NYC’s Housing Black Market is Exploding…
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- Опубліковано 21 вер 2024
- In September of 2023, NYC banned certain rental properties, however the owners of those properties continue to rent them out… secretly.
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As someone who works in banking in NY you are a continent off from the problem with NYC renting. The problem is, major players are buying affordable buildings, overhauling them then renting them for insane prices. There is an INSANE amount of open rentals available, people just can't afford them. They can't lower price of rent on units because they have a multi illion dollar loan on the building based on that insane income it should be generating. If they lower the rent, they need to offset the loan with millions of dollars because it isn't valued nearly as high now.
So kinda what Donald Trump is in court for? When are they going to go after the other players in the space?
He puts out so much clickbait..
@@eternaldarkness500 They wont go after other players in the space, only Trump because its all about politics not about Justice. Justice should be blind and apply to all, if that were the case Wall Street would be in big big trouble.
You say you're in banking but how much does a $5000/mo apartment make when it's empty? There's a reason why hotels charge less in the off season on certain days even if they are losing money. Losing $50 is preferable to losing $100.
who they fuck are "they" - if you have the same amount of evidence as is against trump, against another developer, why are you not sharing that information? trump fucked up and got caught. who else has fucked up that can get caught? i'd love to know any names of people in Trump's position
Cash the problem in NYC is that every single new building built is LUXURY LIVING so not many can afford them. There are hundreds of empty apartments in buildings like that, but they are unaffordable and you cannot force these owners to make them that way. NYC landlords are the most ruthless greedy people in the world. Things are so dark in this city right now.
Government overregulation and fees make it impossible for landlords to provide affordable housing and the situation is worse with new construction. The expense of complying with government makes it impossible to build affordable housing.
Stock Market Traded companies want access to Wall Street Money. Which means they're required to put high paying jobs in New York City. Which means the same people who run Wall Street can rent out their crappy 130 year old apartments for exorbitant amounts of money. Which means the money that flows from Wall Street into the Corporations flows right back into their pockets via their rental monopoly in NYC. Quite the scam. One of many.
Tenants in luxury apartments likely pay their rent. In affordable apartments, they have a lot of problem tenants.
Or how about this, work within the laws, don't screw over your tenants. and those regulations wouldn't be so bad. @@charlesphilhower1452
doesn't matter. if you dont want homeless and crackheads on streets, put them in housing. simple. don't complain if you ain't gonna fix it. i dont see you taking in a homeless@@carolr7823
As a New Yorker born and raised, most people always rented their basements to make the mortgage. Real estate taxes always goes up every year so the city pushed homeowners to survival mode. This has been going on since at least the 1980's. Let's face it, NY leaders never cared about the working class.
Yet they want someone there to serve their coffee in the morning...
@@icantwiththis Yep, and a permanent underclass is less likely to unionize or give you lip while serving you...
If you have an extra place to rent out I don’t think that’s working class. What you’re describing here is different than the current problem.
@@universallyhomeless6223 I think he's talking about "empty nesters". A married couple in their later years renting out their basement after the kids move out could very easily be working class.
@@universallyhomeless6223 no, it’s working class. The ‘working class’ or ‘blue collar’ often make more than new techies
A common theme that I see on this channel is that instead of doing what most other cities like Paris or Tokyo did: de-zone and aggressively build affordable midland high rises. NYC is merely trying a bunch of gimmicks and hoping they work.
No, housing shortages aren't going to be solved through a bunch of gimmicks. Basement conversions, tiny homes, tent cities, van life. It's pathetic how NYC is trying every gimmick and refuses to de-zone.
It's almost like, more housing = lower prices. but they'll never learn that. it's nothing but finance people there so they have no clue what its like to struggle for a single day in their lives.
Actually - they are intentionally doing this because brokers and real estate investors are making A KILLING in NYC. People view housing as investments in the US, evident by all the incentives to buy a home provided by the government but very little if any to rent. To make housing affordable, we literally have to convince these investors that it’s ok if they don’t make a trillion dollars this year.
Oh belive me many assholes in NYC buy up property in other parts of the state and Jack up apartment rates to about what they are in NYC so they can buy more in NYC. People in the rest of the state struggle with $35,000 - $45,000 a year jobs that come and go just as fast with the high taxes here. It's cheaper to live in a 5th wheel trailer than it is to live in an apartment in the rest of New York State.
I think that’s the issue though. Cities like NYC and countries like the US and capitalistic by design (which I hate). They favour profit over fairness, and the NYC real estate market displays this perfectly. On top of all of that…successive governments have not addressed this issue properly and it’s now a crisis. Infuriating.
They don't want to solve the problem. They just want to look like they are doing something.
Not everyone is an IT professional, lawyer or doctor that can afford a 4000-5000$ apartment - that's just plain nuts.
we need cities that allow building that don't make it difficult. cities should be affordable by the people building houses. how are people expected to raise a family with these prices? a complete and shameful embarrassment
@@erikawwad7653 Raise a family somewhere less expensive or make more money, its simple. Demand on "Affordable" apartments will make the unaffordable. "Supply and Demand"
And think even if you were a IT professional or lawyer you’d need to bring in 200k a year just to barely meet the 3x income requirements, or double the median wage in those fields
@@Mystic.ape. That's nearly what I make as an IT professional in NYC
The city can't function without working class people who make less than that, many of its most essential workers are being pushed out
NYC is a nightmare. My wife and I rent a nice apt in Mass for 1300. I saw the light and left 6 years ago. Thank god.
As a Florida native, I have no interest in ever going to NYC but I sure am addicted to this channel. It’s amazing to see when too much government gets involved in ur area.
