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re: The median rent in Manhattan is $5,000 a month
Posted on 4/8/26 at 1:49 pm to kingbob
Posted on 4/8/26 at 1:49 pm to kingbob
quote:
Our housing shortages in this country tend to be caused by artificially restricting the supply of housing and making insane demands upon developers to eliminate potential expansions of housing stock.
Don't forget high property taxes that get passed on to renters. And the drive to force developers to include a certain amount of "affordable housing units" in every new development...so the losses on those units get passed on to other renters. And rent controls or freezes which sound great to the average idiot but ignores reality...which is that they create slums and reduce supply.
Government "solving" a problem by making it worse. Who could've guessed?!
This post was edited on 4/8/26 at 1:50 pm
2
Posted on 4/8/26 at 1:50 pm to RLDSC FAN
Sounds like a rent control success story
Posted on 4/8/26 at 1:50 pm to Joshjrn
New York City is a lot bigger than just Manhattan. There’s a lot of vertical space to expand in many Burroughs, not just Manhattan. They also have crazy laws restricting building heights with a cap and trade scheme. They have tons of unused office space which could be converted to apartments in an easier regulatory environment. They have massive empty condo and apartment buildings being held my foreign investors as a store of value rather than a residence. Requiring people to actually live in Manhattan real estate for at least so many months of the year could put thousands of units back in commerce. Similar things could be done with short term rentals.
Between increased density, increased verticality, conversion of previously unusable units into housing, could, in a span of less than a year, massively increase the housing stock relative to demand. If there’s more supply, fewer restrictions, and slightly lower demand (due to increased cohabitation), prices will plummet.
Between increased density, increased verticality, conversion of previously unusable units into housing, could, in a span of less than a year, massively increase the housing stock relative to demand. If there’s more supply, fewer restrictions, and slightly lower demand (due to increased cohabitation), prices will plummet.
Posted on 4/8/26 at 1:51 pm to Joshjrn
quote:
I just can’t fathom how you could get Manhattan’s median rent that low with any plan based in reality.
1) Reduce property taxes
2) Eliminate rental freezes
3) Reduce the insane amount of regulations
That's just for starters, but three obvious ones. What's so insane you just have to laugh is that the approach they're taking is the OPPOSITE of each of those 3 things. And we already know what the effects will be but the rank and file idiots like the sound sound bytes around them so they'll be supported.
Fact checking myself on #3:
quote:
Yes, developers in NYC face an exceptionally high volume of strict regulations, widely considered among the most complex in the U.S. Over 70% of developers experience delays due to intense zoning, building codes, and environmental laws. Key hurdles include the NYC Zoning Resolution, the Scaffold Law, strict landmark preservation rules, and mandatory affordable housing components, often resulting in prolonged, costly approvals
This post was edited on 4/8/26 at 1:59 pm
Posted on 4/8/26 at 1:53 pm to Chucktown_Badger
"The rent stays the same" and the dog stays...
Posted on 4/8/26 at 1:54 pm to RLDSC FAN
Don't worry, Communists will fix this.
Posted on 4/8/26 at 1:56 pm to kingbob
quote:
Our housing shortages in this country tend to be caused by artificially restricting the supply of housing and making insane demands upon developers to eliminate potential expansions of housing stock.
importing a couple million migrants doesn’t help much either.
Posted on 4/8/26 at 2:02 pm to Klark Kent
Even with all those imported illegals (who unfortunately count in the census and for congressional seats), NYC is still down 260,000 people vs 2020...many of those being high value folks who used to kick in a significant amount to the tax coffers.
FB Link - "Just get out of town" to "Go bring them back"
ETA: Found the progressive who doesn't acknowledge facts and reality.
FB Link - "Just get out of town" to "Go bring them back"
ETA: Found the progressive who doesn't acknowledge facts and reality.
This post was edited on 4/8/26 at 2:12 pm
Posted on 4/8/26 at 2:05 pm to RLDSC FAN
Do they say what square footage 5k gets you? It's probably 750 s/f.....
Posted on 4/8/26 at 2:37 pm to Chucktown_Badger
quote:
And the drive to force developers to include a certain amount of "affordable housing units" in every new development...so the losses on those units get passed on to other renters.
The rate would be rate regardless
Posted on 4/8/26 at 2:38 pm to Chucktown_Badger
Just wild how much prices vary across the nation. I will have a 700 sq ft two bedroom unit opening up and will struggle to get close to $1,000 a month in my area.
Posted on 4/8/26 at 2:48 pm to Lonnie Utah
quote:
This is yet another reason why people are leaving NY and Cali in droves...
If people didn't want to live there the rent price would be lower
Posted on 4/8/26 at 2:48 pm to kingbob
quote:
Milei eliminated the housing crisis in Buenos Ares in 10 months by greatly reducing zoning restrictions on building new housing, eliminating rent controls, and reducing restrictions on cohabitation. No reason to think a similarly radical approach couldn’t have similar results in NYC. Our housing shortages in this country tend to be caused by artificially restricting the supply of housing and making insane demands upon developers to eliminate potential expansions of housing stock. This is all to protect older residents and existing landlords.
Thomas Sowell covers this in depth in one of his books. Forget which one.
While agree I think this is better applied to places like California with vast amounts of land to build that is currently restricted.
This post was edited on 4/8/26 at 2:50 pm
Posted on 4/8/26 at 3:23 pm to Ostrich
quote:
If people didn't want to live there the rent price would be lower
That's one factor. I listed out some of the other big ones earlier in the thread. Others have also been mentioned:
- A wave of illegals flooding in needing somewhere to stay (sanctuary states tend to attract them)
- Geographic limitations
This post was edited on 4/8/26 at 3:24 pm
Posted on 4/8/26 at 3:27 pm to RLDSC FAN
Someone I work with's daughter is going to be a congressional intern this summer. She'll be paying $1,000 a month to share a one bedroom apartment with three other girls.
Posted on 4/8/26 at 3:37 pm to kingbob
quote:
I could probably get median rents in Manhattan below $1500/month.
No. You can't outsmart supply and demand.
Posted on 4/8/26 at 3:42 pm to Tantal
quote:
No. You can't outsmart supply and demand
He is saying he would turn it into a slum in order to get prices down.
It technically would work.
Posted on 4/8/26 at 3:46 pm to Eurocat
quote:
Or live in safe part of the Bronx
The what, now?
Posted on 4/8/26 at 3:46 pm to Jim Rockford
quote:
She'll be paying $1,000 a month to share a one bedroom apartment with three other girls.
frick that
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