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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

#971

Post by samstave »

colinmhayes wrote: post #759
samstave wrote: post #647

Earlier quoted context omitted.

What % of available living space is not lived in, and further what % is owned by foreign nationals. I know that in MANY countries, one is precluded from owning any property if not a citizen. Obviously this leads to a bunch of corruption issues with bribing and marrying nationals for access to property, but the USA has literally zero control on property ownership. You know how much foreign money laundering is done thr…

My quick google says 4% of apartments are vacant in nyc. Got to believe the vast majority of that is structural vacancy while landlords clean units and look for new tenants. feels like a none issue to me.

Nit: 4% of "apartments" - means "apartments that are available from landlords seeking to rent to rentors and likely consitute the available inventory that is unable to churn, due to already being either overpriced, or shit-holes nobody wants to live in."

this is a different metric than:

What % of luxury "apartments" are uninhabited in extremely high cost situations where an average person isnt renting the "apartment" - but laundering money by owning such place and paying a tax placeholder fee...

And in addition CHURN

What % of apartments are experiencing churn and whilst during so, what is the rent increase on each new wave of tenants...

This would be a really intresting tower defence game.

You are the landlord/super/scumlease

You have apartments that will constantly dwindle in desireability

so you have upkeep.

You can accept the upkeep cost, or, for a lesser price, evict the current tenant and accept a new tenant at a fraction of the upkeep cost to keep revenues going into the future with % rates you like that keep you slum lord-ship going... or you kill them all, demolish and build a new building gentrify the neighborhood and blame it on rats, older policies etc...

We need a TRUMP LORD 2000 NYC SIM module.

Instead of installing new sewar, water, fire PREVENTION systems

You are needed to install new RAT, SUPER, COP-INTERFERENCE-BRIBERY schemes to keep your shit going...

Like the trump Water Heater Scandal. (this buildingz gunnaz needz a newz water heatahz...

My cousin tony iz dah only guyz who gunna do dis

Pay mah kidz what dez needz be paid, and you can stay)

---

THIS IS AN ACTUAL THING THAT HAPPENED IN NYC

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

#972

Post by gffrd »

illamint wrote: post #553
neilparikh wrote: post #502

Earlier quoted context omitted.

> I feel you here. I'm a relatively new NYC resident and worried that I'll be "ruined" forever. I've otherwise lived in Toronto and Seattle. Just out of curiosity, what do you think NYC has that Toronto or Seattle don't have? And what are you thoughts on Toronto vs. Seattle? Personally, I've lived in Toronto (which I loved), and visited Seattle for a few days (which I liked, but hard to say from a short visit), so cu…

Recently moved to Seattle from NYC. I'm enjoying Seattle, but it's a joke of a city compared to NYC. Seattle's public transportation—while improving with light rail—pales in comparison. Seattle is, overall, pedestrian-hostile. There are neighborhoods that are themselves walkable, but sidewalks will disappear when walking between them, or you'll be forced into situations where you're uncomfortably close to high-speed…

> Seattle is, overall, pedestrian-hostile

Seattle looooves to pat itself on the back for being pedestrian/bike/commuter-friendly … but it has a VERY low standard for "friendly."

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

#973

Post by samstave »

colinmhayes wrote: post #801
bern4444 wrote: post #444

The primary driver of my view on real estate is that it should not be treated as an investment grade security. Attempts to leverage real estate as an investment grade security should be outlawed by the government. Owners of rental units should be limited to a maximum number of units at any given time. For an individual I would say 5 to 10 units. For a corporation, I would want it limited to something like 50. The goa…

NYC apartment vacancy is at 4% compared to 6% nationally. The “vacant apartments and foreign owners are cashing rents to go up meme” is a straight up conspiracy theory. We need to build more units. It’s really that simple. Any regulation that leads to less units should be heavily reconsidered. Limiting the number of units someone can own would be horrible for increasing supply.

"`The “vacant apartments and foreign owners are cashing rents to go up meme” is a straight up conspiracy theory."'

Please refute with data

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

#974

Post by samstave »

colinmhayes wrote: post #794
pyrophane wrote: post #494

It used to be the case that NYC was expensive, but most of the rest of the country was cheap. If you didn't want to pay the ridiculous rent in New York, you could always move to a "second tier" US city like Seattle, Austin, or Denver, and enjoy a cool urban environment at a comparatively very reasonable price. That no longer seems to be the case. Yeah, it is expensive here, but when I talk to my friends living in tho…

I’m paying $1600 for a 3 bed in one of chicagos hottest neighborhoods. The trick is density, Chicago is made up of 3/4 flats and apartment blocks with solid public transport, so supply meets demand at a reasonable price. Of course the shitty weather and corruption helps lower demand too, but I’d say $600 a month housing cost is worth it.

