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Rent collections are down in New York

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Re: Rent collections are down in New York

#291

Post by ashdksnndck »

PeterStuer wrote: post #278
digitaltrees wrote: post #249

Earlier quoted context omitted.

That’s a bad example. Detroit isn’t an example of over building it’s an example of eroding the demand across the entire economy by outsourcing jobs. There is a big difference between a city with full employment with a robust consumer base that happens to have a ton of housing hit the market and one that has it’s entire bedrock industry carved into pieces over several generations. If you want a valid example look at A…

Austin sure has become so much more affordable ... Wait!

The rent in Austin is 22% lower than it was 3 years ago.

Re: Rent collections are down in New York

#292

Post by alexashka »

nikkwong wrote: post #258
alexashka wrote: post #220

Earlier quoted context omitted.

> Yes I’m doing it for the money Right, so not well meaning. You said well meaning. You're taking that back. Correct? You're upset at someone maximizing money at your expense. You like it when you maximize money at someone else's expense just fine. Correct? The world's smallest violin is playing. Please no 'I'm providing a valuable service' argument. We've already established your only interest is money.

I never said my only interest is money. At your job, is your only interest money? Do you not feel a social obligation to your coworkers; want to do good for your teammate and your company? Again, talk about a stupid take, as if humans are one dimensional like that. Corporate landlords and hedge funds that own apartment sky rises are probably only in it for the money. You can't say the same thing about every small lan…

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Re: Rent collections are down in New York

#293

Post by CalRobert »

oatmeal1 wrote: post #250
digitaltrees wrote: post #213

Earlier quoted context omitted.

The solution is pretty simple: build and unreasonable amount of housing. And entirely new cities. America has enough land. We could build new infrastructure, give people lots of land or build houses like we did in the 40s and 50s. Of the price of a house was brought down to 1x the annual salary of the median individual income some of these problems wouldn’t exist. We need to flood the system with investment and inven…

America doesn't need new cities. There is an unbelievable amount of space wasted within every city and any urban planner can show you. Development policy in the 40s and 50s was backward and we continue to suffer the consequences today.

Absolutely, but it's easier to build quality mixed use development and walkable, bikable neighbourhoods when you don't have thousands of NIMBYs screaming down every proposal.

Re: Rent collections are down in New York

#294

Post by vachina »

BoxFour wrote: post #98

> The uptick in rental delinquency isn’t new. It started six years ago It has nothing to do with Mamdani, for those of who don't want to bother to read. Most of this occurred under Eric Adams's watch. Anecdotally, I do think covid made people a lot more aware of how deeply backlogged the housing courts are. It seems like a lot of people (like the anonymous one in the article) realized they could not pay rent and avoi…

It’s fascinating that America can be the world’s superpower(?) and yet huge swathes of society still live in unstable conditions like this.

Re: Rent collections are down in New York

#295

Post by ptsneves »

youre-wrong3 wrote: post #282
mullingitover wrote: post #227

Earlier quoted context omitted.

> We've tried free housing before - it suffered tragedy of the commons. Not paying means no ownership means subjugation to the worst actions of the worst members of society We tried cramming people from generational poverty into one place and it didn't go super great, therefore public housing as a concept must be the failure, and not our hilariously bad implementation? Singapore, Austria, Finland, and even a number o…

Singapore doesn’t have crime like the U.S. There is also no free public housing. You still must work and the housing is subsidised. But not free.

Why bother with such details? Class warfare is right, and details are details. /sarcasm

For example mixed income housing is really nice for “us” that have been in generational poverty. For “them” it is just living with signals of alcohol abuse, domestic abuse and more. All while their children get a good front seat into “empowerment”.

With sarcasm over, details matter, complexity matters, social assistance matters, a contingency plan for total failure to rehabilitate some people matters.

Many people would benefit from the Northern European style of institutionalisation where if incarcerated people would need to go to isolated communities and learn to buy groceries, cook a meal take care of personal hygiene (in Sweden they literally have prison islands where inmates have houses and must live as they would in the outside world. Then progressively move to temporary shelters to get their footing and then be released. If need be put those people in the countryside.

