[deleted] t1_irg3vb0 wrote
Reply to comment by Johnnadawearsglasses in Not the Place to Be’: Young Professionals Are Leaving New York - Bloomberg by EvanMcD3
>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.
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.
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.
[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.
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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