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re: NYC Rental Market Pushed to Breaking Point by Covid shutdown
Posted on 7/11/20 at 9:01 am to hiltacular
Posted on 7/11/20 at 9:01 am to hiltacular
quote:
6 people covering a 4k rent is more than sustainable
I would rather live in a trailer in the LP
0
Posted on 7/11/20 at 9:01 am to dewster
quote:
“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.
I hope it stays that way. I renewed my lease in NYC in March and it’s killing me seeing some of the deals out there right now. Hopefully they’re still around in March 2021
Posted on 7/11/20 at 9:01 am to Mr Perfect
quote:
correct @slowflopro is making arguments that do not exist. cities are still very desirable but it's also become trendy to not pay rent esp in ny
The argument definitely exists, you just may not agree with it
I see his point. The demand curve for real estate in a city is partially propped up b my the proximity to employment. It’s a huge chunk of it. As that portion of the demand goes down, the sustainability of the current real estate market becomes more and more untenable.
Posted on 7/11/20 at 9:03 am to LoneStarRanger
I feel like one law that would never be allowed but should exist is you have to live in an area for like two to three years before you get to vote in local elections. The idea that transplants can come in and change the way of life families have enjoyed for decades without any chance of assimilation is a bit weird to me.
Posted on 7/11/20 at 9:04 am to Mo Jeaux
quote:
mean his “they voted for this” refrain, which is common on this site. The prog march is happening everywhere. Georgia almost elected the Venus of Willendorf as governor not too long ago. To act as if the contagion is limited to urban areas is being short sighted.
It’s not about the virus. It’s about the incredibly thin margin people are willing to exist on to be in a hyper urban environment and the exposure it leaves to the country.
It’s why the cries of “affordable housing” are nonsense. Affordable housing isn’t an issue. Affordable housing in area with mass demand by people without significant economic skill is the issue.
Posted on 7/11/20 at 9:05 am to TheChosenOne
quote:
I hope it stays that way. I renewed my lease in NYC in March and it’s killing me seeing some of the deals out there right now. Hopefully they’re still around in March 2021
I follow NYC real estate closely and just signed a lease in Philadelphia last week. What I am seeing is that the majority of the highrise tower-type apartments are offering very good concessions (reduced rent, first month free/last month free etc).
I am not seeing much change in brownstones/rowhomes. Availability is a little higher than LY numbers but not significantly across this category.
Posted on 7/11/20 at 9:06 am to Mr Perfect
quote:
@slowflopro is making arguments that do not exist. cities are still very desirable
The cost way outgrown the benefits (desirability). The issue is cost.
Posted on 7/11/20 at 9:06 am to Ross
quote:
The demand curve for real estate in a city is partially propped up b my the proximity to employment. It’s a huge chunk of it. As that portion of the demand goes down
um lmao no dude. these ppl were servers and bartenders. the demand was "the city" not the "employment"
bottom line is that they're just scumbags stacking the fed unemployment bc the law said you could not be evicted for months.
this is a cares act issue. you're reading way too much into it
Posted on 7/11/20 at 9:07 am to SlowFlowPro
quote:
The issue is cost.
complete lie. 6 ppl can easily afford ,$4k
Posted on 7/11/20 at 9:07 am to SlowFlowPro
NYC without bars/restaurants/things to do is one of the last places on the planet I would want to be
If these things don't open it will be a reckoning
If these things don't open it will be a reckoning
Posted on 7/11/20 at 9:08 am to dewster
They're all in the restaurant business, sounds like waiters. Maybe don't try to live in the hip and trendy area if you can't afford it. Live somewhere cheaper.
Posted on 7/11/20 at 9:10 am to dewster
Hate to see it...not really. frick these liberal hell holes
Posted on 7/11/20 at 9:11 am to Mr Perfect
quote:
these ppl were servers and bartenders. the demand was "the city" not the "employment"
For sure that’s some of it. But not enough of it to prevent a collapse I don’t think.
If demand goes down even partially, basic microeconomics would dictate the equilibrium cost of rent needs to go down. If this number goes down enough, the current market structure will either need to change or face collapse. I think we disagree on how much the demand curve is propped up by people seeking closer proximity to their jobs, but if I’m right the real estate market in big cities is a bubble.
This post was edited on 7/11/20 at 9:14 am
Posted on 7/11/20 at 9:12 am to Antonio Moss
quote:
It’s not about the virus. It’s about the incredibly thin margin people are willing to exist on to be in a hyper urban environment and the exposure it leaves to the country.
Yes I didn't say that specifically but 100x yes
Posted on 7/11/20 at 9:13 am to Ross
CARES act did this. these ppl took advantage and stacked bc they knew they couldn't be evicted for 3-4 months
Posted on 7/11/20 at 9:14 am to Mr Perfect
quote:
6 ppl can easily afford
Think about what you just typed
Posted on 7/11/20 at 9:16 am to SlowFlowPro
what is there to think about?
ppl my age don't mind that style of living. unfortunately there's a big group of ppl my age that like to free load and take advantage.
they can afford it dude. quit making arguments up that do not exist
ppl my age don't mind that style of living. unfortunately there's a big group of ppl my age that like to free load and take advantage.
they can afford it dude. quit making arguments up that do not exist
Posted on 7/11/20 at 9:20 am to Mr Perfect
quote:
ppl my age don't mind that style of living. unfortunately there's a big group of ppl my age that like to free load and take advantage.
idk man I’m 27 and that roommate shite was a lifestyle I left behind in college and good riddance, and personally I don’t know that many people who care that much about living in the city to put up with that. Especially in the times of COVID where the benefits of living in a city seem to be shrinking because of lockdown measures.
Posted on 7/11/20 at 9:25 am to OldmanBeasley
quote:
$4,000-a-month four-bedroom apartment
And it’s split 5 ways.
I think my wife was paying $2500 for a 1br back in the early 2000s near Union Square.
Posted on 7/11/20 at 9:29 am to Mr Perfect
quote:
CARES act did this. these ppl took advantage and stacked bc they knew they couldn't be evicted for 3-4 months
Definitely didn’t help, but I think where SFP and you disagree is on macroscopic trends. You think the demand curve won’t shift enough to matter just because people can find employment without living close to the city, and I (and presumably SFP) disagree with you and think the cost of city life doesn’t reflect it’s true market value anymore
This post was edited on 7/11/20 at 9:46 am
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