DarthDialUP t1_j801ds6 wrote on February 10, 2023 at 5:04 PM

Reply to comment by colourcodedcandy in Median New York rent passes $4,000 a month in January by geoxol

Don't want to sound cynical, but those articles were written by luxury buildings. Those are years old, and it doesn't seem to have any actual proof, just theories floated.

colourcodedcandy t1_j8138i4 wrote on February 10, 2023 at 9:09 PM

Yes, all academics and thinktanks publishing this research are actually luxury builders in disguise. Please feed into more conspiracy theories.

https://www.upjohn.org/research-highlights/new-construction-makes-homes-more-affordable-even-those-who-cant-afford-new-units

https://academic.oup.com/joeg/article-abstract/22/6/1309/6362685?login=false

DarthDialUP t1_j819uof wrote on February 10, 2023 at 9:53 PM

Imagine, though, if buildings could write? Would be wild. Almost as wild as developers even accidentally helping middle class renters.
Also, to add, this is NYC. Has rent gotten any better, or easier, anywhere outside of the pandemic?
Someone mentioned 2018 as rents going down or something, but practically, who has it better now?

colourcodedcandy t1_j8261ay wrote on February 11, 2023 at 1:50 AM

NYC has a housing shortage. When demand fell in proportion to supply during the pandemic, so did rents.

But from what I can see you don't believe in peer-reviewed research, so I think we can call it a day here.

DarthDialUP t1_j82dlhy wrote on February 11, 2023 at 2:51 AM

Demand fell because of COVID. If there is more supply, it will immediately get filled up. Unless something like COVID happens again. You need a review for that?

colourcodedcandy t1_j84h10f wrote on February 11, 2023 at 3:41 PM

>If there is more supply, it will immediately get filled up.

... yes, and those people won't be competing with you for existing supply.

DarthDialUP t1_j84obzg wrote on February 11, 2023 at 4:33 PM

And what would make existing supply drop in price or stay level if existing supply is in demand? What I am saying here is that as long as there is demand, as there is right now, prices will continue to go up. New development will bring new demand, as it has in the past. Covid was an outlier. Prices will continue to rise, people want to be here. Middle class long term renters will get squeezed out. As is tradition.