I live in Texas and I watch this channel for the same reason! Everyone’s free to live how they please, but it’s insane to see people are willing to pay $4k+ for something the size of my kitchen!
Oh don't worry. The feds are coming for Florida. They'll never let go.
My great grandfather went there once and didn't return, after he got scammed twice in a row.. ^^
Please Florida is no better or any other city or State for that matter you just don’t have anyone exposing the bs mess 🙄 that is going on like Cash does
I live in a small town in Republican Indiana and I swear I love it I love it it’s affordable cost-of-living is not sky high and the government does what is supposed to do for the people not getting involved it’s a getting involved in actually doing something And that mayor and governor they got in New York are crap they ain’t doing anything for people they are doing more for migrants than New Yorkers all these cities and states by Democrats are 🤦🏾♀️
I lived in an illegal apt in Queens. I didn't care. My rent was 700$ for 2 small bedrooms, kitchen and bathroom in someone's basement.
Illegal basements in queens are usually very dangerous.only one way out if there is a fire. People think it's fine until something bad happens. There was a landlord who rented illegal basement . One day there was smoke coming from basement - oven fire. Neighbor wanted to call fire dept. LAndlord told him don't call I will take care of. That is the problem with idiot landlords .they don't care if their neighbors connecting houses go on fire. Just don't want to get in trouble
It's a very bad idea these illegal basements. Oncefire dept came to block because of smell of gas. People in basements didn't want to let firemen in to check because afraid they get in trouble even though firefighters told them they won't get in trouble just wanted to check for gas leaks . People are foolish and don't care if block of houses explode or catch on fire.l
paying 3k a month in rent is also dangerous because at those prices you are going to cut corners on food quality and healthcare etc.@@aabramo2852
@@aabramo2852if you are dumb enough to listen to that landlord,,,,, you're kind asking for it
And I'd be the guy to offer you $350. per month for one of the two bedrooms. That's actually what I'm doing now, and have for the past five years. But I don't live in The City, so it doesn't count I guess.
It never ceases to amaze me how NYC can make problems so much worse in an attempt to actually solve them.
The politicians _claim_ they are trying to solve problems, but that doesn't mean they actually are. If you're elected because voters are motivated about a problem, the best way to get reelected is to appear to be trying to solve it, but make sure the problem is still big next election cycle. Just look at any time the government has had a "War on" some concept like poverty.
@@Br3ttM i find it funny when anyone tells me "vote if you wanna see change!" Like anything ever happens
And they rarely specify which changes, so people with different goals will each assume it means the changes they want.@@Hshshdfb
Every democrat city is in ruins
@@leatharay3565Florida resident here. Are republican cities aren’t doing so well either lol
The city needs high speed rail that connects more places to it. NYC will always be a small island with limited space. If I can travel to nyc in under an hour from a 300 mile radius then more people will move out but commute in. You know, like how Japan does it.
enjoy your 1-2hr commute.
It’s a shame as American public transport used to be great and then the car industry lobbied the government
@@francishandscomb8108Are you living in the 1940s😂
@@_S0YIf you live in east Queens or Long Island commuting to Manhattan, odds are your commute is already 1-2 hours each way
@@_S0Y: Many a New York City resident, including I, already commute one to two hours each way for work within New York City. In fact, as a New York City resident, I happened to have quicker commutes when I worked in New Jersey.
A housing crash seems likely as many individuals who purchased homes above asking price are at risk, lacking equity if housing prices decline. Foreclosure becomes a concern, particularly with massive potential layoffs and a rapidly rising cost of living.
Anticipating the housing market in 2024 poses difficulties due to uncertainties about the Federal Reserve's ability to curb inflation and reduce borrowing costs without adversely affecting demand for assets like homes and automobiles.
Consider shifting from real estate to stocks during severe recessions. While market volatility presents short-term trading opportunities, it's crucial to approach with caution. This isn't financial advice, but investing during such times may be a strategic move, consider adopting the services of a financial expert.
@@ThomasChai05I'm intrigued by the idea of investing with an analyst, it seems like a wise choice in today's market. Could you provide me with some guidance on how to get in touch ?
Definitely! It all happened in less than a year after *Camille Alicia Garcia* told me what to do. I started with less than $100,000, and now I'm about 17,000 short of having a quarter million dollars.
She appears to be well-educated and well-read. I just ran a Google search for her name and came across her website; thank you for sharing.
Banning something didn’t make it disappear? It created a black market? I am shocked. 🤨 This is my shocked face.
🤣
Easy to eliminate this market. Just add a whistleblower payment for people who expose illegal short term rentals.
I would make it my full time job and trust me, I'd be able to finally afford NYC rent
Paid government snitches? I doubt any life insurance company would cover them for long.
@@JulieDeuxFoissame lol
This is the way
i absolutely agree. This is a great idea. We need to start actively going out and reporting these illegal properties.
If the majority of New Yorkers are now made up of tech geeks,, lawyers, and consultants then Manhattan must be as exciting as a trip to the dentist.
And, indeed, New York City, now thoroughly pasteurized and homogenized, is as hip as a trip to the dentist. But since the new "luxury" apartment buildings, whose proliferation has turned nightlife enclaves into ghost towns by dusk and tourist traps by dawn, are crowded with New Yorker wannabes, these sterile yuppies feel that they're living the New York life.
Its mostly liberal losers
A lot of the cool people live outside of NYC and go in by train. Like I’m in Fairfield, CT, so to go to anything fun I travel to NYC because we have a direct train line to the central station. Most people who work in NYC also choose options like this. It takes more time, but it’s infinitely cheaper. I will say though, Times Square is just a tourist trap with a bunch of stores that close after a month that appeal only to tourists.
