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swimteam69 OP t1_itj87um wrote

Reply to comment by Frank_Esc in Rant: Newark rent is too expensive for what it is worth by swimteam69

I mean people see the average rent of manhattan and get spooked. I said NYC and also I gassed it but my main argument was that Newark is too expensive for what it is worth. Newark is the one of the most expensive rent considering an average person's income.

In NYC, you have higher wages.

My argument was not cogent, my fault.

https://www.nj.com/essex/2022/07/newark-tops-us-cities-for-homeowners-severely-burdened-by-housing-costs.html

I saw a post that newark was the top 5 most expensive city in America considering the population's income.

For you, you move from more expensive to cheaper and I assume that (idk anything about you) you kept your NY income level or something comparable bc why would you move otherwise.

For you and I, newark is a good deal but for the population newark is becoming expensive.

This trend is not sustainable, something has to give. Either displacement of people, increased poverty or increased economic opportunities to name a few.

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Aggravating_Rise_179 t1_itm299t wrote

The issue here is that Newark's rent is reflective of the region's wealth not the residents. Developers aren't trying to attract Newarkers, but people from the region. Its a complicated situation, but its one that people kinda forget... Newark doesn't exist in a vacuum and by allowing market rate housing, you are opening it up to the NY/NJ market and not the Newark only market anymore.

That is why rent is seen as high for Newarkers, but it is still a bargain for the region

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Satanic_Doge t1_itkq5d1 wrote

> Either displacement of people, increased poverty or increased economic opportunities to name a few.

And sadly, in all likeliness, it's going to be the first two.

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