51–60 of 400 posts
Looking at the linked Zumper[1] data it doesn't seem that dramatic outside of SF's 9.2% drop. NYC 1 bedroom is down 2% Boston 1% and SJ 0.4%. Interestingly Oakland is UP 4.9%. So the story is different than the one they seem to want to tell.
Earlier quoted context omitted.
> Maybe not so good for those who were especially attached to...the vibrant city life I think it's good for those people too, because urban housing prices will also go down as people move away. It could become more affordable to have that vibrant city life alongside the others who actually want to be there and don't just have to be there. I'd personally be really excited to see Austin's skyrocketing growth and gentri…
Just a word of caution as someone who has went from D.C. to small town: It can also be not so good if you come with your previous political beliefs. Big coastal city politics are _very_ unpopular in smaller towns (not here to discuss the merits, just stating the reality). You won't make very many friends. Smaller towns don't have the same issues big cities do, so naturally it will require a different approach and way…
> "It has been crazy," Freund said, "but we definitely got a very good deal." This reads like a parody to me. Paying 5000 dollars per month in rent and calling it a good deal. That's more than what many people even make in salary.
Get back to me when people who pay rent because they don't have the option of buying get some benefit, and I'll care.
This seems more like a market correction than an actual rent drop. > She and her roommate signed a lease on a two-bedroom apartment in the West Village for $4,995 a month. I struggle to believe that there are two bedroom apartments that have that kind of demand/value outside of an inflated circumstance.
If we needed any more evidence the way to lower costs in the long term is building more housing. Supply and demand works people!
It's a combination of AirBNB being unable to illegally occupy housing, and the ultra-wealthy having a fear of urban density contagion. Demand is basically unchanged over the last 6 months, and the housing that exists is basically unchanged over the last 6 months, and yet prices are finally falling.
It's got basically nothing to do with "supply and demand" for cities (unless your definition of "demand" is so loose as to include literally anything that might impact a pricetag).
"across the US" as in "in expensive coastal cities." I don't know the broader trend but, anecdotally, I know people who have/are in the process of moving out of cities for more rural locations. One couple I know just moved out of a major Northeast city to the coast of Maine. Others are seriously considering vacating NYC etc. With many tech industry jobs mostly WFH until the end of the year and the future in general u…
> With many tech industry jobs mostly WFH until the end of the year and the future in general uncertain, a lot of people, especially those with leases coming up for renewal, are thinking this is a good time to make a move. Once the pandemic ends and employers stop allowing WFH again, there might be a large surge in pricing as suddenly everyone wants to get back into those cities.
I for one am ready and rarin' to go for a housing market crash (or "correction" if you wanna call it that) here in NYC, and strongly encourage everyone who doesn't feel like living here to strike out for the heartland. It'll be a better city all around with fewer people and lower rents.
Possibly. It depends who leaves. If it's mainly people that are decently high earners and provide a lot of the tax base, it will be dark days for the city for awhile. Budgets will be cut as a combination of the tourism collapse and loss of income taxes will compound to create a crisis for the city. These things domino quickly as shops close, real estate taxes aren't collected, etc.
I think a lot of young people don't really understand how miserable the city was in many ways for about 25 years there before it had a renaissance the last 25 years.
I agree that a correction is needed. The rent is too damn high, to be sure.
This seems more like a market correction than an actual rent drop. > She and her roommate signed a lease on a two-bedroom apartment in the West Village for $4,995 a month. I struggle to believe that there are two bedroom apartments that have that kind of demand/value outside of an inflated circumstance.
An "actual rent drop" is a market correction.
"across the US" as in "in expensive coastal cities." I don't know the broader trend but, anecdotally, I know people who have/are in the process of moving out of cities for more rural locations. One couple I know just moved out of a major Northeast city to the coast of Maine. Others are seriously considering vacating NYC etc. With many tech industry jobs mostly WFH until the end of the year and the future in general u…
> With many tech industry jobs mostly WFH until the end of the year and the future in general uncertain, a lot of people, especially those with leases coming up for renewal, are thinking this is a good time to make a move. Once the pandemic ends and employers stop allowing WFH again, there might be a large surge in pricing as suddenly everyone wants to get back into those cities.
We don't know how many companies will require on-site presence.
Some might just allow WFH permanently.
E.g. Twitter already announced that, see: https://www.theguardian.com/technology/2020/may/12/twitter-c... .
Earlier quoted context omitted.
It is, except there seems to be a sweet spot in medium sized towns where commutes/groceries/activities are all close so no/less driving. If you get too small though you go back to everything being 45 min drive away again like being in the suburbs of a city which is not at all sustainable.
> If you get too small though you go back to everything being 45 min drive away again like being in the suburbs of a city which is not at all sustainable. This is where I live. I love it. I encourage others to consider it unsustainable.