Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Manhattan rents cross $5k threshold for first time

axios.com

Post reply on HN
Print view View original

941–950 of 1001 posts

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

#941

Post by Aeolun »

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…

> The NYC crime rate varies wildly by neighborhood so I don't think its very useful to compare city-wide crime stats.

I find it amazing that in the US, you can walk from one neighborhood into the other, and suddenly have it be 100x more dangerous.

It’s so apparent that I’m still surprised.

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

#942

Post by remembermylo »

derekdahmer wrote: post #742
helloworld11 wrote: post #737

Earlier quoted context omitted.

Whats up with Manhattans South Precinct (the roughly square section south of Central Park? For just about all of the categories of crime on this map, it consistently ranks as the worst area in the whole city across all five boroughs. Seems weird for this to be happening in a core section of Manhattan itself.

That precinct has Times Square as well as multiple train and bus stations (Port Authority, Penn Station and Grand Central). So tons of people passing through daily, many of whom are easy crime targets like tourists.

My understanding is NY state prisons bus felons being let out at the NYC bus stops here as well. Many of them have no where to go other than homeless shelters and tend to cause crime again.

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

#943

Post by bogomipz »

cstrahan wrote: post #886
bogomipz wrote: post #648

Earlier quoted context omitted.

>"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." This makes no sense. It's a mobile city. You can live on the UWS but have to go downtown to see a doctor, or wor…

I think you and GP are on the same page. GP isn’t saying that life in the city is safe for everyone, the point is that it is safe for some, depending on where they frequent, how/where the commute, etc. If I was thinking of moving to somewhere in NYC, I would want to know just that: could I live there safely? If someone answers that topic with “well, many people are exposed to crime, and it’s really unfortunate, and c…

Except crime is also random. The person that was shot on subway in May was an investment banker who lived in a nice area and had means. He was simply on his way to brunch on a Sunday morning:

https://www.cnn.com/2022/05/23/business/goldman-sachs-employ...

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

#944

Post by j7ake »

nickv wrote: post #437
DeathArrow wrote: post #248

Higher interest rates should lower the prices of homes in the long run, which should translate into lower rents.

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…

Another perverse dynamic: higher rates mean less new developments. Supply stays the same while demand grows in places like NYC would also increase rents.

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

#945

Post by brailsafe »

spaceman_2020 wrote: post #849
brailsafe wrote: post #799

Earlier quoted context omitted.

That's gotta be similarly true for a lot of major cities though don't you think? Vancouver, BC is broadly quite safe, unless you drive, have a car centric cycling route, or walk down certain streets in the downtown Eastside during particular times of the week or day alone

But a city is the sum of all its residents. Saying that the well-off parts of the city are safe and ergo, the city is safe reeks of incredible privilege - that crime is okay as long as the people who suffer from it are the poor.

I suppose that's true, but is it as true if there's literally only one area that most people should probably be much more cautious in for objectively more intense safety reasons or unpredictability?

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

#946

Post by Auracle »

esoterica wrote: post #914
Auracle wrote: post #810

Earlier quoted context omitted.

Woof, the elitism in what you said was palpable. I’m in a rural area. I wear my seatbelt, along with everyone else I know. I don’t even drink. The only people I’ve ever known that have driven drunk were dumb teenagers. I lock my door, but I not only kept my high school car unlocked - I left the keys in it. For two years I did that, and the only time it was “stolen” was when my friends skipped class, used it to drive…

> I remember it being major news when a few houses were burgled when I was a kid. On a per capita basis "a few houses being burgled" in a rural area is probably more burglaries than NYC sees. https://www.bloomberg.com/opinion/articles/2022-06-07/is-new... You are less likely to be murdered in NYC than the average rural area. I don't know where you live and it's possible that your rural area is safer than average, but…

Right, but that was when I was a kid. I'm 34 now and I don't recall hearing of any other burglaries in that area. Just as one neighborhood in NYC can't be compared to another, you can't mix all rural areas in to one "typical" zone.

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

#947

Post by dcow »

GauntletWizard wrote: post #924
dcow wrote: post #918

Earlier quoted context omitted.

Not sure if you've heard the term before but it's a real thing and it doesn't just mean "party zone": https://en.wikipedia.org/wiki/Global_city . More or less the effect of being a world city that's an economic/financial hub is that you have an emergent 24/7 network of services operational to support it. > except in a few specific areas Yeah that's what I meant. I don't mean "the whole city is awake". I mean that the…

London is #2 in your list, and barely any of it qualifies by your definition. You won't find 24 hour services in most parts of London. You will find a downtown with a 24 hour pharmacy and a couple 24 hour drive thrus in my small town outside Seattle (and no 24 hour drive thrus or delivery within city limits). You've got a very cosmopolitan view of what the world is. You should consider changing that.

Why do you sound so angry? You've totally missed my point and really sounds like you just want to argue for the hell of it zzz. It's fine if you don't understand what I'm saying but why the grief? I literally live in the middle of nowhere, incredibly cosmopolitan I know, and also have access to 24 hour gas stations and a few fast food joints. I have lived in an Alpha- city (see: https://en.wikipedia.org/wiki/Globalization_and_World_Cities...) and visited multiple Alpha and Alpha+ cities, and New York and London, though. And what I'm describing is not a "cosmopolitan view of the world", it's an observation that there are some cities which achieve a density whereby there is a sort of nighttime undertone of life that you can't really feel in less dense places. It's much more than "just a pharmacy and McDonalds" open 24 hours. If you've never felt it then I'm sorry, you probably can't relate. It doesn't mean my entire anecdotal experience and worldview needs changing... I don't even know how to do that because I'm simply relaying my experience not making any assertions about validity or worth of other places in the world. I'm fully aware most people in the world, including me, are quite happy not living in a world city. Sheesh...

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

#948

Post by chii »

roywiggins wrote: post #225
chii wrote: post #109

Earlier quoted context omitted.

> 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...

> all else being equal.

if rents rise, and other CPI items also rise, then it's not true that this is "all else being equal". If other items also rise, it means that there's more money being spent, which implies that people have more money to spend, and thus, income must be rising.

If rent rises are offset by costs of other items going down, then CPI won't rise - and this would happen if the rent is consuming more proportion of income, and thus, less is left available for the other CPI items.

I dont know which situation we are currently in today. I suspect that income is rising, and thus, inflation is high. Increasing rates would push up rent, but not push up income, and thus the proportion of rent vs income grows higher and thus lower inflation (in the future).

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

#949

Post by [deleted] »

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).

[deleted]

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

#950

Post by kyawzazaw »

jallen_dot_dev wrote: post #460
kyawzazaw wrote: post #365

Earlier quoted context omitted.

It keeps the market rate high for other units/properties.

That does not make sense from a game-theoretic standpoint. You would be helping other landlords at your own expense. It would be better to let other landlords make that sacrifice and rent our your own properties for as much as you can get.

that's the thing. They are okay with helping other landlords because they themselves hold other multiple properties. There is more benefits by having the rates high than losing money on a few units.

It totally makes sense for the rental property owners.

Post reply on HN