And you have a yard? A parking spot? A walkable food thing? A friend networks whereby you loan tools? Rent Tools? A network of people who will help you when down/sick/hurt/displaced?

You're paying for an accentuated CELL in urban hell.

Just because you have a "dope spot to show how urban your display is"

You dont have shit.

Cut off all your power, access to food stuffs, equipment, necessities (pwr, wtr, fd, transport)

Yeah, you have a death-trap.

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

#975

Post by samstave »

colinmhayes wrote: post #794
pyrophane wrote: post #494

It used to be the case that NYC was expensive, but most of the rest of the country was cheap. If you didn't want to pay the ridiculous rent in New York, you could always move to a "second tier" US city like Seattle, Austin, or Denver, and enjoy a cool urban environment at a comparatively very reasonable price. That no longer seems to be the case. Yeah, it is expensive here, but when I talk to my friends living in tho…

I’m paying $1600 for a 3 bed in one of chicagos hottest neighborhoods. The trick is density, Chicago is made up of 3/4 flats and apartment blocks with solid public transport, so supply meets demand at a reasonable price. Of course the shitty weather and corruption helps lower demand too, but I’d say $600 a month housing cost is worth it.

>* so supply meets demand at a reasonable price*

You have no idea of what "price" means.

`I killed your mother in front of you because she was attempting to stop your father from doing X... but at what PRICE?`

Put a price on your [everything]

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

#976

Post by knowledge-clay »

jononomo wrote: post #967
knowledge-clay wrote: post #299

Earlier quoted context omitted.

The median individual income in NYC is $34k. In Manhattan, it's $52k. Making 200k puts you in the top 5% of earners in New York City.

Ok, I'll revise my statement: it doesn't make sense to live in Manhattan if you're not making at least $200k/year consistently and you're over the age of 30. It might make sense if you're 24 and you're happy living with roommates in a $3k/month studio that has been converted into a 3-bedroom (which I have actually seen). And if you want to have a family with 3 kids, then you'd better be pulling down $800k annually.

A lot of people in New York get by with a lot less. $800k for a family of 5 is nearly six times the median income for that family size in NYC. If that's your idea of "getting by", your perspective is wildly distorted from the average New Yorker, much less the average American.

https://www1.nyc.gov/site/hpd/services-and-information/area-...

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

#977

Post by filoleg »

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.

There is a massive difference between "an overall very safe city with a few small dangerous neighborhoods/areas" and "an overall dangerous city with a few small safe neighborhoods/areas".

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

#978

Post by filoleg »

Dylan16807 wrote: post #938
fritztastic wrote: post #739

Earlier quoted context omitted.

NYC gets dozens of millions of visitors annually, in addition to people commuting in daily and people transiting through the city. So, while the number of crimes is high, the number of people actually in the city at any given time is multiple times the number of people who reside there. Probably the total number of people in the city anually is 10x the people who live there. I'd also factor in the numbers are higher…

> Probably the total number of people in the city anually is 10x the people who live there. That number doesn't really matter, does it? I'd think the average number of people there each day is much closer to the relevant number.

> I'd think the average number of people there each day is much closer to the relevant number.

Yes, and that "average number of people there each day" would include all the non-residents/tourists in the city. Which is a non-trivial number at all for NYC.

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

#979

Post by dcow »

nradov wrote: post #954
dcow wrote: post #911

Earlier quoted context omitted.

It's not universally advantageous and I never said it was. I think you're missing my point. If someone is looking for a world city, there aren't very many in the US. I didn't say I am looking for them or that you should be looking for them. I am suggesting that the original commenter is looking for them and struggling to find them. My comment is simply that: a comment about how I'm surprised there aren't more world c…

The definition of a "world city" is arbitrary and pointless. No one cares.

You seem to care to the point of it trigging a defensive reaction on your part. I didn't know I was entering the hornets' nest. I had no idea this was a touchy topic for some people.

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

#980

Post by washadjeffmad »

rendang wrote: post #371
washadjeffmad wrote: post #35

This is average apartment rent. In the mid-2000s, that was our rent for a five bedroom house in Sugar Hill.

Funny seeing this! In 2010 I lived with a group in a five bedroom house in Sugar Hill on St Nicholas Pl for about $6000

Off W 145th?
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