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Google Plans Large New York City Expansion

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Re: Google Plans Large New York City Expansion

#321

Post by asdfasgasdgasdg »

jahlove wrote: post #319
asdfasgasdgasdg wrote: post #164

Earlier quoted context omitted.

Nonsense. Most Googler engineers (more than 5% of the workforce) will be making at least $200k take-home after five years or so. This kind of salary can easily pay for a $1.5M home purchase. That won't buy you a four-bedroom in Chelsea, but it can buy you a reasonable home further out. And that's assuming no contribution from your spouse. Now they may choose to rent, as I do, but that's because there are some big fle…

$200k/yr can "easily" pay for $1.5m home purchase? The general rule-of-thumb for how big of a mortgage you can afford is in the range of 2-3x your gross income. [1][2][3]. You're talking about a staggering 7.5 multiple, assuming no down payment. Yes you can accrue a nice down payment after a couple years with that salary, but it's hard to make a huge dent in $1.5m. [1] https://www.investopedia.com/articles/pf/05/0309…

200k take-home in NYC is about 350k gross. And why on earth would we assume no down payment? Surely we have been saving some fraction of our income during the years prior to buying.

Re: Google Plans Large New York City Expansion

#322

Post by benglish11 »

scarejunba wrote: post #317
taurath wrote: post #4

This coupled with the Amazon news is starting to get distressing. With the amount of companies that copycat them it’s like the rich are getting richer and the economic benefits are still going to be concentrated only in the most affluent cities. The rest of the country desperately needs real industry and good paying jobs - and will go to huge lengths to try to get them but it appears nobody can come up with a busines…

> The rest of the country desperately needs real industry and good paying jobs - and will go to huge lengths to try to get them but it appears nobody can come up with a business plan. Got to tell you: few smart people want to live in some anti-civil-rights nightmare where everyone is anti-gay, anti-immigrant, and hopelessly religious. To top it off those states are full of rampant anti-labour provisions: no anti-poac…

There are plenty of progressive cities that aren't SF/SEA/NY/DC.

Philadelphia, Chicago, Denver, Minneapolis to name a few

Re: Google Plans Large New York City Expansion

#323

Post by rustybelt »

TulliusCicero wrote: post #127
taurath wrote: post #4

This coupled with the Amazon news is starting to get distressing. With the amount of companies that copycat them it’s like the rich are getting richer and the economic benefits are still going to be concentrated only in the most affluent cities. The rest of the country desperately needs real industry and good paying jobs - and will go to huge lengths to try to get them but it appears nobody can come up with a busines…

> The rest of the country desperately needs real industry and good paying jobs - and will go to huge lengths to try to get them No they don't. Tax breaks aren't enough. One of the big reasons a lot of people really like NYC is that it's one of the few cities in the US that actually feels like a city. NYC is urbanist in a way that relatively few American cities are (and most of the other cities in this category are al…

Chicago. In the midwest and has the best urban core in the North America outside of New York.

Re: Google Plans Large New York City Expansion

#324

Post by TulliusCicero »

notyourday wrote: post #312
bsbechtel wrote: post #168

Earlier quoted context omitted.

Define economic winner....you mean top line income and area GDP? These places are the most expensive places in the country to live, and quality of living is considerably lower. Incomes may be lower in many areas of the country, but when you consider you can pay $2k/mo on a 5,000 sq ft mortgage instead of renting a 900 sq ft apartment, I don't view these places as economically successful as many perceive them to be.

I lived in other "cities" in the US: Boston, Philadelphia, San Francisco, Los Angeles, Chicago, Washington DC. Here’s why people who can end up electing to live in a place like NYC and here's why the NYC is the economic winner. I pay $3400/mo for 2400 3bd 2bath two floor apartment with a private backyard ( mine ). If I had a car, I could have parked in in a back - I don't because I have 27 zip cars available within a…

This is an excellent effortpost. Thank you.

Re: Google Plans Large New York City Expansion

#325

Post by gregorymichael »

mattkrause wrote: post #278
konamicode wrote: post #233

Earlier quoted context omitted.

> it would fit in the 3x annual income rule for housing affordability Could you please expand on this rule? Where did it come from? Feels like impossibility in some countries.

It’s a oft-repeated guideline in the US that you should spend no more than 1/3 of your income on housing (rent, mortgage + property taxes + ....). It’s not a law and it certainly doesn’t apply to all people or locations. Some lenders might use it as a heuristic though.

Good point. For instance, the Googler in question probably doesn't own a car.

