I went to NYC in 2013, then returned in 2021. Huge difference for the worse. Similar to San Francisco and Portland the drug culture is so bad that police don't even attempt to thwart it. The police are out on the street only to prevent violence. I don't plan visiting again. As for housing in NYC, whatever. It's always expensive.
Just because supply is being curtailed into the near future, doesn't mean demand will keep chugging along. People on fixed incomes will be forced out of Manhattan over time, and new supply will find its way to the market. The only possible way for rents to maintain a high ask, is if employment stays stable AND wages keep rising to support them. Any slowdown in the economy/financial markets could cause a massive correction in rental pricing in luxury/premium rental markets.
Thank you for having some common sense! Prices literally can’t go higher than wages allow them to there will be a breaking point it’s New York City isn’t immune to basic economics… 😂😂
The wrinkle is that NYC real estate is attractive to overseas buyers. So, the prices are not 100% dictated by the salaries of actual New Yorkers. NYC is a Tier 1 city along with London. Those two cities don't seem to play by the same exact rules as all others.
I would be interested to see how the markets in the destination states are doing (FL, TX, TN, etc.). I wonder if they are holding up well, or if they'll end up like Vegas & Phoenix from 2008.
160K a year (pre tax) - (48K to rent (30%) + 30% to income tax + many other taxes and fees + utilities + transportation + insurances) 160K is already down to what? 40K? What's left for food and fun? 30% to buying a home is one thing but 30% to rent!!! The majority of my rent years, 18 to 32 (1977 to 1992) were around 20% in the Phoenix Aridzona zone.
Nothing is so consistent as change. You simply cannot assume that New York will always draw business, at some point people will say screw it and leave. The ability And willingness of the public and businesses to endure continual, increases in cost it’s not infinite.
I've seen people move from San Francisco to NYC, and I don't even understand where they're moving to because vacancy is already so low. When the vacancy rate is 1.4% that means when an apartment goes on the market, it will be off the market in 10 days on average. There's way too much demand in NYC to see a decline in demand outside of a major recession that affects high paying jobs in the city, e.g. another Great Financial Crisis.
I agree that Manhattan affordability is trash, but as someone living in it right now, you are simply looking at the issue wrong. Here’s why. 1. Manhattan has tons of rent-stabilized apartments that bring down the household income that you found as well as the average rent (much more on the salary side) 2. Manhattan includes Harlem, which is surprisingly affordable (at the cost of other things of course). 3. The example of job you found online does not represent Manhattan’s actual high paying job market. Some of my friends who live in high rises are exclusively in finance and law, and so are their neighbors. One of them just graduated from nyu law and makes about 180k base salary a year, but has a 150k bonus, and he’s not even the top student from NYU law. There’s also Fordham and Columbia, and people working in finance, and people in politics, and people whom are paid by their companies, and students from rich families… it’s not affordable, but tons of people can afford them relatively easily. My girlfriend graduated from Columbia’s DS program 5 years ago and is already making 190k at a major financial institution, just to give you some idea. 4. Surprise! You don’t need a car to live in Manhattan. That gives you savings for car payments/gas savings/insurance savings. People actually ended up saving thousands because let’s be honest, if you make 200k anywhere else, you are most likely in a Mercedes or a Porsche. The only things you pay ended up being your rent and food, and another surprise: food here isn’t that expensive. Yes, you get fine dining in hundreds, but you also get 4.99 for two pizzas and a soda. To sum it up, as much as I hate it, Manhattan affordability probably isn’t going anywhere.
There are many businesses forcing people to be in the office to justify prices, it's just a matter of time for agile company takes the cake! I have a friend that works in Boston, he unplugs his laptop from home and takes the train to "be seen in the office" 3 to 4 days a week. There is a huge business opportunity for someone who thinks wasting 3hr commute can be used productively and in their favor. Plus, with Ai many of these businesses will be butchered relaying on the proprietary things that have been driving their business! For God sake he still exports excel sheets and imports them into his old booking system! Job requiring multiple people! Pigs get fat, hogs get slaughtered!
