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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

#671

Post by giraffe_lady »

teakettle42 wrote: post #399
giraffe_lady wrote: post #346

Earlier quoted context omitted.

> So the taxpayers should pay so the people with low income or no income can live iny Manhattan? Yes. It's a city not a luxury resort. If people are to work all kinds of jobs at all levels of income there, then people at all income levels should be able to live there as well. This mechanism accounts for that. > Why not also provide them with expensive cars and exotic vacations? Maybe they should idk. Seems completely…

> If people are to work all kinds of jobs at all levels of income there, then people at all income levels should be able to live there as well. Why should taxpayers subsidize employers unwilling to pay a living wage?

Yes I agree we should force employers to pay living wages.

They're definitely closely related issues but I don't know that you can completely solve for one in terms of the other though.

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

#672

Post by zjaffee »

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…

A huge percentage of the people living in NYC live in income restricted housing, it's in the millions of people.

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

#673

Post by pjmorris »

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…

> The solution is to build more, and the success of Vienna does not come from public intervention but from the added supply.

Population densities (per sq k):

Manhattan: 38000

Tokyo: 6158

Vienna: ~5000

I don't see how supply is Manhattan's problem here.

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

#674

Post by filmgirlcw »

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…

As a New Yorker who had to move to Seattle for a job five years ago and misses the city every single day, I totally agree with you.

I will say, depending on how close you are to a train station, Brooklyn isn’t bad. Yeah, it’s 45 minutes door to door, but you get to walk and listen to podcasts or whatever on the train. As commutes go, it’s definitely doable. But I totally agree with you that many people don’t want to live anywhere else and people who don’t love New York might not understand that, but New York is different from every other major city in the US.

I’m still carless in Seattle (I don’t drive and have no desire to drive) but it’s so much harder (my husband does have a car but I can’t rely on that for my own needs). And although Seattle is somewhat cheaper than Brooklyn (it’s really not but my luxury building in Capitol Hill definitely costs less than a luxury building in Williamsburg foot for foot — I pay about 70% more in Seattle than I did in Brooklyn, however), the things I’ve lost compared to New York are massive. I’ve definitely considered moving back now that I’m at a fully-remote company (that does have office space in NYC), but there are some practical realities about being in Seattle for my job that makes that hard. Maybe when my lease is up next year, I’ll reassess.

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

#675

Post by acchow »

gpt5 wrote: post #265
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.

>Year over year inflation is 9.3% and Fed interest rate is only 1.5%, while it should be 2% points over inflation. This ignores the realities of the market. A much lower rate than 11.3% (e.g. a 4%) would lead to a deep recession due to a shrinking money supply, which in turn would "counteract" inflation.

You don’t need to go to 11.3%. As raise rise, inflation falls (assuming real rates are non-negative, which we haven’t achieved yet)

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

#676

Post by tclancy »

Reubachi wrote: post #558
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…

Also in NH, and I would say my perception is the opposite of your facts.I've spent lots of time all over the city at different times of day/year across decades. I would still say Manchester, Rochester, Nashua ETC are 10x trashier and more neglected than even the most run down alley in Manhattan, Brooklyn, Queens.

I think that would be stretching it, but yeah, everywhere has good and bad. I walked a lot of SF at night when visiting for work and went to some less than savory places that felt no riskier than the worst of Rochester, but that’s a low bar.

That said, I shared a Lyft to the airport pre-dawn one time and where we picked up the other rider was a little more exciting than I would ever want to be.

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

#677

Post by dcow »

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…

Just to provide a 3rd party reaction here: it sounds like you've circularly reasoned yourself into a trap of your own making. You don't want to live anywhere else because you like NYC. Because no other city is exactly like NYC, you aren't interested in living anywhere else. The reason it's "circular" is because there are cities with good transit, good arts, great food, have a tech scene, and even have financial districts and you'd be surprised to find out how well diverse cultures get along in a log of smaller towns across the US (far fewer racial/cultural over/under-tones) and how safe they are (safer than NYC). Yeah, no other place is the center for any of these things save SF being the tech nexus and maybe having better renditions of some types of cuisine. So if you have to be in the center of the world, then yeah, you're not going to find other centers of the world.

For me, personally, I'm disappointed by how few world cities the US has. NYC and Chicago are really it. My silly benchmark for what makes a city a world city is that it operates 24hrs a day (at least parts of it). Chicago barely does but I think it counts. Everywhere else in the US just dies past 10pm and especially past 2am.

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

#678

Post by bufferoverflow »

lancesells wrote: post #668
bufferoverflow wrote: post #636

Earlier quoted context omitted.

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.

> NYC gave up on violent crime. It's Democrat's policy. Could you explain that? Crime is trending down in NYC over the last 20 years. https://www1.nyc.gov/assets/nypd/downloads/pdf/analysis_and_...

Even according to this, murder and manslaughter is significantly up in the last 2 years.

But you're also ignoring the fact that in other parts of the country these crime rates are 1-10% of these numbers. NYC could be much safer, if the right policies were applied.

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

#679

Post by simonsarris »

derekdahmer wrote: post #581
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…

The NYC crime rate varies wildly by neighborhood so I don't think its very useful to compare city-wide crime stats. For example, the felony assault rate is literally 10x higher in parts of the Bronx than on the UES. If you live and work in safer neighborhoods the city will appear to be very safe to you. In NYC the most dangerous areas are pretty far out from (edit: downtown) Manhattan and you'd really have to go out…

> In NYC the most dangerous areas are pretty far out from Manhattan

That's not true, and my stats above are solely Manhattan.

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

#680

Post by eachro »

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).

Consider how laws are set. Politicians answer to their constituents. If the people who live in the city do not want certain things (short term Airbnb rentals here), you can expect them exert pressure on their representatives to make those things go away. That's exactly what has happened in NYC.

The question of "Why do you think that they should have less rights that people that live in the city full-time?" doesnt really matter. Because the reality is that they have no power/sway over the politicians who are responsible for governing the city.

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