@@NANA-su5ql Its still liberal AIDS.
You forgot that it needs tons of people for it to survive, people in construction transportation, maintenance electricians plumbers and all the other jobs I can't remember, they shouldn't be forgotten.
I had a neighbor who started off in the studio apartment and then when a three-bedroom apartment opened up she moved but kept her studio apartment. She was renting two properties in the same building. Because the building was a rent stabilized rent control building what she did was she set up the studio apartment as a short-term rental. For years she was doing it on Airbnb and then when she found out of the changes of the law she decided to go to a Scandinavian version of Airbnb. So no one in America or pretty much anywhere else in the world would see the apartment unless they were coming from one of the Scandinavian countries. Her short-term rental was paying for both her studio and three bedroom apartment rents. She got the studio back in the '80s so she was paying $400 something dollars.
and she is literally part of the problem
Jewjitsu checkmate
Your neighbor is a parasite.
@gjamiejmz can you explain how she was able to keep two rent stabilized apartments, when by law she can only have one?
@@gavnonadoroge3092 I'll field this: two legal adults.
What a time to be a young adult trying to move out your parents house 😭
Those days are over. We are going backwards. Three generations under one roof.
To be fair, we're also talking about NYC.
@@janedough6575bad mindset
@@rwmusicstudio That would be a valid point if the housing market wasn't going down the toilet across the country and greedy corporations weren't purposefully raising inflation on everyday necessities to make more money on top of it.
@@janedough6575 It's true that the American Dream of being independent on every facet of life is dying. I wouldn't say having several generations under a roof is going backwards. It's just a different philosophy. Many countries with a collectivist philosophy commonly have several generations living in the same home and that home is continually handed down each generation. Humans didn't progress this far in isolation from one another. Somewhere the idea of being "I am an individual within a community, we have a shared burden" morphed into "Man is an island, It's my sole purpose to handle everything alone". And now we're here, living with our parents, sharing the burden of a mortgage and the toil of a 40 hour work week barely getting us by, wishing we could be our own island.
Cash is much more interesting and informative than watching Sixty Minutes.
WOKE 60 minutes? spare me from the liberal and socialist propaganda. You can't watch any news channels anymore except a few like Newsmax , Epoch and a select few others..
Something analogous happened when Napster, the pioneering online music distribution platform, got killed in the courts. The smart thing for music companies to do was buy it and let it become the hub for all online music, forever. They would have immediately gotten all the metrics they could ever want and dropped their distribution costs through the floor. The piracy problem would have reduced to a negligible level. They would have made money hand-over-fist, even more than they do now. Some prominent musicians like Alanis Morissette saw that this was obviously the way forward and invested in Napster.
Instead, the music companies feared, misunderstood, and killed it because they didn't understand it. Music distribution was fractured and piracy soared. That market is a giant cluster, even today, more than 2 decades after the shutdown of Napster, maybe the most shortsighted thing the music industry has ever done.
The moral and why it applies here? When you ban something people want, the market will fracture, people will go underground, the problem won't go away and it might even get worse.
The TV networks have done the same
Downloading music from shady websites risks only virus-infected.
Stay in a shady host and risk for life, sexual assault, and money.
Without a legitimate website. The rate of booking will drop tremendously.
Not entirely true. Apple saw the future and doubled down on itunes and their entire eco system. now they're one of the richest companies on the planet.
@@bosorotdo you understand how big and the dynamic of this market? Thinking it will just go away is like saying that the prohibition period stopped alcoholism... The short term rental allow for price correction based on ACTUAL supply and demand in multi million city. There are tens of thousand week stays probably every day that relay on this for more affordable stay in a location convenient to them.
Just another lobby(hotel) move against the interest of the people and the city... also many units allow for more than one occupant party now they will be forced to rent it to a single person/couple. How is that helping with occupancy rates?
The only one benefiting from this are the hotels and no one else...
@@jaynycha1705
Hey cash. Look.
I’ve been on my knees
most my life.
Giving suqqJobz
to those who need a wife.
Now listen cash.
I’m here. I’m ready.
How would you like.
A slobbing.
Just you & eddie?
As a person who actually does live in NYC, imagine if the government never did get involved and passed rent stabilization laws.
That’s the more appropriate question a lot of people aren’t asking.
The government won’t build new housing. All other policies don’t help long term. Just kicks the can down the road
Finally a thoughtful comment about housing. Must not be a New Yorker...
Imagine if the internet wasn’t designed to brainwash ppl
That’s the much more important thing that’s happening here - not the propaganda you are regurgitating, bc you’ve allowed yourself to be brainwashed
A wind farm in Wyoming took 17 years of permitting to even get started. NYC is not the only place strangled by bureauracy.
Here in Montana, it took 25 years to finally break ground on a water system supplying water to rural farms and the small towns in the area. Its insanity.
My husband and I are considered highly skilled tech contractors.
We were contacted by a recruiter and were asked to interview for jobs in NYC.
I researched the cost of living. Uh... NO THANKS!!!
Half of just my income would go into a tiny, cheaply made apartment, plus other costs related to living in said cheaply made hovels.
We stayed where we are and don't regret it.
My takeaway: Don't pass sweeping bans like this and have no one to sweep what was left behind.
Cities that succeeded at this assumed ownership changes would result ahead of time and lined up new owners to take over the extra units.
