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Johnnadawearsglasses t1_irfiyn6 wrote

This is a good thing. Rents will decline only when people vote with their wallets and decide to live elsewhere. Having many many interesting cities to live in is also much better culturally than having two to three places that set the cultural agenda. Much more diversity that way

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[deleted] t1_irg3vb0 wrote

>This is a good thing. Rents will decline only when people vote with their wallets and decide to live elsewhere. Having many many interesting cities to live in is also much better culturally than having two to three places that set the cultural agenda. Much more diversity that way

Rents never decline in NYC. Only during the pandemic and that was temporary. They didn't even decline that much, frankly.

Supply and demand doesn't apply to NYC real estate. You will always have an influx of foreigners willing to pay.

But I agree with you that NYC isn't and shouldn't be the only game in town.

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Status_Fox_1474 t1_irikmku wrote

One of the problem is that supply isn't growing. Or, should I say, supply of livable housing isn't growing.

What's being built are 30-unit buildings where they can afford to have only 10-15 sold with a huge markup making up the profit.

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ckNocturne t1_irnowei wrote

NYC will remain practically the only game in town so long as it's one of the only 3-4 cities in the US that is even remotely walkable or serviced by transit.

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[deleted] t1_irofy7p wrote

Nope. That's not everyone's priority.

I feel you on it, but there are tons of people who don't care about that. Look at LA.

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ckNocturne t1_irohg2o wrote

It isn't everyone's priority, but it is a rapidly reemerging one that will likely be a heavier consideration in the future.

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ctindel t1_irg6ods wrote

Yes definitely let's hope the city declines and goes to shit so rent will be cheaper. It worked great in the 70s and 80s when NYC was an urban hellhole.

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Johnnadawearsglasses t1_irg9014 wrote

Let’s have 30% yoy increases in rent to infinity. The only choices are that or an urban hellhole. No in between

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ctindel t1_irgch1t wrote

You shouldn't want rent decreases because the city turned to shit and people leave. You should want lower rent because the city is succeeding and building faster than population expands.

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[deleted] t1_irgfxnu wrote

That's not the situation.

NYC is literally the most expensive city to build in the world. And this is only going to get worse. Over time, maintaining the infrastructure gets even more expensive. And this is entirely because of regulations and the political atmosphere in NY where it's literally run by machine politics, and then the opposition to developments and developers in the city by the far left.

In reality, NY is a very conservative city and state: opposed to change, slow moving, bureaucratic, and hostile to freedom. It doesn't matter if Democrats or Republicans run the state, that's the character...

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megamom71 t1_irfwzk4 wrote

Rent will also decline when supply goes up. Well, if supply goes up. As long as we have so many empty office spaces, luxury spaces, and tax incentives to keep those as the primary focus of builders, the rest of us will be fighting for what limited affordable rentals there are.

The culture here is declining because the creatives that used to congregate here can no longer afford to live here. People leaving isn't good because it's the cool people leaving, and the boring people are taking their place.

I would love the other cities, but they're almost as expensive as NYC with worse state governments. Austin, Portland, Cleveland, Orlando, etc. Any other major city is just as bad as NYC in price LA, Chicago, Boston, etc.

There's no winning right now, sadly. Even moving to the suburbs isn't a great option because housing and groceries and cars are hella expensive. Things need to fundamentally change, and the people in power don't want that.

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[deleted] t1_irg5x3a wrote

Other cities aren't just as expensive as NYC. Have you tried getting an apartment in Florida (where I live)? Gigantic difference. Pretty much no city is like NY. They don't have 15% annual rent brokers fees in Florida. If I spent 3k on an apartment here it's going to be super luxury. Shit, they didn't even take a security deposit in one place. They also don't shake you down for all your personal info here.

You automatically give up 12-16% of your income to the state and city of NY just by moving there (in taxes). For me, that's over a grand per month just in taxes (insanity!). I live in Florida now. It's so hard to move back and stomach that. That doesn't count the cost of housing and everything else.

A few years ago, I'd say "you get what you pay for", but I'm really doubting it.

Your comments about the "cool people leaving" is true. NYC feels overwhelmingly tech bro to me now. Lots of West Coast people (yuck!).

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darksideofthesun1 t1_irgsfl6 wrote

You are right about the trendy areas in NYC like Williamsburg, Chelsea and east village. There are many areas in queens that are not like that. Lookup elmhurst and Forest hills, it is much cheaper and you get larger apartments.

But I think there are good places to live all over the country. It is all the media and movies that keep people lusting New York all of the time.

Also 50 years ago there was real reason to live in New York because if you were different than the mainstream like gay or Jewish you wouldn’t fit in most of the country. That has changed now for many urban areas in the country. If you live in Burlington VT you can find your crowd even if you don’t fit the mainstream.

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66Hanuman99 t1_irg7tem wrote

>Lots of West Coast people (yuck!)

Lots of West Coast people (yuck!) ~ agreed

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proudbakunkinman t1_irgftx9 wrote

It's more higher salaried workers overall, not just tech workers, seem to be making up a larger percent of people around since they can afford it still. Also, young people with rich parents who think the only things that matter in life are that they live in the cool neighborhoods in NYC and LA, are wearing the exact same Urban Outfitters synched fashion trends, and where they hang out.

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WorthPrudent3028 t1_irhb4ls wrote

Florida is a state, not a city. There are relatively expensive cities in Florida. There are also small towns in the middle of nowhere. And there are also the semi affordable strip mall suburbs, one of which is probably where you call home.

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[deleted] t1_irkyodj wrote

I live in Tampa (the city) - in walking distance to downtown, in a luxury apartment with 20yos.

Only Miami and a few luxury communities here and there even approach the median NYC rents. And even still, these are new and luxury apartments (for the most part). The quality of life is through the roof by comparison.

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lotsofdeadkittens t1_irw5525 wrote

Nyc is unique in that there will always be plenty of transplants that come here with money and just no real worry financially and bullshit part time to make it off their parents money

I’m a transplant that came here with no money and slowly grew my career in food, my Roomate this year is a rich Canadian girl. She works part time as a paralegal fucking one of her bosses, her parents pay all her rent and ubers/food. She’s moving next year cause job wise it’s hard

But those people always exist and native New Yorkers will always exist to work many shit jobs

The issue with rent is people like me who move here to “make it” can’t afford to initially and move to other cities

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lionelhutz- t1_irhkny1 wrote

Yep, NYC is way too in demand right now.

Also is nobody going to mention how she'll 100% need a car in Miami? So much for the 13% she was saving per year on rent.

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