Manhattan rents cross $5k threshold for first time • Hacker News Board

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

#521

Post by [deleted] » Thu, Jul 14, 2022, 5:08 PM UTC

simonsarris wrote: post #489

orange_joe wrote: post #475

Earlier quoted context omitted.

NYC is generally safer than the rest of America. NH is typically the safest region in the entire country. But the truth is that there are high numbers of relatively rural areas that are substantially more dangerous than NYC. Also, I think that crimes/mile is fairly un-instructive because of how much the legal boundaries of a city shift/as well as the amount that a person will travel in a given location (I live in NYC…

> NYC is generally safer than the rest of America. I don't think that's true: NYC is at 5.8 violent crimes per 1,000, and the national median sits at 4.0. That's 45% more violent than the median. That's not small! I feel like some PR firm must have implanted this idea in everyone's minds that NYC is somehow magically safer, but it's not showing up in the stats, and if the stats are skewed by reporting its almost cert…

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

#522

Post by wyre » Thu, Jul 14, 2022, 5:08 PM UTC

ponow wrote: post #370

noelherrick wrote: post #156

Earlier quoted context omitted.

Industrialization, constitutional democracy, science, regulation, and unions have raised standards of living for the majority of people. You forget history if you don't remember things like the Battle of Blair Mountain (first aerial bombardment on US soil) or the Triangle Shirtwaist factory, not to mention the incredible death and misery inflicted by that first capitalistic country Britain. The free market does not f…

> The free market does not feel very free to the vast majority of people who have to deal with incredibly oppressive companies Yeah, people complain on their iphones, with their increased lifespans, and surfeit of food, so that even the poor are fat. Cry me a river.

Dude, have some compassion.

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

#523

Post by staticassertion » Thu, Jul 14, 2022, 5:08 PM UTC

simonsarris wrote: post #499

AlotOfReading wrote: post #498

Earlier quoted context omitted.

I can't find similar numbers to yours for any definition of 'violent crime' I found numbers for, but assuming they're true, it's still missing the point. Amherst is a wealthy community in a wealthy, low crime state. It'd be like pointing to a border town to make the opposite argument.

As I mentioned down-thread, NYC has 45% more violent crime than the national median. It's simply not a "low crime" place, despite the PR.

What about Manhattan? What about lower Manhattan? The reality is that NYC is large and there's bodies of water separating huge parts of the city. Talking about crime in NYC seems really silly because you're going to be talking about tons of neighborhoods that you're just never, ever going to end up even close to.

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

#524

Post by FooBarBizBazz » Thu, Jul 14, 2022, 5:09 PM UTC

blabberwocky wrote: post #488

greggsy wrote: post #427

Earlier quoted context omitted.

To me, only other places that compare to NYC are Singapore and Sydney. Great food in Singapore, great weather (usually) in Sydney. The people can be a bit busy in Singapore though. Certainly no NYC, but they ticked all my recreation, arts, food, people and transport boxes. Unfortunately, they’re all so goddamn expensive to live in.

Having lived in both New York and Singapore, I can’t say I’d recommend Singapore to anyone who loves NY for the aspects you mention (but there are other reasons to love SG!). I think the scale of opportunities for recreation, arts, and really just a diversity of experience is vastly different. In APAC, I’d suggest Hong Kong (where I’ve also lived) instead, though that is even more like London than NY.

Yeah, HK is (or was) way better than SG, and much more NY-like. Even more beautiful than NY, actually. HK's inevitable destruction by the CCP is a fucking tragedy. There are very few cities in the world like that.

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

#525

Post by silverlake » Thu, Jul 14, 2022, 5:09 PM UTC

jmilloy wrote: post #267

fartsucker69 wrote: post #215

Earlier quoted context omitted.

Property owners providing almost no value is just factually wrong. Their function is similar to insurance. You pay rent to live somewhere because you don't want to take the risk or can't get the loans to buy a property yourself. And it costs real money and time (i.e. real resources) to build those homes and maintain them. In return property owners (or insurance runners) can get rich off your monthly payments as well…

It's easy to agree that property owners provide value, some more than others. Anyone who thinks otherwise is not seeing the big picture. On the other hand, you seem to be ignoring the realities of supply and demand, which can quite simply allow rental costs to increase well above the value that owners provide. Obviously I don't know, but I suspect you might be seeing a king of survivorship bias. Many people I know we…

Rent has to match supply/demand. If demand goes up, prices go up, some existing tenants are priced out. The only sinister thing in US housing is communities making it difficult to build more. In my corner of NYC one could build housing for thousands of people.