Re: Google Plans Large New York City Expansion

#326

Post by ihatesarcasm »

scarejunba wrote: post #317
taurath wrote: post #4

This coupled with the Amazon news is starting to get distressing. With the amount of companies that copycat them it’s like the rich are getting richer and the economic benefits are still going to be concentrated only in the most affluent cities. The rest of the country desperately needs real industry and good paying jobs - and will go to huge lengths to try to get them but it appears nobody can come up with a busines…

> The rest of the country desperately needs real industry and good paying jobs - and will go to huge lengths to try to get them but it appears nobody can come up with a business plan. Got to tell you: few smart people want to live in some anti-civil-rights nightmare where everyone is anti-gay, anti-immigrant, and hopelessly religious. To top it off those states are full of rampant anti-labour provisions: no anti-poac…

> some anti-civil-rights nightmare where everyone is anti-gay, anti-immigrant, and hopelessly religious.

The fact that you write things like this indicates that you are not truly the type of "smart person" that you obviously consider yourself. The real world is not the caricature that you see from your echo chamber.

Re: Google Plans Large New York City Expansion

#327

Post by CydeWeys »

thaumasiotes wrote: post #113
ramraj07 wrote: post #91

Earlier quoted context omitted.

I'm a tech worker in NYC and none of my firends (except one idiot) pays more than 2500 for their studio apartment within Manhattan. I share a super fancy apartment in a hirise in Brooklyn and pay less than 2K. If you're okay living in Queens you can get a 2BR with less than 1h commute. And this is not even talking about distant Brooklyn, Bronx or jersey (also less tax)

You can also get a 2BR less than one hour's commute away from San Francisco for under $2000 / month.

Is it possible to do this without a car, though? Because in NYC you don't need a car even to live an hour away on transit, and a car is a pretty substantial monthly expense.

Re: Google Plans Large New York City Expansion

#328

Post by hessproject »

lbriner wrote: post #260
TulliusCicero wrote: post #127

Earlier quoted context omitted.

> The rest of the country desperately needs real industry and good paying jobs - and will go to huge lengths to try to get them No they don't. Tax breaks aren't enough. One of the big reasons a lot of people really like NYC is that it's one of the few cities in the US that actually feels like a city. NYC is urbanist in a way that relatively few American cities are (and most of the other cities in this category are al…

> How many of those more conservative/cheaper US cities actually take walking/biking/transit over driving as a serious issue? Do you really think NYC is a good example of this? I found the car traffic horrific, cycling is variable at best and downright dangerous at worst. The subway is pretty amazing but massively under-invested. Even most UK cities which have longer levels of history restricting what can be done for…

NYC certainly isn't perfect, but there's been significant investment in bike infrastructure (and the expansion of citibike) and is quickly improving. Anecdotally, I find I have to plan my trips a little bit, but can get from my apartment in Queens to most places in Manhattan without leaving a protected bike lane for more than 2-3 blocks

Re: Google Plans Large New York City Expansion

#329

Post by closeparen »

ionised wrote: post #110
closeparen wrote: post #102

Earlier quoted context omitted.

Why would a kid stay in the same area after leaving school? That was categorically out of the question for my graduating classes.

Why?

You go to the best college you can get into, wherever it is, and then to the best job you can get, wherever that is. Our city was okay, but our school system and community values were not calibrated to produce contentment with mediocrity.

You might pass on opportunities for social stability reasons in middle age, but as a 22-year-old you jump without hesitation.

People sometimes migrate back when their own kids are school-aged.

Re: Google Plans Large New York City Expansion

#330

Post by CydeWeys »

jswizzy wrote: post #269
tokyodude wrote: post #83

Earlier quoted context omitted.

> and has a dampening effect on rent increase Is that really true? I don't know if this data is accurate but googling "average rent new york city" vs "average rent san francisco" brings up these 2 results as the first hits. They look almost identical. The site claims average rent for NYC is $3634 vs SF at $3735. It also claims prices increased in NYC by 9.46% over last year vs SF at 0.62% https://www.rentjungle.com/a…

Both NYC and SF are rent controlled areas. Rent control is cancer that punishes younger and newer inhabitants while making rent cheap for the rich. In fact, NYC has more vacant apartments than homeless people.

Rent control is much less of a thing in NYC than it is in SF. There are only 27k rent controlled apartments in all of NYC (with its >8M population). More info here: https://www1.nyc.gov/site/rentguidelinesboard/resources/rent...

There are plenty of rent stabilized apartments in NYC, but that's a much different and weaker thing, and isn't comparable to rent control in SF.

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