From CBS New York:
The fact that renting an apartment in New York City is expensive is as obvious to most people as the fact that the sky is blue.
But a new report by the real estate research firm Reis Inc. said rental prices just went up.
The average rent for an apartment in New York City – excluding Staten Island – was up to $3,017.19 per month, according to a Reuters report.
By comparison, the average rent nationwide is $1,062 per month.
Landlords charge such high prices in the city because of demand. The vacancy rate in New York City is only 2 percent – half of the nationwide vacancy rate.
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- Who builds a house like this?
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8 comments:
Not to mention the nearly 300,000 -truly- affordable units lost thanks to Pataki/Brino's vacancy decontrol.
All of the empty promises from developers can not make up for this loss.
But here's the rub: if you don't want overdevelopment, where are you going to put the new housing supply?
That's 36K after taxes just for rent. I hope that includes heat and hot water!
I saw an illegal apartment in North Flooshing without a kitchen for $900/month! The person renting it out, he being perhaps the primary renter of the basement, basically indicated that cooking was not allowed. There wasn't even a microwave. And it was currently occupied!
"But here's the rub: if you don't want overdevelopment, where are you going to put the new housing supply?"
We have plenty of units to house people. The problem is that we're giving tax breaks to developers of luxury units, many of which are sitting empty or are used as second homes by rich foreigners.
"We have plenty of units to house people. The problem is that we're giving tax breaks to developers of luxury units, many of which are sitting empty or are used as second homes by rich foreigners."
Article says though that NYC vacancy rate is half of the nation-wide rate, which does not support your assertion. Sure there are a few LIC boondoggles where the developer is ready to wait out an empty building for years, but I doubt this is the norm. Not trying to be ornery - just saying that this problem isn't so simple if you are really picky about where to build new housing.
It has to have a C of O to be considered "vacant". Still lots of stalled sites out there.
Then go back to your home town and stop pretending you made it big in the city
The real problem beside developers is the churches! The asian churches in queens here, buy up properties and make them into 2 family homes and stick 3-4 families in those homes! Then they only stick Asian people in those home legal and illegal! So what happens? The property taxes raise on other homeowners who actually pay taxes, because the truth of it is, churches don't pay taxes on their properties, hence, the govt makes up for the loss of taxes through other homeowners! Then on top of that, space gets limited because there is no housing for us "actual" new yorkers!
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