I'm not an expert, but if I would think about levying hefty taxes or fees on non-residents who are buying up properties or condos and then leaving them vacant. I would also look at tax incentives for landlords who are above a certain percentage of units rented. If you "mothball" apartments you loose tax incentives. Just some thoughts.
Not at all, but there have been articles over the last few years about wealthy foreigners using NYC real estate as a secure asset to park their cash in which drives up prices for people who actually live in NYC. @@carlooo00s
This housing crisis song is being sung in ever corner of this country and it is becoming a viscous cycle. Something has to be done to balance the scales of wages and affordable housing.
@@MissCleo24Exactly! Like the government. Like those who run states and cities. They pad. Their pockets and get nothing done. Deblasio’s wife was put in charge of the homeless situation in New York. She was given $800 MILLION dollars to fix it. Nothing was done and the money… nowhere to be seen. It has never been accounted for. They literally sailed off into the sunset with almost a billion dollars. Or is it more? What other programs did they steal from? How much did they get from them? Who knows but those in charge now will do the same.
You are correct! We live in Ohio, literally less than ten minutes from corn fields, and our rent is up to $2,200! That doesn't sound high, but you don't make as much in Ohio, at any job, as you do in NYC or LA.
I remember in 2007 when I was working in real estate seeing people buy homes new from builders with the intention of selling before close of escrow to a new buyer for profit. The crash was so brutal and fast that I remember seeing a lot of these units foreclosed on with the builder plastic still on the carpet.
Most people find it difficult to handle a fall since they are used to bull markets, but if you know where to look and how to maneuver, you can make a size-able profit. Depending on how you intend to enter and exit, yes.
The enduring US stock market bull run evokes a mix of fear and excitement, presenting opportunities with insight, resulting in $780k gains in the past ten months, utilizing a portfolio advisor for a well-defined strategy.
@@hunter-bourke21 My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please let us know the name of your financial advisor.
Wow! I’m usually very happy to be living in Kansas City, but this video brought it home even more. Once again, a very good, understandable assessment of a terrible problem.
Where I'm from, that $8400 a month would cover your median rent for an entire year, or buy you the average house in just 18 months. You'll just miss out on the ocean view by 1500 miles or so.
But you will be in boring area. You can't watch the see all the time. I know wealthy people with a sea view. When they have time they go in big cities, in the mountains. I gues there are no museums, to cultural activities, the food, you need a car...
@@AhahahhaaahHawai is far from everything. 20 hours flight in orderto visit NYC. You are isolated from the rest of the world. In Hawai, why living in an building if you can afford a private house?
Cash, I do love all your videos, but these videos commenting on the housing crisis in NYC are spot on. Your reporting on the migrant/housing situation is just that, reporting, not your opinion. Thanks for keeping us informed on a situation that is also playing out all over the country.
Wouldn’t it be great if he also stated the facts that of liberals would stop supporting illegal immigration, this issue wouldn’t be exacerbated? Also, fixed rate rent is way too communist.
migrants should be shipped off to siberia. Why are these people coming to this sinking ship of a country anyway? And why are we inviting the absolute quality people too from africa, central amwrica and the middle east? .
@@BellicVyou know nothing about politics other than what your told, first thing immigration is good for an economy it grows the work force, secondly the only reason the U.S has strict immigration laws is not to prevent illegal migrants from crossing the border but to ensure that the U.S has cheap and replaceable labor if you want proof look at the restaurant business, look at farming and construction all jobs that are most likely to have under paid illegal immigrants to insure no chance of labor movement or unions cause they can be sent back to their home if they try to fight for better wages, lastly Trump does not care about the American people all he wants is to cut taxes for the rich and not the working class you forget that he is the wealthy elite.
Wow. The problem is worse than I thought. I used to live in a rent stabilized apartment before I left NYC prior to the Pandemic. I thought I’d be able to be back to the city soon, but that ideas is fading away after looking at this worsening housing crisis. I thought it was bad before leaving the city. Now it feels like irreversibly unrecoverable. Thanks for the nice video.