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

#526

Post by nickv » Thu, Jul 14, 2022, 5:09 PM UTC

tmnvix wrote: post #507

nickv wrote: post #437

Earlier quoted context omitted.

Actually, that's not true in a strange perverse way. Higher interest rates = higher mortgage rates = higher monthly costs to own = More people being stuck in the rental market = more demand in an already over-heated rental market. Remember housing prices going down doesn't turn to a lower monthly cost (it keeps at pace typically). This is pure wealth loss (which is the point so we can cut inflation). This is already…

This is not how it's working out right now in NZ. Interest rates up. House prices down (-20% in my city). Number of available rentals up (almost doubled in some markets). Rental prices down (looks like around -10%). It looks like underutilised housing is being flushed out due to high servicing costs. The jig is up.

Interesting, where are those rentals coming from? Is it just an overall drop in demand for any housing?

Intuitively to me, if you make one thing harder to do (buy a house), unless people disappear or you suddenly build more rentals, they go in the other direction and create more strain there (renting).

Where are these people living if they can't buy but are renting less? Are both demands are dropping?

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

#527

Post by EricDeb » Thu, Jul 14, 2022, 5:09 PM UTC

dionidium wrote: post #396

kyawzazaw wrote: post #363

Earlier quoted context omitted.

https://nypost.com/2021/08/05/nearly-half-of-luxury-units-em...

Seven buildings. That's not representative of...anything. It's not even worth talking about. And the effects are largely positive for the city, anyway. You've got a few big, empty buildings concentrated on one street where billionaires park their money, pay a bunch of property taxes, and use zero city services. That's an unqualified win .

NYC has super low property tax. It's a win for no one

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

#528

Post by IceHegel » Thu, Jul 14, 2022, 5:10 PM UTC

ezequiel-garzon wrote: post #19

I thought the median had to be significantly lower with those ultra luxurious rentals distorting the average, but I was wrong. The median is $4000 as of a few months ago: https://www.elliman.com/corporate-resources/market-reports

This is the per apartment rate, so anyone with roommates is paying a fraction of the listed rent.

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

#529

Post by [deleted] » Thu, Jul 14, 2022, 5:10 PM UTC

simonsarris wrote: post #436

ctvo wrote: post #390

The problem for me, as a long time NYC resident, is that there's no other place in America I want to live even with work from home as a possibility. I like mass transit. I like not owning a car. I like that the city is generally safer than the rest of America. I like that it's the center for tech on the east coast, the arts for the entire country, and finance for most of the world. I like that we generally get along…

> I like that the city is generally safer than the rest of America. Coming from New Hampshire: this is just fantastically untrue. NYC is about one hundred times more violent than where I live. It is so thoroughly not the same that I can usually tell when people come from cities simply based on how nervous they are. I think most people don't realize how badly it affects them, or how violent cities are versus "the rest…

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

#530

Post by orange_joe » Thu, Jul 14, 2022, 5:10 PM UTC

simonsarris wrote: post #489

orange_joe wrote: post #475

Earlier quoted context omitted.

NYC is generally safer than the rest of America. NH is typically the safest region in the entire country. But the truth is that there are high numbers of relatively rural areas that are substantially more dangerous than NYC. Also, I think that crimes/mile is fairly un-instructive because of how much the legal boundaries of a city shift/as well as the amount that a person will travel in a given location (I live in NYC…

> NYC is generally safer than the rest of America. I don't think that's true: NYC is at 5.8 violent crimes per 1,000, and the national median sits at 4.0. That's 45% more violent than the median. That's not small! I feel like some PR firm must have implanted this idea in everyone's minds that NYC is somehow magically safer, but it's not showing up in the stats, and if the stats are skewed by reporting its almost cert…

I think that overall crime rates can have severely skewed reporting. Homicide rate in NYC is 5.5 vs US average of 7.5, But manhattan's is even lower. The last time the city reported the borough by borough breakdown (2019), had a homicide rate of 3.2.