The Monday and Friday statistics, which are real and impactful, are also due to a lot of hybrid teleworkers who work Tuesday - Thursday in office, and from home Monday and Friday. I'm sure there is still a lower foot traffic but if chosen looking at Wednesday, for example, it wouldn't probably be as severe.
NY can’t pay for all the illegals so they have to cut services like police education and sanitation. Those cuts are lowering the quality of life. The lower quality of life is leading to people leaving. People leaving means less tax revenue. Less tax revenue means cutting more services. And now NY is in a death spiral. The people who haven’t left and flocking to Manhattan making it more expensive. So now you have the double whammy of having to pay more money to live in a failing city. Is real estate going to crash? No. But NY has some rough days ahead.
New York’s murder rate is very low for an American city. It matches the national average of about 7per 100,000. Being murdered by a random person is incredibly rare. Gang violence and domestics are the main drivers of violence. Much of Manhattan is extremely safe. It certainly has problems that need be fixed but the value of living in Manhattan is unmatched (if you can afford it).
@@ryanlazarus3381 I hope you are happy there--To be honest : Hunts Point, Brownsville ,Mott Haven , Bradford-Stuyvesant, Midtown, East Harlem, Fordham Highbridgidge,,Bushwick Tremont are a war zone. Rich white leftists care nothing about crime victims in these neighborhoods--If one is rich enough to live in lower Manhattan, I guess you're going to be alright.
I went to NYC in 2013, then returned in 2021. Huge difference for the worse. Similar to San Francisco and Portland the drug culture is so bad that police don't even attempt to thwart it. The police are out on the street only to prevent violence. I don't plan visiting again. As for housing in NYC, whatever. It's always expensive.
Just because supply is being curtailed into the near future, doesn't mean demand will keep chugging along. People on fixed incomes will be forced out of Manhattan over time, and new supply will find its way to the market. The only possible way for rents to maintain a high ask, is if employment stays stable AND wages keep rising to support them. Any slowdown in the economy/financial markets could cause a massive correction in rental pricing in luxury/premium rental markets.
You underestimate the amount of money people have, and the demand for living in NY.
Thank you for having some common sense! Prices literally can’t go higher than wages allow them to there will be a breaking point it’s New York City isn’t immune to basic economics… 😂😂
You underestimate basic economics
The wrinkle is that NYC real estate is attractive to overseas buyers. So, the prices are not 100% dictated by the salaries of actual New Yorkers. NYC is a Tier 1 city along with London. Those two cities don't seem to play by the same exact rules as all others.
That systems engineering job is woefully underpaid. Just saying.
I would be interested to see how the markets in the destination states are doing (FL, TX, TN, etc.). I wonder if they are holding up well, or if they'll end up like Vegas & Phoenix from 2008.
And Orlando and Miami etc from 2008
Office buildings are 50% occupied but no problems!! Lol 😂
160K a year (pre tax) - (48K to rent (30%) + 30% to income tax + many other taxes and fees + utilities + transportation + insurances) 160K is already down to what? 40K? What's left for food and fun? 30% to buying a home is one thing but 30% to rent!!! The majority of my rent years, 18 to 32 (1977 to 1992) were around 20% in the Phoenix Aridzona zone.
and the reality of things, maybe 40 to 50% to rent is insane. Hamsters on the Hamster wheel of life.
Clickbait
Nothing is so consistent as change. You simply cannot assume that New York will always draw business, at some point people will say screw it and leave. The ability And willingness of the public and businesses to endure continual, increases in cost it’s not infinite.
I've seen people move from San Francisco to NYC, and I don't even understand where they're moving to because vacancy is already so low. When the vacancy rate is 1.4% that means when an apartment goes on the market, it will be off the market in 10 days on average.
There's way too much demand in NYC to see a decline in demand outside of a major recession that affects high paying jobs in the city, e.g. another Great Financial Crisis.
This was a well formatted video. I like the idea of yoh choosing places that you believe will expand
Parts of NYC are so manipulated and overpriced.
I agree that Manhattan affordability is trash, but as someone living in it right now, you are simply looking at the issue wrong. Here’s why.