You will never be able to afford living back there as long as all the illegals are there. New York is dying an it's not a slow death. They've already cut there budgets on Everything 5% an Adams wants to go to 15% before the years end. Normies that think there goin to move to new York are living a pipe dream unless you're an illegal alien then your straight
@@nydreamer my mom had a brooklyn accent till the end, it was lovely; that's why I probably always like nyc accents; I have a slight trace, lol! a couple months ago, someone asked me if I were from brooklyn; I remember smiling as that was the nicest thing I had heard all day. We lived in San Fran for several years in The Haight but it really ran downhill, with a lot of store and business closings. Housing is sky high there. And the big problem ~~ no parking. See what Mayor Eric Adams does in his accelerated building program. If your heart is there, go back and live your NY dream.
@@virtualselfie6899 Biden has caused all of this inflation and allowing illegal aliens to invade our country. Americans are being thrown out of hotels to make room for illegal aliens. So disgusting. I'm so disgusted with Democrats!
Cash, thank you so much for your thorough reporting. We were forced to leave NYC in the pandemic since my Mom's health was declining. She lived in Hawaii. We dreamed of moving back to NYC but with the migrant crisis, it does not look good. We miss NYC and our dear friends and neighborhood. We'll wait a bit. Thank you again for all your hard work! Aloha😊
WOW VERY DANGEROUS SIR I WILL NEVER GO TO USA ! 😡😡 THIS WHY IM SO LUCKY LIVE IN SUPER INDIA THE CLEANEST COUNTRY IN THE WORLD 🇮🇳🤗 , WE NEVER SCAM! WE GIVE RESPECT TO ALL WOMEN THEY CAN WALK SAFELY ALONE AT NIGHT AND WE HAVE CLEAN FOOD AND TOILET EVERYWHERE 🇮🇳🤗🚽, I KNOW MANY POOR PEOPLE JEALOUS WITH SUPER RICH INDIA 🤗🇮🇳🤗🇮🇳🤗🇮🇳🤗🇮🇳🤗🇮🇳🤗🇮🇳
I work in a rental building and watching these apartments get rented out fast shocks me because of how people can still afford it even with the increases.
WOW VERY DANGEROUS SIR I WILL NEVER GO TO USA ! 😡😡 THIS WHY IM SO LUCKY LIVE IN SUPER INDIA THE CLEANEST COUNTRY IN THE WORLD 🇮🇳🤗 , WE NEVER SCAM! WE GIVE RESPECT TO ALL WOMEN THEY CAN WALK SAFELY ALONE AT NIGHT AND WE HAVE CLEAN FOOD AND TOILET EVERYWHERE 🇮🇳🤗🚽, I KNOW MANY POOR PEOPLE JEALOUS WITH SUPER RICH INDIA 🤗🇮🇳🤗🇮🇳🤗🇮🇳🤗🇮🇳🤗🇮🇳🤗🇮🇳
@vandalianion There are more than enough empty houses and abandoned buildings scattered across the country to house our entire homeless population multiple times over. But they are almost all in areas where there are not enough jobs to create self-sustainable growth or a well-functioning local economy. Once a town begins down that death spiral, it is very hard to reverse its course.
It's a shame he can't interview any of the property owners/ landlords that raise the rent. Would like to hear their take on this. Guessing they might say that the property tax should be lowered? idk.
Your forgetting one major component. All the illegal aliens are going to drive not just rent but everything will go up. No one seems to grasp this concept
That’s not why. Entrepreneurs want to provided housing when housing is expensive, which it is. The government doesn’t allow them. There’s no reason for housing to be more than 250 bucks a square foot (to buy, not rent lol).
in other cities, developers, and by extension landlords, want to build affordable housing. It's the local government that puts up roadblocks because of nimbyism
Man, this was so informative. Makes me wonder what you studied in college. You research and research and then eloquently transcribe your findings for your viewers to understand. Thanks~
I truly feel for the citizens of NY and many other places. You have a checklist… safety, utilities, size, basic conveniences, etc. If you buy, Common Fees can be as much as a mortgage! There’s always a lot of talk about people moving to Texas. One word for that…AFFORDABILITY! It’s just sad. I grew up in the 60s in Tennessee and my family had a home, yard, safety, heat, water, beautiful surroundings, and it was all on one income. I wish I could provide that same life to everyone. I didn’t know how magical it was.
