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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

#631

Post by HFguy »

ghc wrote: post #626
thehappypm wrote: post #541

Earlier quoted context omitted.

I see Boston as the tech hub of the East more than NYC. New York obviously has a large number of tech jobs, but Boston and DC both have a higher concentration of tech; in NYC the big fish is obviously finance. I discount DC a little because a lot of that is government and defense related (not a bad thing, just not my cup of tea). Boston has a lot of diversity in tech, lots of health/pharma like Moderna, web companies…

Indeed, the amount of VC dollars invested in Boston companies per years is 3x the per capita of New York's. So while NY may have slightly more total dollars invested, a much higher percentage of Boston metro area workers (something like 30%) work in tech. New York will never really be a tech hub in the same way as SF or Boston because tech plays second fiddle to other industries. Still true today: http://www.paulgrah…

"while NY may have slightly more total dollars invested"

NYC is 50% higher in terms of total VC dollars.

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

#632

Post by acchow »

noobermin wrote: post #562
te_chris wrote: post #473

Earlier quoted context omitted.

Singapore?? To New York????? Sorry what? Singapore is fine as far as a hot place with incredible food and good hotels to spend a few nights, but it’s also quite possibly the most boring major city I’ve been to outside of that and there doesn’t seem to be any cultural life beyond shopping - based on my own experience and that of friends who’ve lived there. I could also take issue with comparing Sydney to NY, but I’ll…

In defense of sg, the only reason you said this is you never left orchard rd. You can experience worlds of culture just eating food at any given neighborhood coffee shop or going to a wet market in the morning. It just is a different culture, one that doesn't try to emulate America too much (hipster shit like live music or public art or things like that).

> hipster shit like live music or public art

I think these are just human things done since... before civilization?

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

#633

Post by zjaffee »

thehappypm wrote: post #541
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 see Boston as the tech hub of the East more than NYC. New York obviously has a large number of tech jobs, but Boston and DC both have a higher concentration of tech; in NYC the big fish is obviously finance. I discount DC a little because a lot of that is government and defense related (not a bad thing, just not my cup of tea). Boston has a lot of diversity in tech, lots of health/pharma like Moderna, web companies…

NYC has the second most number of people with software development jobs in the US outside of the bay area although the number is about the same as Seattle which is a much smaller region than NYC, and within NYC the majority of developers work at banks in back office roles.

Boston is definitely bigger for every other type of engineering though than NYC. Most non programming engineering jobs in NYC would either be for a niche startup or would have something to do with real estate.

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

#634

Post by time_to_smile »

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'm confused what the "problem" is, is it that things you really like are expensive? I really like driving a Porsche, but it would seem a bit odd to lament a wild increase in new Porsche prices or my salary not keeping up with owning one as a "problem". I also really like that in Paris you can affordably get a glass of real champagne with every meal, but I hardly consider it a "problem" that in the US this isn't really reasonable.

Things are getting more expensive, for some people that means they can't eat steak as much as they like, for others it means they need to move in with their parents, for you it means you might not live in the heart of one of the most expensive and desirable cities in the world.

I've always found it a bit odd that in the tech community there is this assumption that people have the right to live wherever they want, and that somehow living in NYC or SF during it's prime isn't its own variety of luxury good. I enjoy champaign when I'm in Paris, and am glad that at least for today I can drive a Porsche. I've spent plenty of years in a beat-up old Ford and drinking yuengling, won't be terribly surprised if I spent plenty more doing the same in the future.

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

#635

Post by godelmachine »

analyst74 wrote: post #622
godelmachine wrote: post #565

Toronto is just a puddle jump away and rents are hoevering at 2k-3k CAD/ month. Hope this inflation doesn't reach Toronto.

Toronto builds ~3x new units per capita every year compared to NY, let's hope they don't slow down.

Yep, new projects are fast upcoming in GTA's as well and newcomer immigrants prefer buying their own homes within 5 years of arrival.

In Toronto they lease their basements too which is not seen much in NYC.

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

#636

Post by bufferoverflow »

kristjansson wrote: post #533
simonsarris wrote: post #436

Earlier quoted context omitted.

> 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…

100x is shocking, so I explored a bit. Over 2010-2020 Amherst PD reported ~5 violent crimes per year[1], in a town of ~10000, or about 50 per 100000. NYPD reported ~49k per year over the same period[ibid], on about 8.3m residents, or about about 590 per 100000. So about 11x difference in per-capita reported-to-local-PD crime. I'll admit I'm surprised it's still an order of magnitude, I share GP's sensibility that the…

I am not surprised. NYC gave up on violent crime. It's Democrat's policy. Same as in Chicago, SF, Los Angeles, and many other Democrat-run cities.

One of the reasons I left NYC. I'm now in one of the safest neighborhoods, we have virtually no violent crime, except from the occasional visiting criminals.

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

#637

Post by atlasunshrugged »

googlryas wrote: post #576
vjk800 wrote: post #476

Earlier quoted context omitted.

Indeed. I come from a rural village where I could leave my bicycle unlocked over night at the center of the village and it wouldn't get stolen. When I moved to a city, one realization I made was that cycling is just a lot less convenient if you have to worry about your bicycle getting stolen. Also I can't leave my home door unlocked when I go somewhere (and thus have to remember to take the keys with me). I think sma…

There are big city fixes for this. For example, most big cities offer bikeshares with docking stations all over the most popular places. So you can just use one of those bikes and not have to worry about theft.

Yeah but they're somewhat less convenient, you never know the quality of the bikes or whether there will be one available, and over time it's usually far more expensive (I literally just did this calculation for myself in DC, took about 6m of daily commuting to be even and then after that you're saving money). Luckily I work in a neighborhood crawling with cops so there is very little risk when I lock my scooter outside, but I definitely don't take it to other neighborhoods and leave it outside (I've had some funny conversations checking it with the coatcheck at events after work).

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

#639

Post by ghaff »

sparc24 wrote: post #579
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…

Everyone should spend a couple of early years in NYC. You'll be better off for it even you end up moving to New Hampshire.

Eh. I spent a summer there once. Admittedly in the 80s and admittedly as a relatively poor student intern. I like visiting NYC for a few days every now and then but I couldn't wait to get out at the time.

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

#640

Post by dml2135 »

dionidium wrote: post #264
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…

> and property owners provide almost no value, but to provide access to housing for people who has no capital for it, which is service that could be perfectly provided by a state entity. Property of course requires maintenance and management, so the sleight of hand here is to define away all those aspects of ownership so that by definition all that's meant by "landlord" is "old guy who cashes checks." But somebody ha…

Maybe I don't do it because I find it morally questionable, not because I don't think it's free and easy money. I'll absolutely turn down free and easy money for something I think is wrong.
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