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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

#221

Post by m_ke »

huevosabio wrote: post #204
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…

Housing =/= Land. But our policies which heavily kneecap our ability to build more [0] make it such that Housing starts behaving like Land. The solution is to build more, and the success of Vienna does not come from public intervention but from the added supply. Tokyo is another city with famously cheap housing, and the secret is that they make it easy to build. I personally think that achieving affordable housing pr…

I'm no NIMBY but places like NYC will never be able to build enough to outpace demand.

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

#222

Post by SamoyedFurFluff »

madsbuch wrote: post #69
nickles wrote: post #51

Earlier 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…

> Those price increases incentivize builders to increase the housing stock Ahh yes, walking around in NY seeing building projects to increase the supply of housing in the 4th dimension where land is plentiful and the rivers are clean /s

There’s plenty of land in nyc. There are areas of Manhattan that are entirely sub-5 story buildings. There are areas of queens that are mostly low density warehouses. Long Island City, which is more or less 2 stops on the train out of Manhattan, is extremely sparse.

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

#223

Post by Entinel »

golergka wrote: post #130
elzbardico wrote: post #40

There 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).

You act like hotels, inns, and short term stay apartment hotels will suddenly disappear if Airbnb is cracked down on but to answer your question yes, people who live in the city should be prioritized over people who want to come over for a quick stay.

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

#224

Post by klyrs »

spaniard89277 wrote: post #161
Spooky23 wrote: post #155

Earlier quoted context omitted.

That represents like a half million tenants. “Nothing” isn’t how I would describe it!

It is nothing. For public housing to make sense it has to be a considerable amount of the supply, and be universally available, not only for low-income people.

[1]> NYCHA has approximately 13,000 employees serving about 173,946 families and approximately 392,259 authorized residents. Based on the 2010 census, NYCHA's Public Housing represents 8.2% of the city's rental apartments and is home to 4.9% of the city's population. NYCHA residents and Section 8 voucher holders combined occupy 12.4% of the city's rental apartments.

1 out of 20 of the city's residents, 1 in 8 if you count voucher programs. That's far from nothing, but you're right, there's definitely room for improvement if you can cut through the red tape of nimbyism and corruption.

[1] https://en.wikipedia.org/wiki/New_York_City_Housing_Authorit...

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

#225

Post by roywiggins »

chii wrote: post #109
slaw wrote: post #5

> The big picture: This points to a conundrum. The Fed is raising rates to cool inflation. But rate hikes are driving higher rents, which are fueling inflation. Why everyone and their dog says Fed is raising rates, when Fed just barely raised rates. Year over year inflation is 9.3% and Fed interest rate is only 1.5%, while it should be 2% points over inflation.

> But rate hikes are driving higher rents, which are fueling inflation. how is higher rents fueling inflation? People paying higher rents (but on the same income) will have to forego some spending, thus reducing demand for some goods/services. So you'd actually expect that higher rents would drive _down_ inflation!

Housing is part of CPI. If rents rise then the CPI will rise too, all else being equal.

https://www.bls.gov/cpi/factsheets/owners-equivalent-rent-an...

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

#226

Post by mym1990 »

feet wrote: post #219
abduhl wrote: post #205

Earlier quoted context omitted.

Non transable is not a term that anyone uses and therefore is not one that has a definition outside of this thread. Which is why GP asked what it is, smart ass.

And the person I'm replying to, in the order of their statements and questions, first assumes that it is a bold claim and after that decides they don't understand the statement they're replying to. It's backwards

Must be fun spending the whole day looking for technicalities to address.

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

#227

Post by eloff »

m_ke wrote: post #221
huevosabio wrote: post #204

Earlier quoted context omitted.

Housing =/= Land. But our policies which heavily kneecap our ability to build more [0] make it such that Housing starts behaving like Land. The solution is to build more, and the success of Vienna does not come from public intervention but from the added supply. Tokyo is another city with famously cheap housing, and the secret is that they make it easy to build. I personally think that achieving affordable housing pr…

I'm no NIMBY but places like NYC will never be able to build enough to outpace demand.

And yet it works in Tokyo, a city of almost double the population?

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

#228

Post by sixo »

m_ke wrote: post #221
huevosabio wrote: post #204

Earlier quoted context omitted.

Housing =/= Land. But our policies which heavily kneecap our ability to build more [0] make it such that Housing starts behaving like Land. The solution is to build more, and the success of Vienna does not come from public intervention but from the added supply. Tokyo is another city with famously cheap housing, and the secret is that they make it easy to build. I personally think that achieving affordable housing pr…

I'm no NIMBY but places like NYC will never be able to build enough to outpace demand.

Incrementally, building improves living conditions. It's not all-or-nothing.

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

#229

Post by j0hnyl »

m_ke wrote: post #221
huevosabio wrote: post #204

Earlier quoted context omitted.

Housing =/= Land. But our policies which heavily kneecap our ability to build more [0] make it such that Housing starts behaving like Land. The solution is to build more, and the success of Vienna does not come from public intervention but from the added supply. Tokyo is another city with famously cheap housing, and the secret is that they make it easy to build. I personally think that achieving affordable housing pr…

I'm no NIMBY but places like NYC will never be able to build enough to outpace demand.

I think they can. The thing is the corporate landlords would rather have their high rises sit empty than rent the units at reasonable rates.

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

#230

Post by trident5000 »

spaniard89277 wrote: post #151
Spooky23 wrote: post #131

Earlier quoted context omitted.

New York City already has like 150k+ income based public housing units. It’s not ideal.

150k is nothing for NYC

150k is not a low salary even for NYC. You're not mr money bags with that though.
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