This channel has gone from showing crappy rentals to investigative reporting and, I love it!!!
and he wont ever get it, nor will you apparently. lol
Yea he proved rent went down by almost 2%. The rest was owners, which I'm guessing he probably owns some himself, problems with the policy. Personally only one landlord out of 6 or so in my time in nyc want trying to get over on renters in some way.
I actually thought he worked for a news channel and was shocked when I found out
Cash is the man keeping us informed on the ground of the NYC housing market.
We dont want air B&Bs in New York. We want neighborhoods with families not transient tourist in our buildings. 🎉
These things are a bane to any place. Born of greed for easy money.
Yeah, good luck with that these days! You must be a trust-funder! And yes, I'm from the city so F.O..
How does a family afford the rents up there?
@@frankfurtur5531 Not really!
@@frankfurtur5531that money isn't yours. It's the government's. Remember that when you try to send 10k or more to a different bank account of yours.
The city is a toilet. Feel sorry for those who cannot leave.
yeah everyone move out of NYC, because there's definitely a reason to do that
I’m amazed that anyone would want to live in that cesspool.
why do people want to live like this is the real question. I walk outside and see the lake and all my land and animals. You walk outside and see a wall.
I know someone who sold their home just so they could travel, and possibly move, to NY NY. They had a nice suburban home they could have a family in. He put work into it. Ended up wanting to go to NY because he claimed he wanted to party, travel, eat the food, go to clubs, etc. I was just like "you do you". Some people are built different.
@rowdyjr2318Don't forget the white supremacists and blatant racism!
Work, family, and hesitance to try something new. Me included, people are trapped in this liberal toilet bowl. My issue is work and ex-wife. Soon, I will move, I won't tolerate this madness for much longer.
@@tedmarakas2626 Here is my question.I built a duplex I rent out on my land for 675 a piece. It is brand new just fished it this year They call me I am there in 10 minutes to fix whatever it is. I hear prices like 3500 for places that are shit. How can it be worth it?
@rowdyjr2318How poor you are viewed? Mississippi is the poorest state in the US.
Your videos are well-made, well-shot, and highly informative. But Goddamn, do they make me happy with my decision to leave NY 7 years ago.
Same, glad I left 3 years ago and I was able to purchase a 4 bedroom 2 bath with a pool for 350k.
Ditto!
I left in 2005. You need to have rocks in your head to choose to exist in NYC.
Yes, I think I stayed there exactly three months. It's the most uncomfortable location I've ever seen. It's like being a gerbil running on a spinning wheel inside a trash can. There is no physical beauty or tranquility there, not even Central Park.
Where do you live now?
Weren’t the original Bed and Breakfasts a big house people lived in, rented out the rooms, and served breakfast in the morning?
No they weren't Bed & Breakfasts. They were boarding houses. People rented rooms and typically got breakfast and dinner there.
@@carolr7823 I think that was before bed and breakfasts became a thing. I just know renting a condo on airbnb or verbo isn’t really a bed and breakfast. It’s a hotel.
IF I was told the truth: A co-worker told me that he slept in a climate controlled storage unit, with a single bed set up among his other belongings. Work, eating, gym & personal hygiene all happened "elsewhere". If he thought of this then, is it not happening now?
It is does happen, possibly more than you think. Same with people you wouldn't think of as homeless just by looking at them living in their cars.
?!
Oh it happens a lot but storage company owners pay far more attention now.. If they see you entering and literally not exiting for hours especially overnight, they will investigate and if your caught they immediately kick you.. It's because if something bad happens especially a fire they are fucked
@@squibbelsmcjohnsonCan't help but agree, and I never tried this myself. And this was 18 years ago anyway. But the kid was ripped, paid $90 for storage, $90 for gym- and drove a BMW twin turbo. Yeah, I listened...
Another example of a good idea being badly implemented. When the supply of anything doesn't match the demand, prices skyrocket. The one and only way to solve this sort of problem it to increase the supply by building more housing, not slapping more controls on what housing there is.
The is the issue with housing is that average consumers see housing as a necessity while corporations see housing as a commodity. The law of supply/demand dictates what you said "when demand exceeds supply, the prices of that item skyrocket". But that only applies to commodities not necessities. When necessities are treated as commodities, then no matter how much supply there is the corporation will never have the intensive to lower the price of said necessity.
New York has too many regulations which makes people poorer and leads to not having enough housing. They need less government and to let the free market work.
Half a building collapsed in the Bronx today. But let’s have less regulations and more of the free market.
AirBnB was always a bad idea for New York City. Its housing supply was super limited, and its not like they needed the extra tourism. All it did was make hotels rooms stay empty and and rent prices go up even further.
And yet Airbnb works everywhere else in even more densely populated cities. NYC isn't special anymore, not in global terms anymore. In fact, compared to most other global cities, NYC is dirtier, smellier, and more dangerous crime.
@@kimpeater1no it doesn't it creates the same problems and contributes to the housing crisis everywhere it operates
You are ignorant if you couldn't see regular new yorkers were using Airbnb as a temporary housing solution. Airbnb doesn't ask for several months deposit, charge an application fee, nor deny you for your credit score, and you could literally book a place for month in a day's notice. And if there's a dispute, Airbnb was always quick to refund. Good luck trying to resolve a dispute that quickly with a landlord. And thats all this ban does it benefits the landlord class. Great fucking job
Literally the worst thing to ever happen to housing
@@kimpeater1 ok.
People are tired of what has been proved to be a totally incompetent city government telling them what to do with their own property.
