7:47 pm to TexasTiger08
There is a flood of other NYers buying in the town we bought it. Our realtor and attorney told me that they are selling some of these homes site unseen, just going by pictures and videos. Some of these homes are over $2M. I am hearing the same story in towns further away and lower price ranges. It's insane up here right now. If NYC screws up the school year, which is almost a guarantee, then you will probably see an acceleration of family with means leaving the city.
0
Posted on 7/11/20 at 8:15 pm to dewster
quote:
four roommates
quote:
$4,000-a-month apartment
quote:How do people live like this? Seriously come to Arkansas. You can be poor and live like a king relative to what you’re used to.
restaurant jobs
Posted on 7/11/20 at 8:30 pm to AbitaFan08
quote:
Once again, a thread where a bunch of people living in Baton Rouge shite on living in one of the greatest cities on the planet. Always makes me laugh.
Or they’re observant people and understand the drivers of trends.
In my circle (all Millennials), all of this happened within the last eight weeks:
- Sibling and spouse fled Manhattan for Westchester County
- Close friend and wife fled Chicago for the suburbs
- Another close friend and wife fled Chicago for a mid-sized Southern city
- Colleague from work and family are fleeing Chicago for Arizona
- We decided to flee Chicago at the end of the month and are moving to a mid-sized Southern city
The unrest, the lockdowns, the riots, the stupid arse politics, the fiscal situation, and the dramatic increase in crime have removed much of the incentive to live here (and I assume NYC and many other major cities). Talking to realtors, we certainly aren’t the only ones with this idea, and I think the data will back me up when we start getting it. I think major cities and especially Chicago are in for a rough five or ten years. We are fricking out.
This post was edited on 7/11/20 at 8:37 pm
Posted on 7/11/20 at 8:33 pm to Pvt Hudson
quote:
They have insurance.
Posted on 7/12/20 at 6:52 am to Mr Perfect
I'm laughing at the gold ownership part it's 100% accurate.
Posted on 7/12/20 at 8:22 am to Antonio Moss
quote:
I can acknowledge, on one the hand, the greatness of NYC while, on gone other hand, recognizing how the manipulated real estate market in hyper-urban areas is a significant risk to the American economy.
yeah there are 2 big things that are being confused by people making real criticisms
1. NYC isn't a shithole and is an amazing place and a great place for some people to live. criticizing hyper urbanity doesn't mean that you have to criticize the area itself. i think a good way to frame the commentary is to change "i don't want to live there" into "i don't need to live there". assuming economics work, i could live in NYC, but i don't need to.
NYC has a lot to offer and has real industries there to keep it going, even if the bubble pops. it will just take some adjusting and deflation and, in time, it will keep going. like i said earlier, if SF/SV goes down, the entire US economy is going down. LA and chicago are also major centers that have stood the test of time, even before they grew too big for their britches. talking about dying cities and true "shite holes" is a whole different discussion.
2. my comments aren't about Austin or Nola or whatever small-major urban areas people love to defend. i'm talking about the hyper-urbane, like NYC, LA, SF, Chicago, etc. these areas have a bad combination of political forces, business forces, culture, planning, NIMBYs, and geography to make satisfactory cost growth possible. these areas have artificially high RE markets, through various factors (restrictive zoning, intentional stays in development, foreign investment, etc) creating bubbles or bubble-like economies. bubbles create a false sense of progress/success in economic terms which is why their cost becomes so prohibitive.
since economics is built so much on psychology, this isn't shocking. it's also not shocking why the hyper-urbane culture has grown around these economic manipulations b/c it takes a lot of sheep to keep the facade going. the problem is that any outside stimuli can utterly destroy the psychology, which will shatter the bubble.
Posted on 7/12/20 at 8:28 am to Cracker
quote:
Who cares
yeah who cares about the most important city in the US and an industry that almost crashed our economy 10 years ago?
Posted on 7/12/20 at 8:51 am to dewster
quote:
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.
Let me do some quick math, so 4 of the 5 members of the house are unemployed and could be collecting unemployment at up-to 1104 dollars each person weekly (504 NY max + 600 fed bonus), that is over 5,500 a week, and 22,000 a month they could have collected in unemployment, besides her crappy hand sanitizer job. That is almost 88,000 for April, May, June, and July.
In reality there is no problem, they could have caught up with the rent payments as they were getting those fat unemployment checks.
Where did this cash go towards?
Some people including me can do some really stupid things with their money.
This post was edited on 7/12/20 at 9:32 am
Posted on 7/12/20 at 9:20 am to dewster
Progressive/Marxist cities like NY make it impossible for anyone but the "rich" to live there. Their taxes are unreal, and look at what they get in return from their Marxist leaders.
Posted on 7/12/20 at 9:27 am to dewster
The wealthy are about to eat!!!
All these Proud New Yorkers are about to be proud to be from Jersey
All these Proud New Yorkers are about to be proud to be from Jersey
Posted on 7/12/20 at 9:48 am to dewster
They should donate their property to BLM.
Posted on 7/12/20 at 9:51 am to LegendInMyMind
You couldn't pay me to live in bumfrick Louisiana.
Posted on 7/12/20 at 9:53 am to Mo Jeaux
quote:
Such short sightedness.
such naivety and condescension
Sometimes you have to reset the bone properly before you put the cast on.
Right now NYC and other cities are horribly mangled. The problem is the cells in the body want to keep the arm broken or reset it exactly as it is.
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