1. Manhattan has tons of rent-stabilized apartments that bring down the household income that you found as well as the average rent (much more on the salary side)
2. Manhattan includes Harlem, which is surprisingly affordable (at the cost of other things of course).
3. The example of job you found online does not represent Manhattan’s actual high paying job market. Some of my friends who live in high rises are exclusively in finance and law, and so are their neighbors. One of them just graduated from nyu law and makes about 180k base salary a year, but has a 150k bonus, and he’s not even the top student from NYU law. There’s also Fordham and Columbia, and people working in finance, and people in politics, and people whom are paid by their companies, and students from rich families… it’s not affordable, but tons of people can afford them relatively easily. My girlfriend graduated from Columbia’s DS program 5 years ago and is already making 190k at a major financial institution, just to give you some idea.
4. Surprise! You don’t need a car to live in Manhattan. That gives you savings for car payments/gas savings/insurance savings. People actually ended up saving thousands because let’s be honest, if you make 200k anywhere else, you are most likely in a Mercedes or a Porsche. The only things you pay ended up being your rent and food, and another surprise: food here isn’t that expensive. Yes, you get fine dining in hundreds, but you also get 4.99 for two pizzas and a soda.
To sum it up, as much as I hate it, Manhattan affordability probably isn’t going anywhere.
How about Los Angeles?
There are many businesses forcing people to be in the office to justify prices, it's just a matter of time for agile company takes the cake! I have a friend that works in Boston, he unplugs his laptop from home and takes the train to "be seen in the office" 3 to 4 days a week. There is a huge business opportunity for someone who thinks wasting 3hr commute can be used productively and in their favor. Plus, with Ai many of these businesses will be butchered relaying on the proprietary things that have been driving their business! For God sake he still exports excel sheets and imports them into his old booking system! Job requiring multiple people!
Pigs get fat, hogs get slaughtered!
People are working from there Apartments. So they take the train less and don’t go to the office.
EVERYONE MOVING TO THE SUNBELT! GREAT TIME TO OWN/RENT/SELL PROPERTY IN THE SOUTH 💰
The Monday and Friday statistics, which are real and impactful, are also due to a lot of hybrid teleworkers who work Tuesday - Thursday in office, and from home Monday and Friday. I'm sure there is still a lower foot traffic but if chosen looking at Wednesday, for example, it wouldn't probably be as severe.
thanks for the misleading title and wasting my time
What happened to the 500,000 people who left during pandemic? Did they all move back and then some? Did the 1% buy second and third condos?
People need to be paying the rents or those are offset. Beware there will be legislation
High rents = crash
Who bought you recently dude? You've 180'd from a few months ago.
NY can’t pay for all the illegals so they have to cut services like police education and sanitation. Those cuts are lowering the quality of life. The lower quality of life is leading to people leaving. People leaving means less tax revenue. Less tax revenue means cutting more services. And now NY is in a death spiral.
The people who haven’t left and flocking to Manhattan making it more expensive. So now you have the double whammy of having to pay more money to live in a failing city.
Is real estate going to crash? No. But NY has some rough days ahead.
Are we all A.L.I.C.E.s?
You don't understand any demographic data, do you?
Why live in an expensive city where gangsters run the streets unafraid and police are fearful of being put in prison.
New York’s murder rate is very low for an American city. It matches the national average of about 7per 100,000. Being murdered by a random person is incredibly rare. Gang violence and domestics are the main drivers of violence. Much of Manhattan is extremely safe.
It certainly has problems that need be fixed but the value of living in Manhattan is unmatched (if you can afford it).
@@ryanlazarus3381 I hope you are happy there--To be honest :
Hunts Point, Brownsville ,Mott Haven , Bradford-Stuyvesant, Midtown, East Harlem, Fordham Highbridgidge,,Bushwick Tremont are a war zone. Rich white leftists care nothing about crime victims in these neighborhoods--If one is rich enough to live in lower Manhattan, I guess you're going to be alright.
You're watching too much right wing news.
really not that bad. Higher risk than most other cities, but the city tops any place in America by far.
@@Bryan-zo6ngso you’re saying they had to deploy the national guard in the subways to appease right wing media?
first