Wouldn't it be better to use the median and not the average?
Another commenter in this thread mentioned the median is $4000 as of a few months ago.
Manhattan rents cross $5k threshold for first time
121–130 of 1001 posts
Re: Manhattan rents cross $5k threshold for first time
#122Earlier quoted context omitted.
> should be heavy state intervention on it, preferably by doing the same as Vienna, which is holding >40% of the renting stock and charging according to income This is great policy if you want to make housing unaffordable. When supply is less than demand, prices go up. Those price increases incentivize builders to increase the housing stock (which subsequently lowers prices). Capping prices prevents the price mechani…
Why would housing become unaffordable if the state intervenes? The purpose is precisely to control affordability. Prices are controlled for social housing, and flexing supply allows you to influence the free market prices. Supply is always less than demand in dense cities/countries, leaving it for the 'invisible hand' only ensures that the whole market is unaffordable and/or gentrified. Like what we are seeing in thi…
> Why would housing become unaffordable if the state intervenes? The purpose is precisely to control affordability.
Because intended purpose differs from actual outcome, and such regulation almost always creates different consequences.
Best intentions pave the road to hell.
> Prices are controlled for social housing, and flexing supply allows you to influence the free market prices.
When you control prices, you destroy investment in supply.
Re: Manhattan rents cross $5k threshold for first time
#123Earlier quoted context omitted.
people have taken on all this cheap debt and are just realising they have to pay for it
Do you really think that rents in New York are because of cheap debt and not because a tiny island has been captured by billions and billions of corporate luxury development, while at the same time the supply of appartamenti is choked by there being more Airbnb places than places being rented. Covid has been the greatest transfer of wealth upward in our lifetime, but sure it’s cheap personal debt.
i didn't say personal?
Re: Manhattan rents cross $5k threshold for first time
#124As a New Yorker myself I do wonder where this ends up. Me and my relatively well paid friends can afford to live here but we depend on a lot of lower paid folks for the city to function. Grocery store clerks, delivery drivers, coffee baristas, all that sort of thing. Maybe right now they have a half hour subway ride to work and that’s acceptable. But as they get pushed further and further out it’s going to break down…
I'm a well paid software eng in nyc and I have a 30-45 minute commute to work, I think the people you're talking about are already commuting 60-90 minutes if they work in desirable Manhattan neighborhoods. But I agree with your message.
Re: Manhattan rents cross $5k threshold for first time
#125Earlier quoted context omitted.
Moreover artist communities flourish in urban spaces with cheap rent, like New York in the 1970s, Paris in the 1920s, Berlin in the 1990s and so on. Without that you just end up with Dubai or Monaco with shittier weather.
Exactly. Wealthy residents should at some point realize that culture and entertainment venues/options are (often) created by lower income residents. If that disappears you get soulless places which are dramatically less fun to live in. Not to mention the service industry workers, who also need to come from somewhere.
How simple. Have any suggestions for implementation?
Re: Manhattan rents cross $5k threshold for first time
#126I keep hearing the notion that we should prohibit corporations from owning residential property, and I kind of like the idea.
Re: Manhattan rents cross $5k threshold for first time
#127Is this an average for newly signed rent, or for the average one already paid now? If former, it looks incredibly low. I mean, this is what you pay for an above-average (but not posh) place in East Europe capitals, and for pretty much average ones in old European cities like Paris or Munich.
I really wish you took the time, after what appears to be a rather inflammatory comment, to reply to the folks who are very specifically questioning your argument.
Re: Manhattan rents cross $5k threshold for first time
#128Earlier quoted context omitted.
Not that I want to get into an argument on this (both cities are fantastically expensive), but the first property on your link when I accessed it (so basically at random) - GBP 5590.00 pcm.
the average londoner doesn't pay 5600 GBP a month for their flat. same goes for 5k USD ~= 4200. for a one bedroom if your rent is above 2000 GBP you're living in a luxury apartment
The average londoner doesn't live in central London.
Re: Manhattan rents cross $5k threshold for first time
#129I’ve had this thought floating around in my head for a while, and it seems wrong, but I’m not completely sure why. I’m hoping someone more knowledgeable might be able to set me straight. Prices on the coasts — like 5k rent — are astronomically high compared to prices in, say, the midwest. This shocks many people. You could easily make the same comparison between the midwest and some non-developed nation. The differen…
I think it’s the phrase “less developed country.” The US midwest and the US coast at the same, developed country. Sure, they’re long distance apart, and drastically different, but that’s not on people’s minds.
I would disagree with you there. There are many areas of the US that resemble an undeveloped country.
Re: Manhattan rents cross $5k threshold for first time
#130There is an elephant in the room that people refuse to look at when it comes to rents: Airbnb.
Should people who come to the city for a couple of weeks not be able to find any accommodation? Why do you think that they should have less rights that people that live in the city full-time? They already have obvious market forces working against them (short-term rents are always more expensive than long-term).