Thursday, April 24, 2014

Can people with modest incomes afford NYC anymore?

From NBC:

The city comptroller's office says median rents across New York City rose 75 percent over a period of 12 years, while New Yorkers' medial real income declined by nearly 5 percent. Rob Schmitt reports from Williamsburg.


Anonymous said...

The answer to the question is no. NYC has been made unaffordable by mayor dickberg and foreigners. Yes, foreigners.... the more people equals less land which equals more money for rents and houses. Plus, we have way too many developers who like to buy our land for cheap and flip the home for a profit. Its close to impossible to buy a shortsale or a foreclosure in nyc (if you're a regular person) due to cash buyers, most of whom are developers. Homes prices in NYC have tripled in the past 14 years. Meanwhile, wages actually declined by a small percentage.

Anonymous said...

Thank Pataki-Bruno. They gutted rent stabilization in 1997.

Since then over 300,000 units have fallen to deregulation.

Those were the truly affordable apartments.

Voters stabbed in the back again by ideologues.

Anonymous said...

If the City keeps raising commercial property taxes, building owners will pass the raises to the tenants, and rent will continue to go up.

Anonymous said...

The rental market in NYC is a maze of -controlled, -stabilized, and -subsidized units where the government has its fingers in all aspects of supply, demand, creation, and destruction.

Don't expect it to make sense, just pay up.

Anonymous said...

Its a crony capitalist / statist capital of the new Amerika.

Sorry....but Americans are going to have to learn the hard way it seems.

They have abandoned the Constitution.

Anonymous said...

Well you stupid *sshole poeple gave that mayor a 3rd term after he said he wanted to bring another million here and nothing about housing them so you all get what you deserve.

Maybe with enough abuse like this the public would be forced to get back into politics instead running after some friggin taco truck.

Anonymous said...

It's called the law of supply and demand. Keep importing more and more foreigners (legally and illegally) and watch rents inexorably climb higher and higher.

Anonymous said...

Admit you are a failure and humbly go back to your home town!

J said...

the warnings were all there in plain sight.

and some were in the ether,like hedge fund and equity firms acquiring apartment buildings and foreclosed homes for renting.

and all this enabled by corrupt,immoral elected hacks.

what else is there to say?