You could probably do the same thing in smaller Tennessee towns today, but jobs there might be limited. Nashville has unfortunately become much more expensive. There are still very cheap neigborhoods with $150k houses, but those also have very high crime and poor services.
Your videos always take me back to my many visits to NYC in the 80s/90s. I grew up in a big city my family lived there since we came over to the USA. I left over 25 years ago because I saw that living in a big city and trying to have a family, house and live was going to be difficult to afford. I’m a retired electrician so I made good money but I knew it was time to go. I’ve never looked back but I love these videos to see how people can honestly survive in this environment nowadays. I think many here even though most never lived in NYC are fascinated with the city. I know I am. 🍻
WOW VERY DANGEROUS SIR I WILL NEVER GO TO USA ! 😡😡 THIS WHY IM SO LUCKY LIVE IN SUPER INDIA THE CLEANEST COUNTRY IN THE WORLD 🇮🇳🤗 , WE NEVER SCAM! WE GIVE RESPECT TO ALL WOMEN THEY CAN WALK SAFELY ALONE AT NIGHT AND WE HAVE CLEAN FOOD AND TOILET EVERYWHERE 🇮🇳🤗🚽, I KNOW MANY POOR PEOPLE JEALOUS WITH SUPER RICH INDIA 🤗🇮🇳🤗🇮🇳🤗🇮🇳🤗🇮🇳🤗🇮🇳🤗🇮🇳
It's not complicated. You have millions of people that want to live there, and not enough places for them to live, so prices are bid up. This is basic economics
The worst part is that Cash uses his platform to “normalize” a two bedroom, 820 sqft walk up flat for $4500.00, while selling the neighborhood filled with restaurants and shops because you can’t actually cook in it or spend more than an hour cooped up with your roommates.
Also there's another thing adding to that. Half of Manhattan is not available for expanding up because terrain originally swampy and full of lakes, and this makes middle Manhattan close for constructing building any taller. If you ever wonder why skyscrapers stopped growing from financial district, and then again pumping higher around centre park
Thanks for updating the NYC Jordan,yer videos are getting more and more interesting! I lived in the UES for 25 years, I had a 3room unit+eat-in kitchen on rent-stab, my starting rent was $700.
The rental housing crisis has been in works for decades as you said in your video. But not only in NY in every major city in NA. Here in Toronto it's the same, rents skyrocket to 2,600 CAD for 1 bdrm. That seems really low compared to NY but it's very high for us. I'm lucky to be in a rent controlled apartment, won't say how much, but I can never move. The issue is politicians who talk and do nothing else and housing bureaucracy.
@@dcg590 Get real. Just because I've been renting the same place for over 20 years doesn't make me a leech. How long have you been renting in one place or do you rent? Maybe you own a rental property built before 2008? What is your skin-in-the-game that gives you the right to call a total stranger a leech? Perhaps it is jealousy?
These housing issues are everywhere. They are magnified in big cities like New York. But even in the town I live in of 50,000 people I could not afford to rent or buy. Thankfully I own my house now. Because it would be almost impossible to get a house now and I could not afford to rent anything in this town. It's crazy.
I moved out of NYC in 2015 and the prices were crazy then. They are out of control now. How can anyone afford to live there? Food prices are outrageous.
