Rents are dropping across the US • Hacker News Board

Re: Rents are dropping across the US

#71

Post by christiansakai » Wed, Jun 17, 2020, 8:41 PM UTC

spamizbad wrote: post #27

ghaff wrote: post #3

"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…

> Maybe not so good for those who were especially attached to either the vibrant city life or busy office life. I don't understand this reasoning. Was city life not vibrant when rents were 1/3rd the price? If anything, "hypergentrification" tends to have a sterilizing effect on city life. To be honest I'm kinda looking forward to it. Nothing against HENRYs (High earners, not rich yet)... but their "cultural tastes" a…

I am a HENRY but my cultural tastes are low for most of my peers standard. McDonalds I'm lovin' it.

Re: Rents are dropping across the US

#72

Post by cujo » Wed, Jun 17, 2020, 8:42 PM UTC

ghaff wrote: post #3

"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…

I know this may not be the case here, but...

> moved out of a major Northeast city to the coast of Maine

is not necessarily a move that is going to bring a lower rent/mortgage. Coastal Maine can be pricy.

Re: Rents are dropping across the US

#73

Post by renewiltord » Wed, Jun 17, 2020, 8:42 PM UTC

toomuchtodo wrote: post #63

renewiltord wrote: post #60

Earlier quoted context omitted.

That's the thing with unsustainability, dude. No individual cares. It's about the aggregate.

I'm aware. Renewables and electric cars are on a tear. Don't force density when you can use technology instead to lower your impact. It's clear the city is too expensive for many, and folks are going to filter out of urban cores until a density equilibrium is reached. Do you care if I live in the middle of nowhere in the mountains if all of my power is clean solar, our cars are electric, I work from home, and pay for…

I don't care because I like to live like that myself for other reasons (city people like authoritarianism too much for me). I don't even care that you live like that now.

That doesn't change the sustainability argument.

Re: Rents are dropping across the US

#74

Post by tmh79 » Wed, Jun 17, 2020, 8:42 PM UTC

maxsilver wrote: post #55

xxpor wrote: post #43

If we needed any more evidence the way to lower costs in the long term is building more housing. Supply and demand works people!

Except this proves the opposite. When we built, prices skyrocketed. When we stopped building (due to COVID), the prices began dropping. 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 f…

demand has changed quite a bit, lots of people are leaving cities, and fewer people, especially new grads from undergrad and profession school like business/med, are moving in.

Re: Rents are dropping across the US

#75

Post by mullingitover » Wed, Jun 17, 2020, 8:43 PM UTC

maxsilver wrote: post #55

xxpor wrote: post #43

If we needed any more evidence the way to lower costs in the long term is building more housing. Supply and demand works people!

Except this proves the opposite. When we built, prices skyrocketed. When we stopped building (due to COVID), the prices began dropping. 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 f…

> When we stopped building (due to COVID), the prices began dropping.

Construction didn't stop due to the virus. What did happen was that all the employment gains of the last 12 years were lost. Fewer dollars chasing the same amount of real estate led to lower prices.

Re: Rents are dropping across the US

#76

Post by christiansakai » Wed, Jun 17, 2020, 8:43 PM UTC

Avalaxy wrote: post #5

> "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.

For people who are making more than that in salary this is also not a good deal.

Re: Rents are dropping across the US

#77

Post by cududa » Wed, Jun 17, 2020, 8:44 PM UTC

Spooky23 wrote: post #8

ghaff wrote: post #3

"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…

People are doing more than that. A former colleague caught folks working remote overseas as well.

What do you mean “caught”? Is there a stipulation on time zone or country? Truly don’t see the problem of bopping off to another country as long as you’re still doing your work and active in the team?

Re: Rents are dropping across the US

#78

Post by clairity » Wed, Jun 17, 2020, 8:44 PM UTC

ghaff wrote: post #3

"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…

anecdotally, in LA, house rents seem to be going up while apartment rents are fluttering down, depending on locality.

rather than moving out of the urban areas, folks seem to be looking for a little more separation from strangers, possibly also more WFH space.

Re: Rents are dropping across the US

#79

Post by vecinu » Wed, Jun 17, 2020, 8:44 PM UTC

maxsilver wrote: post #50

baddox wrote: post #32

Earlier quoted context omitted.

I’m not sure why that’s a contradiction. If you could buy a nice new private jet for $100,000 it would be reasonable to call that a good deal, even if it’s more than what most people make in a year.

It's a contradiction because a regular 2-bed apartment is a basic essential necessity for human life, and not an extravagant ultra-luxury like a nice new private jet is.

You can take this logic to its absurd extremity such as "I have 3 children, a 4-bed house is a basic essential necessity for human life".

Re: Rents are dropping across the US

#80

Post by yardie » Wed, Jun 17, 2020, 8:45 PM UTC

ghaff wrote: post #25

brundolf wrote: post #10

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…

My point was that a lot of those trendy bars, restaurants, etc. may no longer exist if a lot of people who can afford to move away. A lot of the elements of city life in say NYC or Boston in the 1990s were a lot different from today. But, to your point, yeah a return to a more gritty and bohemian version of urban life would be appealing to some.

If this faux, urban dive, chic finally dies I think we're all better off. My corner bar used to be frequented by construction workers and longshoremen. Then the neighborhood by the port was gentrified. The bar with the $1 draft beers gave way to the $7 IPAs. Finger foods such as tacos and empanadas gave way to $3 tacos and $15 quesadillas! Now I drink and eat at home because all the bars went way upmarket and no way am i paying Disneyland prices in a fucking dive bar.