As a personal experience: Many German youths get sent to the middle of Portugal when their environment leads them astray. In the countryside there is a publicly funded host family or community to receive them and they have to learn trade jobs like being a painter or a plumber and get pushed into an normalised environment. There is no access to drugs as well in the middle of nowhere. There is alcohol but in the next morning there is work to do and people who are waiting for you. I met some of those youths when I was young and it always struck me that a good solution for failed communities in urban environments was to break them apart and scatter them into other more rural communities in such small units (family at most) that their habits would not impact the locals and that the habits could not be fulfilled as a matter of fact. Where are you going to hang out at night in a village of 1k? There is housing but you likely need to repair it; the locals will lend you a hand but they will exert peer pressure for you to normalise.

There is no need for class warfare. But there needs to be a warfare against antisocial self destruction behaviours.

Re: Rent collections are down in New York

#297

Post by woodpanel »

pyrale wrote: post #276
woodpanel wrote: post #242

Earlier quoted context omitted.

No one absolutely no one considers that to be remotely true. Look at French banlieues, German Plattenbauten or British Councils - they are synonymous with Crime and physical as well as cultural despair. And while Vienna or Stockholm are often cited as Utopias, the citees often intentionally leave out the negative side effects (ie. Waiting-times of years, housing black markets, etc) that are eventually coming full cir…

> Look at French banlieues, German Plattenbauten or British Councils - they are synonymous with Crime and physical as well as cultural despair. Sure, because what existed before was absolutely fine [1][2]... The truth is that these policies worked so well that pepole completely forgot what existed before. The alternative to housing projects wasn't a country without crime or despair, it was more crime, shanty towns, p…

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Re: Rent collections are down in New York

#298

Post by tovej »

youre-wrong3 wrote: post #284
BobaFloutist wrote: post #136

Earlier quoted context omitted.

It's been exceptionally successful in Singapore, for one.

Singapore doesn’t have social housing. HDB is government built and sold for 99 year lease hold.

You're describing a form of social housing.

Re: Rent collections are down in New York

#299

Post by tancop »

jjav wrote: post #281
pixelatedindex wrote: post #152

Earlier quoted context omitted.

I’m not denying any of that. If you don’t pay rent it makes sense that you’re evicted. This is completely okay with me, and the city should change their rules around it. The issue is that housing is a necessity, and the relationship isn’t an equal one. A landlord can usually absorb vacancy, repairs, or a bad investment decision; a renter can’t easily absorb losing their home or a sudden 20% rent increase.

> a renter can’t easily absorb losing their home or a sudden 20% rent increase Right, so let's pass laws (where not already in place) that prevent sudden eviction (e.g. nobody should be able to be evicted if they are a few days late or even a few weeks) and prevent sudden 20% rent increases. No need to pass laws that prevent eviction for years. We can solve all these problems without causing other problems.

the obvious middle ground is preventing eviction until a new tenant is found. if you owe 3 months of back rent your landlord can put up your apartment but you can stay there as long as nobody takes it. if you pay back your debt they have to cancel the listing and keep your lease. that way theres less empty apartments and homeless people putting pressure on support systems.

Re: Rent collections are down in New York

#300

Post by th0raway »

digitaltrees wrote: post #213
epsteingpt wrote: post #198

For those looking for the actual data. It's from 2024 - says nothing about the current situation. * ~37K affordable housing units (baseline) across ~400 projects * 89% rent collection rate (down from 90.6% in 2023) * That's 600 units that went 'delinquent' in 2024 - assuming a $24K 'base' rent (just a guess) that's $15M in lost rent. * Deeply troubled projects (that can't survive without this rent) are at 11% - seems…

The solution is pretty simple: build and unreasonable amount of housing. And entirely new cities. America has enough land. We could build new infrastructure, give people lots of land or build houses like we did in the 40s and 50s. Of the price of a house was brought down to 1x the annual salary of the median individual income some of these problems wouldn’t exist. We need to flood the system with investment and inven…

America already has plenty of cities that aren't doing very well, and aren't getting migration, so new cities aren't going to help. There's plenty of cheap housing inventory in the US, just not in the places where the jobs are.
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