31–40 of 52 posts
I've never lived in NYC - are median studio apts in West Village really $6k? Website looks awesome but I'm hoping that the data isn't true
Walk a few minutes north from there, and you'll reach hell's kitchen. Much much cheaper.
Just build more. Sure.
Earlier quoted context omitted.
Some of it has to do with the FARE bill making broker fees illegal. That should account for a 5% of the increase. NYC has negligible vacancy rates and airbnbs are already illegal. Sounds like a supply problem. The supply problem gets clearer when you realize how quickly the jersey side has grown. It's because NYC has no supply. I have no proof for this, but lots of influencer types, nepo babies and people with remote…
Just to piggyback some info onto the FARE Act that the NYC City Council passed because I think it's interesting when talking about the second-order effects of some regulations. For those of you who aren't familiar with this Act, NYC has been an outlier in the US where the tenant would pay a broker fee to rent apartments that were listed by a broker. The odd thing about it has been that it's not the tenant who would h…
Like tariffs, all taxes are eventually paid by the customer. But landlords are more capable of applying price pressure on brokers than random renters. It incentivizes landlords to hand out longer leases, which gives renters more security and fewer avenues for eviction. Won't be surprised if a software company (like streeteasy) takes over the ops side of the brokering business and drives the per-sale price waay down. Seems like an obvious startup idea.
Earlier quoted context omitted.
Some of it has to do with the FARE bill making broker fees illegal. That should account for a 5% of the increase. NYC has negligible vacancy rates and airbnbs are already illegal. Sounds like a supply problem. The supply problem gets clearer when you realize how quickly the jersey side has grown. It's because NYC has no supply. I have no proof for this, but lots of influencer types, nepo babies and people with remote…
Just to piggyback some info onto the FARE Act that the NYC City Council passed because I think it's interesting when talking about the second-order effects of some regulations. For those of you who aren't familiar with this Act, NYC has been an outlier in the US where the tenant would pay a broker fee to rent apartments that were listed by a broker. The odd thing about it has been that it's not the tenant who would h…
It might be unusual in US, but it is a standard thing in Russia: a tenant pays the fee and landlord pays nothing. I always thought it was the same everywhere. However, when selling the property then the seller pays the fee.
As for high prices, isn't it caused by the fact that everybody wants to live there but there is not enough properties for everyone? If the rent in place A is 3 times higher than in place B it means that people want to live in A and whoever lives in B is there only because they cannot afford living in A.
Earlier quoted context omitted.
Not sure why you are dating it there. For one thing, housing prices in NY fell from 2007-2012 so it hasn't been monotonic since the 90s to today. Secondly, housing costs in NY tripled from 1980-1988, which is the same ratio as 2000-2025, but in a third the time.
>Secondly, housing costs in NY tripled from 1980-1988 Doesn't this correlate with the steep drop in crime around that same time period?
I've never lived in NYC - are median studio apts in West Village really $6k? Website looks awesome but I'm hoping that the data isn't true
NYC is deceptive. It's dense, so you don't realize you're crossing a city's worth of people in a 10 minute walk. Median studios in Beverly hills being $6k wouldn't surprise anyone. The Tribeca-Greenwich-West village-Chelsea stretch effectively the same. Walk a few minutes north from there, and you'll reach hell's kitchen. Much much cheaper.
Earlier quoted context omitted.
Just to piggyback some info onto the FARE Act that the NYC City Council passed because I think it's interesting when talking about the second-order effects of some regulations. For those of you who aren't familiar with this Act, NYC has been an outlier in the US where the tenant would pay a broker fee to rent apartments that were listed by a broker. The odd thing about it has been that it's not the tenant who would h…
Thanks for adding context. On the balance, I think it's a good bill. Like tariffs, all taxes are eventually paid by the customer. But landlords are more capable of applying price pressure on brokers than random renters. It incentivizes landlords to hand out longer leases, which gives renters more security and fewer avenues for eviction. Won't be surprised if a software company (like streeteasy) takes over the ops sid…
Re the startup idea, agree fully. Zumper sort of tried what you're describing on the lease side in NYC. I interacted with them around the time they launched that effort and thought it was a bit rough around the edges (when is it not when you try something new?). Not sure if they're still doing it or how the FARE Act would've impacted them because I don't quite remember how/if they were using the software/marketplace to drive down the broker fee or just trying to capture the fee as-is (I think the former but not sure).
I've never lived in NYC - are median studio apts in West Village really $6k? Website looks awesome but I'm hoping that the data isn't true
> I've never lived in NYC - are median studio apts in West Village really $6k? Website looks awesome but I'm hoping that the data isn't true The West Village is one of the most expensive neighborhoods in the country. In around 2010, it was the most expensive zip code in the country. That's due to a combination of: old buildings, very little new construction, extremely gentrified neighborhood, and NYU eating up all of…
Earlier quoted context omitted.
Just to piggyback some info onto the FARE Act that the NYC City Council passed because I think it's interesting when talking about the second-order effects of some regulations. For those of you who aren't familiar with this Act, NYC has been an outlier in the US where the tenant would pay a broker fee to rent apartments that were listed by a broker. The odd thing about it has been that it's not the tenant who would h…
Thanks for adding context. On the balance, I think it's a good bill. Like tariffs, all taxes are eventually paid by the customer. But landlords are more capable of applying price pressure on brokers than random renters. It incentivizes landlords to hand out longer leases, which gives renters more security and fewer avenues for eviction. Won't be surprised if a software company (like streeteasy) takes over the ops sid…
Earlier quoted context omitted.
Just to piggyback some info onto the FARE Act that the NYC City Council passed because I think it's interesting when talking about the second-order effects of some regulations. For those of you who aren't familiar with this Act, NYC has been an outlier in the US where the tenant would pay a broker fee to rent apartments that were listed by a broker. The odd thing about it has been that it's not the tenant who would h…
> For those of you who aren't familiar with this Act, NYC has been an outlier in the US where the tenant would pay a broker fee to rent apartments that were listed by a broker. It might be unusual in US, but it is a standard thing in Russia: a tenant pays the fee and landlord pays nothing. I always thought it was the same everywhere. However, when selling the property then the seller pays the fee. As for high prices,…
Totally true on high prices. I was only trying to point out that the goal of that FARE Act, or at least a major goal of it, was to keep tenants from having to pay junk broker fees, with the assumption that would lower the overall cost of housing. It might actually be doing the exact opposite, though still too early to tell (only went into effect in June).