When it comes to government, don't assume incompetence when it could be corruption. There are people who benefit from high land prices, and there are also politicians who like having an issue to campaign on that never gets fixed.
i dont live in new york and have never planned on living there, but Im always coming back to these videos, awesome and super interesting stuff!
LOVE LOVE LOVE YOUR CHANNEL! As hard as it is to find affordable housing, it's even harder to find some1 reporting on it HONESTLY. You keep making videos, I'll keep watching 'em!
As a former New Yorker, LEAVE NY!! the market is messed up everywhere but it’s better in quite literally every other state minus California. But stop going to Florida!! Florida isn’t the only other state
So you moved to Florida?
@@MrSloikaObviously. However, between the insane property taxes in Florida and in a few years parts of the state will be permanently underwater, he'll be moving back out.
How are they going to verify the owner was in the apartment the whole time? just tell your tenants that if someone comes, say you went out or are at work. they can't verify that.
I’m sure that’s exactly what’s happening 😅
Because alot of these operators have a principal residence and another 2-3 airbnbs. And they can only list one address as their residence in the city files.
Buuuut if they have multiple kids I'm sure they can just list the kids as the residents
@@Gluteus.Maximus having a primary residence doesn't prove anything. I have 3 apartments in the city and only have 1 as a primary but you can also list secondary residences.
They can't. NYC doesnt have any control over it. Not really.
They absolutely can verify that.
Ask for id. Ask how long they have been staying. Get a warrant to force your financial institutions to turn over your transaction info.
Makes me appreciate my beautiful, safe, clean smaller community in sunny California.
I was renting a house that was foreclosed and the owner didn't even own it for like almost 3 years and then a sheriff knocked on the door to condemn the place or whatever, thats when we found out.
More context bruh
I’m addicted to watching your channel. It makes me appreciate the low cost of living where I live is your
I like the subject matter you have been bringing to us along with showing us homes/apartments.
Was thinking the same thing. ;)
I am born and raised in NY. I live in Alaska now, for the past 23 years. I miss ALL THINGS NY!!!
THANK YOU CASH for keeping me interested in my home town! 😊
As scammers continue to proliferate the market demand for short term rentals should decrease.
No, what will happen is there will be a new solution that solves the scam problem people will always find a way to due business and make a profit.
@@dennisp8520 y'all give up on dismantling blatantly unethical markets at the slightest hint of inconvenience. It's really pathetic.
Same thing is happening where I live on Cape Cod. Only it’s primarily a seasonal service economy on a 75 mile narrow peninsula. There are almost no rentals. It’s a mess
That's a damn shame, the Cape is such a beautiful place. Residents should have better support than that.
The only affordable rentals here in western MA are in areas where the gang violence is so bad that the FBI counterterrorism unit had to step in. 😕
According to the news NYC lost more apartments tonight when the corner of that building collapsed. I hope no one was hurt.
4500 dollars that's insane. It's 4.5 times my mortgage on a house with an acre
This is why public housing is a necessity ,the government can control the prices of rentals indirectly by leasing a large number of properties out at a reasonable price to people and effectively setting a price ceiling on rent which the private market will be forced to compete with, either by being just as reasonable , or by providing a superior property that justifies the higher rent.
Yet in VT rent controls and public housing means 69% of all lower income housing wouldn't be assessed as safe, we still have buildings with lead paint, apartments with only one fire exit or very creative second exits, bed bugs, mold infestations. Because we won't temporarily house tenants in hotels, and subsidize landlords for repairs you wind up with lots of slum lords. Most places are monthly rentals because you don't want to live there for long.
No.. That would be bad.. All you have to do is look at HUD housing projects. Full of crime, gangs, drugs, prostitution, you name it
We live in the Midwest in a big beautiful place that probably cost half of what this property cost. We actually have huge full grown trees and huge yards. This looks so cramped compared to what we’re used to. To each his own, I suppose.
I’d rather live in the sticks than live in a dump like NY.
The crisis has gotten so bad, like these landlords KNOW we don't make 3x the $4,000 monthly rent. But half of us are making fake bank statements to qualify, we can pay. We just don't make the technical qualification. & They know, they're just keeping quiet.
living in the city is stupid, just harvest their high payouts and live in like PA or CT or Jersey line.
How in the *&^%$$#@ you make a FAKE bank statement😂
@@nwerd7584seriously, you have so many transit options to get into the city anyway
It's not hard. Google it, UA-cam it. You pay for internet for a reason. Use it. @@kenik2023
Oh I'm relocating to Pensacola in January, sure I'll make 20% less, but my living costs will drop 45%. Plus with no state tax, I'm technically seeing a nice raise. Already have a nice, spacious 3 bedroom House lease ready to sign when I get there! The rent? $1,100/mo and its 1600 sqft!! I cannot wait. @@nwerd7584
Would love for him to talk about the recent Morris heights in the Bronx building collapse
This guy loves camera angles, more camera angles, every shot do camera angles,can never run out of new camera angles, camera angles everywhere every cut forever.
I love watching this guys videos. It makes me feel so glad that I’m not dumb enough to live in a city like New York 😂
Stayed in Times square years ago on the 20th floor of a hotel. It felt very claustrophobic because most of the surrounding buildings were taller with no space in between. I began to realize why New Yorkers have attitudes, they live on top of each other with little personal space. My primary bedroom closet is about the size of what you refer to as a bedroom up there.
$4400 a month!!! I don’t make that much a month. I pay $500 a month for a decent sized studio with a full size kitchen and full sized appliances with all utilities included … and YES with super fast WiFi in Arizona 😊
Loving your content. Its NYC but you cover so many interesting topics. Also investigative at times.
