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Manhattan rents cross $5k threshold for first time

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Re: Manhattan rents cross $5k threshold for first time

#141

Post by teakettle42 »

ChuckNorris89 wrote: post #133
ricardobeat wrote: post #59

This is why you need rent control. 100% of this price hike is going into landlord's pockets, it's not a result of inflation.

How did that work for Berlin? Try moving there today and tell me how affordable it is for newcomers. Rent control is basically subsidizing existing grandfathered tenants by fleecing those new wishing to move in, without fixing the underlying housing shortage in any way. The solution is always, always, having (building) more supply than the demand, yet nobody seems to get it.

What if you literally cannot build more supply than the demand?

What if there’s a feedback loop between building more supply and increased (induced) demand?

Re: Manhattan rents cross $5k threshold for first time

#142

Post by rffn »

gcr wrote: post #121
rffn wrote: post #106

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.

Yes. This was posted after I wrote mine. I am a bit surprised that the median is so high. I would have expected a bigger difference, i.e. a few high value outliers pulling the median up further up.

Re: Manhattan rents cross $5k threshold for first time

#143

Post by nickles »

spaniard89277 wrote: post #116
cies wrote: post #66

Earlier quoted context omitted.

Totally agree. It is one of the perfect resources to extort people with. Unlike food the price of houses rarely drop to zero, and often go up. Like food, it is very essential to people. What you propose is a very socialist solution. I've read somewhere that in the USSR paying more than 4% of your income to housing was considered criminal (as they calculated that's what housing would cost using cost-based-pricing).

IDK if it's a very socialist solution, provided that it aims to increase disposable income and savings, that will pour into consumption, people starting their own businesses, etc. Think also that the program can avoid deficit by not having only low-income tenants, providing more opportunities for social mobility and allowing more consumption which means more VAT taxes, specially if you're smart enough to provide your…

> IDK if it's a very socialist solution, provided that it aims to increase disposable income and savings

Socialism is a left-wing political, social, and economic philosophy encompassing a range of economic and social systems characterised by social ownership of the means of production, as opposed to private ownership. [0]

Government ownership of housing, as opposed to private ownership, is unambiguously socialist policy, regardless of policy intentions.

> specially if you're smart enough to provide your tenants with supermarkets, bars, etc, which isn't difficult if you pack enough people and provide space for bussiness in the ground floors.

Here's the issue with central planning. How does the government know which services residents will find desirable? This difficulty is known as the local knowledge problem. I don't drink alcohol; why should I be forced to pay for a bar I don't use? And more importantly, why is the government encouraging an activity that causes the death of 140k Americans a year?

[0] https://en.wikipedia.org/wiki/Socialism

Re: Manhattan rents cross $5k threshold for first time

#144

Post by ctvo »

spaniard89277 wrote: post #101
ctvo wrote: post #91

Earlier quoted context omitted.

> CMV Questions more than anything else: - How does the system decide which applicants out of multiple get the unit? Lottery? How does the system decide which units get rented first (so the owners get income) e.g. 3 identical units on the same floor, in the same building? - With a sliding scale on price base on income, is there a price floor for the owner? E.g. low income tenant pays 500 euros, but the system guarant…

> How does the system decide which applicants out of multiple get the unit? Lottery? How does the system decide which units get rented first (so the owners get income) e.g. 3 identical units on the same floor, in the same building? I don't know if I understand your question. We're talking about public housing, the owner is a public entity. For every building there are slots by income and they're filled by a FIFO syst…

I misunderstood and assumed all rentals in Vienna were under this system vs. only public ones. I do wonder if the city continues to provide supply, what the downward pressure on price will be for private units and if that eventually harms overall supply. I'm sure there's data on this somewhere, and I'll dig later today.

Re: Manhattan rents cross $5k threshold for first time

#145

Post by missedthecue »

spaniard89277 wrote: post #36

Housing and land is a non-transable good, and therefore there 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, and renting to a representative distribution of tenants so to prevent guettos. Rent is the main detractor of disposable income which hurts the rest of the economy, and property owners provide almost…

I don't want to live in the projects

Re: Manhattan rents cross $5k threshold for first time

#146

Post by m_ke »

missedthecue wrote: post #145
spaniard89277 wrote: post #36

Housing and land is a non-transable good, and therefore there 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, and renting to a representative distribution of tenants so to prevent guettos. Rent is the main detractor of disposable income which hurts the rest of the economy, and property owners provide almost…

I don't want to live in the projects

Which of these "affordable" options are you too good for: https://housingconnect.nyc.gov/PublicWeb/search-lotteries

Also recommend checking out this video about Vienna https://www.youtube.com/watch?v=41VJudBdYXY

Re: Manhattan rents cross $5k threshold for first time

#147

Post by missedthecue »

spaniard89277 wrote: post #81
TOMDM wrote: post #56

Earlier quoted context omitted.

> CMV Rent is high because the demand in large cities majorly out strips supply. All policies that attempt to address housing costs that don't increase supply are treating a symptom and not the underlying cause.

The policy I mention is precisely that, public housing being at least 40% of the supply. If demand increases, you increase supply.

So you're telling me that the government should build millions of new units in NYC, until they control 40% of the market? Am I understanding that correctly?

Re: Manhattan rents cross $5k threshold for first time

#148

Post by Ekaros »

v7p1Qbt1im wrote: post #110
danjac wrote: post #54

Earlier 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.

You can get all that online. So it might make sense to move these communities to somewhere very very cheap. Or even distribute them around.

Re: Manhattan rents cross $5k threshold for first time

#149

Post by spaniard89277 »

missedthecue wrote: post #145
spaniard89277 wrote: post #36

Housing and land is a non-transable good, and therefore there 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, and renting to a representative distribution of tenants so to prevent guettos. Rent is the main detractor of disposable income which hurts the rest of the economy, and property owners provide almost…

I don't want to live in the projects

No one forces you to do that.

Re: Manhattan rents cross $5k threshold for first time

#150

Post by missedthecue »

m_ke wrote: post #146
missedthecue wrote: post #145

Earlier quoted context omitted.

I don't want to live in the projects

Which of these "affordable" options are you too good for: https://housingconnect.nyc.gov/PublicWeb/search-lotteries Also recommend checking out this video about Vienna https://www.youtube.com/watch?v=41VJudBdYXY

You're telling me those buildings are own and run by the government? Those look like mandatory "affordable units" that by law must be built by private developers in new buildings.
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