Housing in NYC is so F'ed. The "affordable" units are generally calculated as 1/3rd of your income..m BEFORE taxes. So its half or more after taxes. So you have to go through a lengthy bureaucratic processes just to apply for a place that will cost you like $2300 a month provided you make like $70k or less. It's a complete joke. And all that gets you is controls on how much your rent can be raised each year, you know the same rules that entires states have for EVERY rental unit, like NJ. I know people who have stayed unmarried so they could benefit off one partners lower income, its a joke.
Cash, I just have to say, as consistently as you upload new videos - not just videos - but literal cinematic masterpieces - there is no doubt whatsoever that you are out here working you ever loving behind off 24/7!! I have so much respect for you. I don’t know much at all about videography, vlogging, photography, etc, but it doesn’t take an expert to see that you pour your heart and soul into each and every one of your videos. You’re a master of your trade my friend 💯. Thanks for the entertainment and enlightenment that you provide for us all, day after day.
100,000 are American citizens in NYC 20,000 of those are children. Illegals are another number and have no citizen rights because they are not citizens
The studio I rented for $475 back in 2003 is now $1,150. And that is in a city of 40,000 people. That's why I moved there because it was cheaper than rent in the larger cities. I'm so glad I'm no longer renting. I own a 3 bedroom house now and the monthly payment is $1,170. Almost the same as it would cost me if I was still living in the studio.
Do you have property tax, insurance, interest, maintenance for roof, lawn, appliances,...? Factor in all the costs vs a studio and get back to us on that.
@@653j521 Insurance and interest is factored in the cost of a monthly mortgage payment. Roof and appliances are rare expenses that happens every 10-15 years or so. Lawn care is either free if you're willing and DIY or maybe a $100/month (varies depending on location of course). Property tax will run you back proportionally to the value of the house. No matter what the expenses of owning a home are, when you own a home and take out a mortgage at a fixed interest rate, you will have that same payment for the next 10, 15, or 30 years, as the rest of the economy, rent prices, and and living expenses skyrocket year after year. Then one day you will own that home and will only have to pay taxes on it. Compare that with living in someone else's apartment/home and paying their mortgage, have your rent go up every year, just to be left with nothing after 30 years. Get back to us on that.
Also, is your mortgage paid off? Millions of Americans are now shackled with golden handcuffs. They bought a home over the past 10-15 years at a great mortgage rate, much much cheaper than they could possibly get now. Which sounds like a win - because it is - until, god forbid, life happens and you NEED to move for some reason. Sure, your house is worth a lot more now, so theoretically you stand to profit by selling it... except nobody wants to buy right now, and where the hell can you afford to move to anyway? So fine, you stay put and ride it out. Except the property taxes, insurance, and endless parade of apocalyptic weather events may suddenly turn your most valuable asset into a dangerous liability. And the only thing more expensive than moving... is staying...
@@653j521 Bro the renter is covering those costs for the landlord as well as putting extra money in the landlord's pocket. Do you really think someone is renting out that studio apartment at a lost?
Most apartment buildings are in the hands of corrupt companies. We live upstate and finding an affordable apartment is next to impossible. Most places you 3 times the income and at least a 650 credit score. The homeless issue is going to become the norm.
No people just believe that they live for free, it’s always been 3x’s the rent and I live in Ohio 👀👀🤷🏽♀️🤷🏽♀️💁🏽♀️💁🏽♀️ those stipulations have always been in place
5600 dollars a year? that is crazy. No one should pay more than 10% of their salary for housing. One has other expenses too. Here in Sweden, I pay 2700 dollars/year, half of what you have.
"It's not just NYC feeling the wallet squeeze; it seems like prices are doing the cha-cha everywhere! 😄 But hey, on the bright side, there are job opportunities sprouting up like mushrooms after the rain. Time to dust off those money-making dance moves! 💃💰"
So why oh why do they keep coming??? It's not just apartments in buildings, its infrastructure. There aren't going to be any additional roads, sewers, water lines, etc. The answer is that NYC is all full up. Go someplace else!
This is such a sad and defeatist attitude. NYC for the most part already has infrastructure to support more buildings and improvements can always be made. The answer is not "NYC is all full up". There is a housing shortage across the entire country and even much of the world. You can't tell people to go someplace else when there is a shortage everywhere. We need to build more housing.