Two take aways -
• Is it even legal for any state to tell a home owner what to do with their home, like rent it on Airbnb?
• Is any apartment in the USA worth over $5,000 a month for a 1 bd or a shared unit?
It is done by governments all over the world. In Vancouver Canada where I live they have an empty homes tax so if you choose to leave your property empty that isn't your primary residence the city charges you 3% of your properties value annually. Most homes are $3 million and up so if you choose to leave your home empty you are looking at a minimum of 100K CDN a year in additional taxes on that property.
Airbnb rentals kill neighborhoods - essentially allowing a homeowner to operate a hotel in a residential neighborhood. Stories galore exist about these "hotels" next door becoming noise or party zones with the individuals having zero stake in getting along with their "neighbors". Nightmare. And travel channel influencers (and other renovating channels investing in these homes) constantly boast about what a great place they are renting on Airbnb with zero acknowledgement about what impact this has for those who actually live in the areas they are visiting. I recently checked an Airbnb rental in a small Canadian town and the Host had 26 different townhouses or condos listed on Airbnb...I'm sure that is only the tip of the iceberg...you rent or buy a place now (if you're lucky!) and you end up living amongst tourists. You can't open many businesses just anywhere - why in the hell can hotels be set up anywhere!!
@@markadler8968 what happened to the people voting. That’s unfortunate to hear.
we have allowed the government to tell us what to do. sad
@@stephaniepreston8352 good point. Needs to be voted on by the people.
I appreciate your channel my brotha I was an individual who wanted to move to NYC and I came across your channel and you elighted me on some key factors to look out for, appreciate you my g
I went back to hotels months ago because lots of scams on Air BnB too. And the fees are outrageous- plus security at a hotel is hard to beat !
2:48 he almost ripped the cabinet off the wall, accidentally. That doesn’t instill confidence. 😂
LMAO at the montage of you in an empty apartment just opening and closing all of the cabinet/appliance doors.
My dad always said, "The purpose of government is to put small business out of business".
so did mine say the same thing & my brother is now saying it
I may not know much but I do know that getting rid of the zoning laws could potentially be bad.
From what I know the reason New York has building codes on heights is because there’s something called “air rights” meaning people have there right to a certain view without someone’s building is Blocking the light and view.
They could and should re zone however to make the area usable again
There is also how high you can build around airports. According to the FAA 14 CFR 77.17(a)(2) "A height that is 200 feet AGL, or above the established airport elevation, whichever is higher, within 3 nautical miles of the established reference point of an airport, excluding heliports, with its longest runway more than 3,200 feet in actual length, and that height increases in the proportion of 100 feet for each additional nautical mile from the airport up to a maximum of 499 feet." I can probably tell you that there probably is a lot of buildings in NYC that themselves illegal, not just the way they are being operated.
With cities that lack landspace like SF or NYC, you either have to reclaim land or make the hard decision not to take anymore residents. If you do reclaim land by through infill, then you risk ecological disaster, so that is out of the question. So the next solution would be to stop building newer buildings and renovate/retrofit existing ones.
PS. 1 Nautical Mile = 1.150779 Miles
When i was a kid, nobody actually "lived" in Manhattan. Only store proprietors the rich, artists, students with roommates and the upper class lived there. The outer boroughs were for the middle class.
Also people often do not live within their means.
Renters can also trash apts. I've rented a house and three of them were trashers.
The ban extends to all the boroughs, not just Manhattan.
Cash, it's hard to feel even an ounce of empathy for the crooked landlords who got used to outrageous Air Bnb prices and refuse to list their apartment as a regular rental prices? NYC landlords are by & large predatory. Your argument is that since that they are going to break the law anyway, we should enable it?
they are gonna play the game. we need them to play the game against each other. by building more housing, we can surpress prices
I think the point was that making BnB illegal just moved the market underground, which is worse for the people and doesn't actually solve the problem.
Eventually people are gonna have to learn to use fucking hotels. You know, the places intended for short term stays? No sympathy for people who illegally run an Airbnb NOR for the people who rent them. They had alternatives.
@@erikawwad7653 You can't yimby your way out of the housing crisis. More housing is great if it's affordable, but 99% of the time new construction is going to be "luxury" apartments. Decommodification of existing housing, along with new construction, is the way forward.
the reason only luxury appts are getting built is that its not cost effective to build cheaper housing due to strict regulations. what do you propose?
@@aspenshadow7920
Eliminate zoning. America would not have launched and became a prosperous action if al, of these restrictions had been in place when it was being settled and developed.Indeed look around d NYC and realize that the most unique,and thriving neighborhoods had no zoning when being developed. NYC is going to have to adjust to the changes and needs being thrust upon it..and readjust. ❤
Yes.
This is the problem.
Much of the problems is restrictive zoning laws preventing people from turning things like office space into housing. It shouldn't be this hard.
@@Saliferous The problem is that the artificially restricted housing market makes real estate developers oodles of money and thus the politicians who are in their pocket (republican an democrat) oodles of money, too.
Except that if you have a residence you don’t want your downstairs neighbor turning it into a restaurant
Bingo!
Realize that before zoning lots of properties had restrictive covenants. It was right there in the deed. "Ownership if this parcel can only be transferred to a white, protestant individual of good moral standing." Yup, that was a thing. That's what existed before the courts declared such covenants to be unconstitutional. That's what zoning replaced.
Great video Cash! It’s not only New York but the cities all over the country and the world have been sky rocketing since the pandemic, but the incredible amount of greed of the landlords who have raised rates to such a ridiculously inflated rates, but the bottom of this horrible system will be falling apart as people start leaving the cities again. This is what happens over and over again! There’s only so many high salary jobs or people who are available.
