Earlier quoted context omitted.
mil is mill rate = $1 per $1000 of assessed value.
TIL! Never heard of it referred that way before
The correct term is "per mil" or "per mille" (‰), equivalent to "per cent" (%).
A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K
441–450 of 450 posts
Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K
#442Earlier quoted context omitted.
i live in NYC and have traveled to plenty of other international cities. none of the things that you're saying are true compared to my experiences (or those of my friends) in any way that i can think of as meaningful. the only city i've been to that feels like it's captured the same "vibe" as NYC, for me, has been Paris. Tokyo was more impressive in its sprawl and history (and obviously cleanliness), but there is a s…
I was born in Manhattan and lived in the city for over a decade and still own an apartment downtown. I know a thing or two about the place. It's cool that you get a vibe from being a transplant here for a couple years, that has literally nothing to do with anything I said. The lawlessness is also quite a different experience for women--I am guessing having random guys off the street try to force your door open and fo…
With the caveat that I moved away (due to work) a little under a decade ago... what you describe doesn't match my experience with NYC at all. Maybe back in the 80s, before it was cleaned up... but I was less frequently there back then. Before you said you lived in the city, the message from your first post made me assume you were talking about the city as someone who learned everything they know about it from the news.
Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K
#443Earlier quoted context omitted.
when in doubt,claim the other person is angry. Apparently I'm angry that other people spend a lot more than me to live in a nice neighborhood in a nice house? rawr, why is my life so much better than the people in NYC!?!?!? When it's all done I'm still going to believe food is more important than a brand new car. I'm comfortable knowing things are true. Personally, if you're not a coward you'll proclaim here and now…
Your comments look pretty angry to me, with lots of extra punctuation, ridicule, and insults. It's too bad we can't connect right now. I think you have some good points, but not to the exclusion of others. Have a good one!
so not willing to make that proclamation.
Of course not, you know how heinous that position is, but it's the direct result of what you're arguing here, that we can't make judgements like that.
instead of reading my posts as angry, read them as a complete and utter dismissal of your argument. It has no merit and it's easy to see because you won't make the proclamation that's the obvious result of your stance.
Your argument is just nihilism in a funny dress.
A poor person is _forced_ to strip down to the bare essentials. Middle class _should_ do the same but they have enough money that they can afford the delusion until they can't (lifestyle inflation) due to losing a job, unforeseen expenses (medical bills, for example). The wealthy can do whatever the hell they want because the unforeseen expenses and job loss are a blip to them rather than an existential crisis the way it is for the middle class and poor.
IOW, just because someone is not willing to forego something does not imply it's an essential, it implies they have a preference they won't compromise on. That may or may not be a good decision, but people make poor decisions all the time.
I drive a 2004 corolla, early in 2023 I decided I needed a minivan and purchased a 2007 Honda Odyssey and then paid to have it fixed up. The GPU in my gaming machine was literally more expensive than the initial purchase of that Odyssey.
I'm a tech person and a gamer, I was not willing to compromise on the GPU but at no point was I ever under the delusion that made it an essential. it's like sneaking that candy that you know you probably shouldn't eat, it's a guilty pleasure.
On the flip side, if someone tells me they can't leave NYC because of family, I absolutely get it.
Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K
#444Earlier quoted context omitted.
The problem is that you are playing a word game that ignores anything that actually matters. Thereby destroying any interesting conversations that could be had about a topic. And you are doing it in the worst way possible where you get to be technically correct, but correct in a way that is completely irrelevant to what anyone else is saying and is also worthless. Here is how this conversation basically went. Other p…
It's hard to penetrate to the heart of the matter, because I'm not sure what you are saying. > Other person: "I like these very common qualities about housing that many other people also like. This is proved by the fact that houses with all these qualities have much higher demand and price". That's backwards. The other commenter was saying their home was less expensive and larger than what was in NYC, and therefore s…
you go on and on about scales and act as if the context wasn't clear. my post was about affordability and price/sqft.
What you're doing is called post-hoc rationalization. You took issue with the idea of me telling people to move if they can't afford a house and tried to back into all sorts of reasons why that's not possible and tripped over the philosophy of nihilism in your haste.
Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K
#445Earlier quoted context omitted.
I pay $500/month for a very similar setup, but mine is a 2 bed, 1 bath with a 1 car garage, lol. The corner lot, cop neighbor, and close fire department are all familiar though! Moving to a LCOL is always my recommendation as well.
I rent single room for $500 in Poland. Seems like we’ve buble here.
Before moving into my house, I rented a 2 bedroom apartment in the same town for $700/month. Low interest rates during Covid meant I could get a 30-yr fixed mortgage at 2.25%, and the mortgage payments would end up being cheaper than my rent. Rural development grants introduced a few restrictions on what houses I could choose, but made it possible to buy a house in my 20s with no down payment at all. Seemed like a no-brainer!
Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K
#446Earlier quoted context omitted.
It's expensive these days. I lived in one of these buildings for 11 years: https://www.bhsusa.com/brooklyn/brooklyn-heights/60--66-clar... Now the set of 4 buildings is on the market for $25,000,000. If you click to the brochure, you can see the rent that each leased unit pays, about $100,000 per month across the set of buildings. Property taxes + other expenses are around $400,000 a year. So without a mortgage, you…
So you have a return of 3.2% on investment, which is in line with inflation. Not a particularly good investment I guess.
3.2% yield which likely is real yield as it grows with inflation in the long term. And the underlying property price also growth with inflation (with incomes, really, so higher than inflation).
So 3.2% real yield - which is not much lower than the earnings yield on stocks, but with the ability to go heavily leveraged without being exposed to the rapid margin calls in equities. (It's no surprise that many multi-millionaires got their start by developing/renting out property.)
Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K
#447Earlier quoted context omitted.
So you have a return of 3.2% on investment, which is in line with inflation. Not a particularly good investment I guess.
3.2% yield which likely is real yield as it grows with inflation in the long term. And the underlying property price also growth with inflation (with incomes, really, so higher than inflation). So 3.2% real yield - which is not much lower than the earnings yield on stocks, but with the ability to go heavily leveraged without being exposed to the rapid margin calls in equities. (It's no surprise that many multi-millio…
S&P annual return is 8% on average.
A good hedge fund would be able to offer higher than that still.
Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K
#448Earlier quoted context omitted.
All of this sounds well and good until you see the natural conclusion of those policies to keep old people from having to pay for their dragon hoarde. It turns your city into the Bay area where no one can afford to live there except the landed gentry you've created.
You need to fix the problem, but fixing it by Prop 13 has numerous issues. If it had been deferred as a lien against future sale/inheritance, or didn't apply to commercial properties, or ...
Fixing the "problem" of people not moving out when the area prices go up is exactly the problem itself.
The issue is availability of property flat out. As long as there's no incentive to make affordable property available, every actor wants their property values to rise and cares little for the negative effects it has on everything else.
Those property taxes exist for good reason because you have to be able to pay for the services / infrastructure from it. Without those matching the area, problematic spirals occur.
Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K
#449Earlier quoted context omitted.
Why don’t they issue a loan then, and get paid back with interest? It’s insane that our system, by design, has an underclass that is earning WAY less because they can’t afford the entry price for a home, so all their rent for years and years goes into someone else’s pocket instead of their own equity. IMO
For the same reason the banks won’t lend to the same people. Sure, some renters can qualify for a home loan and choose not to, but not all can. And it’s much much much easier to eventually evict someone and lose thousands than to try to get loaned money back from someone who is judgement proof, losing hundreds of thousands.
I’m assuming you’re also not in the business of having long fundamental disagreements on days old posts so I won’t try to convince you, but just so you can see my perspective: I think you’re focusing too much on the microeconomic dynamics in your defense of the system, when we want a macroeconomic overhaul. In other words, at some level socializing that risk to solve this huge inequity.
I think you’d agree that we could fund a national/regional/global system that would provide a sufficient safety net for a system where everyone is paying into some kind of equity for their land. You just don’t agree that it’s worth it / sets the right incentives / a bunch of other reasons I could never think of that I’m sure are sound. But I hope you see why taking the “but everything’s on fire!!!!” macro perspective is appealing in theory :)
Re: A rent-stabilized 1 bedroom apartment for $1,100 In NYC? broker's fee is $15K
#450Earlier quoted context omitted.
The problem is that you are playing a word game that ignores anything that actually matters. Thereby destroying any interesting conversations that could be had about a topic. And you are doing it in the worst way possible where you get to be technically correct, but correct in a way that is completely irrelevant to what anyone else is saying and is also worthless. Here is how this conversation basically went. Other p…
It's hard to penetrate to the heart of the matter, because I'm not sure what you are saying. > Other person: "I like these very common qualities about housing that many other people also like. This is proved by the fact that houses with all these qualities have much higher demand and price". That's backwards. The other commenter was saying their home was less expensive and larger than what was in NYC, and therefore s…
> The other commenter was saying their home was less expensive and larger than what was in NYC, and therefore superior
Ok and it is less expensive because it doesn't have other qualities that are in demand by other people in the market.
And someone coming along and saying "well everything is relative! " Is a worthless comment.
It is worthless because it is perfectly fine to talk about common qualities that are in demand by the market.
> without some scale on which to measure it
The scale that everyone is obviously talking about is market demand.
It is ok to talk about market demand and commonly demand qualities.
> the best part of human interaction is learning about people and points of view I don't already know
Ok and this has nothing to do with the completely objective measurement of looking at market demand.
It is an irrelevant point that does nothing but distract from what everyone else is talking about.