And because people are leaving these big cities it’s now pricing out people who live in lower cost of living states making it more expensive for the people living there.
Basically everyone is miserable and nobody is doing anything about it
775 a month, my utilities in the summer can be just under 130. In the winter, maybe 200? This is a three bedroom in buffalo, ny. Leave NYC. That's how you protest. I use two rooms for storage, and this is a big apartment. My bedroom is small, but I chose to put my bed in the smallest room because then I can isolate it with my living area and blanket off the area for a/c in the summer. My bedroom is still bigger than pretty much every one of the entire cheapest rentals in all of NYC.
You are very informative and I love your sense of humor!!!! ❤️❤️
Co-ops have rules against short term rentals. Cause we all own the building and don’t want weird strangers coming in and out. It only works in condos which are super rare.
I always wondered how were they gonna enforce the airbnb ban. Unless they have a special team investigating these places its nearly impossible to find all of them.
They would just need to go to Airbnb ,
they even said that these illegal Airbnbs are forced to make their own websites and advertise
They should be legalized, your property is yours and you should be able to do with it whatever you want
@@xblade11230 Not when you are taking opportunity away from potential New Yorkers.
The problem is the 150k aliens being put in taxpayer funded hotels and housing 😂
@@xblade11230 The short term renters aren't using airbnbs app anymore because law enforcement can clearly track that. So they started using their own websites and secret whatapps groups so they went from having to track one website to thousands of websites. And how many of them are legit? Clearly law enforcement can't enforce this law if nothing has changed in the market.
@sheldonhollis5258 how is taking opportunity?
The house is yours, you can do with it what you want. If you want to rent out a couple of rooms in a house you own to give some travelers a rest you should be able to
In fact AIRBNB used to be the norm in like medieval Europe.
Travelers would just go up to farms, random houses, knock on the door and ask if they could buy a bed for the night and join the farmers family for dinner, if they didn't have a extra bed they would ask to sleep in the barn on a bed of hay.
THIS WAS NORMAL IN MEDIEVAL EUROPE, AND FOR MOST OF HUMAN HISTORY
Travelers would just go to random farms and ask if they could spend the night
Just convert all units into condos or coops, make all units owner occupied only, make all renters into rent to own payable to current and final landowner, give landowner grants to convert all utilities into per unit meter.
Only allow companies to purchase commercial/office and industrial.
Developers will still develop to make margins off selling condo units.
NYC Buildings Dept is a sad joke.. illegal and dangerous apartments are everywhere and when reported, an inspector will Eventually investigate but if no one answers the door on 2 visits, the compliant is closed. Meanwhile the city continues to lose out on millions in unpaid occupancy and income taxes.
🧿...answer?⛷️ If it was important they would send a written massage whatsap💀
If jobs are leaving and working people are either leaving, getting laid off, or getting their pay cut, landlords who've actually built have miscalculated in overdoing, over-luxing, depending on AirBnB, and generally not predicting the basic market well. I'm seeing ridiculously luxe buildings hard by the Bruckner Expressway and a slum.
I dont think I have lived in one legal apartment but every time I want to do something about, I am told the fees and time associated with taking the landlord/company to court is more costly and damaging to me than just letting it go. The amount of mold I have inhaled, damages to my belongings, cost to fix basic things that I shouldnt even have to pay for, nails in my shoes from outside work, my dog accidentally eating a stick that had paint on it because they left it in the grass, I saw them throwing paint into their pond, water damages, bugs, smoke when I have asthma, the list goes on. They know they can get away with it because standard people cannot afford to go after them and no one else is going to do anything. Even if you win in court, they wont change their ways. They pay the slap on the write, "fix" it, then keep doing their terrible stuff. Thankfully I no longer need to rent.
Sad but horrors from both sides. There are also tenants that are from hell that abuse the eviction laws which is why all good landlords leave. And only the thuggish ones stay
Ive used AirBNB to find an apartment a couple of times. Usually an apartment manager would list unreasonable requirements for renters to have for them to live there. Income needs to be 4x the rent, 3x deposit, 6 months worth of rent in your bank account, and etc. With a standard 3 bedroom apartment going for $2500 in LA, most families wouldn’t be able to match the $120k a year required for the application. Airbnb doesn’t have any of those problems. Id rent from an owner long term and both owner and tenant would be relatively protected by Airbnb to some degree
It’s hilarious that the city looked back on the history of laws in this country and thought something different would happen.
Cash Jordan has essentially become one of UA-cams go to journalists when you want old school 'beat' reporting that has become all but a lost art. He and Johnny Harris will wear down shoe leather door knocking until they get the story first-hand. It's great!
I’ll just see New York it would not be a place for me, too expensive and no place to live. So I will just see it through your videos. I would never miss a single one. Cash you are awesome.😊
how do you post so many high quality videos so fast
It's times like this thank God I live automatically because paying rent, especially New York, is expensive and now you have to go through a realtor which means you have to pay them an additional fee on top of the security and everything you pay to move in. It can be very expensive for the 1st month. Not to mention most people go online to look for places. I'll never, ever go online cause you're opening yourself to be conned and ripped off by fake realtor companies.
What does "living automatically" mean???
@bloodandwater347 My fault, my friend, what I meant to say is alternatively, I live out of my Grandpa time and I have a small liquor base. I was going to do very much live full-time but says nah. I found this mortical base for like 500 a month. So that's what I do. And I didn't live at my van Part-time...
State governments always get in the way of building places to live
In this case it is the free market that is getting in the way as a result of greed.
I did a sublet for my apartment back in NY and the guy who got it thought I was scamming him because it was in a great area and a great price. Shame the culture of NY is.
Riase the fine to $25,000 and 30 day imprisonment and youll see how fast these people will stop their ilegal business.
I love how you NPCs always go after the symptoms instead of the cause. The NYC leadership is the worst possible leadership in the entire country. Worse than Chicago. Worse than Sanfran. Worse than Portland or Seattle.
But yeah, it's the little people that are the problem according to you. Deflect harder, NPC.
Wrong. They have no choice.
yeah doesnt matter when this is a no bail crime. lol they wont even arrest people regarding those now.. that's why there's so much chaos and violence rn.
They could choose to rent it out to long term renters therefore improving the housing market for the residents of NY, the people the gov has a responsibility to protect over the interests of landlords. It would be less money maybe but that is ok. @@kimberiysmarketstrategy
Back to the prohibition era
This channel always makes me really appreciate my 800 mortgage for a 4 bedroom 2 bath house. City living is like an alien world to my small town self. Thank you for keeping me humble 😆
Where
Your dialogue is always excellent. Your presentation is impeccable.
The history of housing in New Amsterdam is a history of greed. Great exposé on the latest chapter...
Illegal housing has been forever. 30 years ago I was looking for a rental in Cali. One said 2 bedroom when one of those rooms was a tiny laundry room with no washer and dryer. The other was a house with a garage I couldn’t use. What? Why? Oh, someone is living in it.
People always move to areas where good and high paying jobs are offered, for this reason the demand is always increasing and rents and prices are rising. You will experience this in every area of the world!
Higher pay and higher cost of living go together. The only reason why people move to big cities is availability of work. There are professions that can't be had in rural areas because of demand. However, if you work from home or your job doesn't require a specific physical office space....then, the opportunities are limitless
Tokyo has had the same increase in population as New York for the past 20 years for the exact same reasons, which are high paying jobs. Yet rent and home prices have remained flat for all that time because unlike New York, Tokyo actually builds more homes that there are people to house. Thus prices don't go up because supply keeps up with demand. New York and every other city in the world experiencing rising living costs have absolutely no excuse! It's all a matter of policy.
absolutely correct !!!
You would think that our politicians should have taken a field trip to learn what works and what doesn't. No such luck.
Nicely done my guy!!!
Keep up the great job
This is a problem everywhere, and to add to the problem all the new buildings that come in are priced as luxury apartments instead of something a normal family can afford unless you want a studio. Not many families or couples want to live in a studio.
short term rentals are not causing housing shortages. if you believe that you aren't willing to put in the effort to do your own research into how few there actually are compared to the total amount of housing, and then do the research to see how many housing units need to come into the market to move the needle.
I am unwilling to accept that someone just isn't smart enough to do that type of research for themselves, so I have to believe that you are just parroting what others are saying without actually looking into it yourself.
The problem is that people are running to the government to get lower cost housing. The government comes in and passes rules that make the problems worse. If you want it to get even more expensive to live in NYC, just run to the government and ask again.
Please government, make it hurt more.
And what is their solution otherwise?
The free market FAILED which is why the problem exists in the first place. The free market cannot do anything useful as it is motivated by greed.
I think it is crazy that a state can tell you what to do with your own home
I don't because it's needed for things such as safety and public wellbeing, but NYC is doing literally everything wrong right now and are not using their authority correctly. Just fucking over the people they were supposed to protect while padding their own pockets with money.
gotta keep the plebs under control at all times
“For the greater good” Every commies mantra,you admit it does not work and your still for it.YOUR THE PROBLEM@@JF098
...after watching another mind blowing post by Cash, I'm reminded of a TV commercial from, I think, the early '80s: "Calgon, TAKE ME AWAY!!!" ....yeeshers...
The key is enforcement. With no enforcement then rules and laws don't mean jack shit.
Importing thousands of non taxpayers that are not legally allowed to work is a huge problem. The most dangerous human is a young unemployed male.
Who would've known, laws just make people find a way to break them.
"FALLING DOWN... 🌆"
Like i said on your earlier video.. when i was a kid in nyc in the 60's we saw old building fronts falling into the streets. just like that no reason no wind freezibg temps splitting blocks no EARTHQUAKES... yet. so it takes nothing to have a building lose its face. these overpriced dressed up 100+ year dumps are ticking time bombs 💣 a lick of paint double the rent is all good🏚 👍👍 NYC is overdue for a shake... {{{🌎}}} 🌇 its going to be a complete horror show never seen before.. so HEADS UP 🙄 LITERALLY. soon. nyc dont stop at ground level.. 🚇
That isn't the problem with the law but a problem with selfish greedy people being selfish greedy people. There is no way to fix those people and they will always create problems.
The whole "short term rental" market started as a way to sidestep all the laws and regulations regarding hotels, the same way Uber started as a way to sidestep all the regulation around cabs.
Who the hell would stay in an "underground" airbnb though...
So we should just get rid of law's against murder or theft cause people will "find a way to break them"?
I abandoned AirBnb years ago, before the housing crisis got so bad. Overseas I seem to have no issues, but using the site in the states I always seemed to have issues, the most egregious of which occurred in Hawaii. We hopped 4 islands, and 3 of them attempted to slap me with fees or were just straight up lies. I’d rather just deal with a hotel, where I know what I’m getting.
How can city government tell you what you can do with property property?
Library and freedom? Wtf!
Just googled NYC short term rental. Landed on a site that claims to have 6,004 listings. Wow!