@@beachbumsailordude Agree!! We have controlled immigration laws. We allow immigration through the “front door” so we can control how many people come in to avoid the current situation. This is what happens when Millions of people come in the back door with no plans of their own as to how to support themselves. Sad.
I've lived in NYC my entire life. I do believe that the housing crisis can be significantly improved if the governor and mayor put their differences aside and worked together. I don't see that happening with these two high horses.
I remember arguing with someone about if buying in major, unaffordable cities were a good or bad investment. I thought they were bad, he thought it was good. I explained that the people cannot afford to live, he explained that buying housing is a bet on government incompetence. Tldr; he was right (we were talking about Canada though)
It's not just about differences between the mayor and governor. It's about greed. NYC drives housing prices as high as possible because that's more money the state can collect in property taxes.
Maybe Mayor Adams should have a chat with Vanguard Group and Black Rock who they are selling their properties to • China, Saudi Arabia, Egypt, Russia • and maybe someone can explain why million dollar condos are sitting empty and suppressing the housing cost city wide.
How is the mayor selling properties at all? Don't developers typically acquire these properties through the free market? How exactly does it work in NYC?
@@darthbumblebee7310 because corporations and the average consumer see housing completely differently. Corporations see housing as a commodity and will trade it as such, were as the average consumer will see housing as a necessity and try looking for the cheapest possible unit to live in. Because corporations see housing as a commodity, they have no incentive to bring down their prices, no matter how many apartments or homes that are being built.
Throwing up high rises too fast is a horrible idea...it's unsafe... allowing to many people into the city is unsafe all across the board...it makes no sense what's going on in NYC.
I live in CT and we have lots of New Yorkers who moved here over the past few years, affecting our rents/home prices too. This is a national, not just a local urban problem.
I wouldn't say it's even national, but worldwide. We're not building nearly enough housing units to decrease demand even a little. The amount of people on earth far exceeds the amount of available homes. If you want to look at it as a supply and demand chart, the amount of homes would need to exceed the amount of humans on Earth. But is that a realistic thing to do? No.
Also should mention the broker's fee and security deposit in majority of these "Affordable Housing" and regular apartments that love to bite you in the ass when you think you found one in your budget.
As an owner, I can absolutely assure you that rents in NYC are too LOW. For example, the money I would make renting out my apartment, at current market rate, would return less than $5000 a year. It's not worth my time or the trouble, or the damage a renter could do to my property.
I'll go further and suggest there is not a Housing Crisis at all, but rather an Income Crisis instead. Salaries are not keeping up with inflation, and this has been the norm for 30 years now. Don't get sucked in by corporate liars. Tell your boss you want a fair wage, and suddenly your personal housing crisis disappears. Either that or move to Jersey, Queens, or the Bronx.
The sewer thing is a fantastic point. I am a civil engineer and was wondering when that would be mentioned. YUP, same thing happened in Denver when the huge influx of people over 10 years happened. The city's sewer couldn't keep up. Wonder how long it will take for NYC to start experiencing sanitary sewer overflows everywhere. If you're someone who thinks this is all fine and we should keep letting these people in no matter what, just wait until you smell sh!t everywhere including your own house.
PREACH! It’s nation wide, I believe we’ve seen NOTHING yet. ONE WORLD GOVERNMENT ONE WORD RELIGION ONE WORD MONETARY SYSTEM Many will bow to the “beast system”. JESUS is LORD. ✝️Repent for the KINGDOM of GOD is at hand. ✝️⚔️🛡️❤️🔥🔥⚖️👑👑👑🕊️
Because there is similar regulations and red tape just about everywhere but especially in liberal coastal cities. It’s so bad that one city can’t do anything on its own. Even if one city build housing more people will move there and nullify and drops in prices. The solution would require all cities to build new housing.this will have to be directed at the federal level
#1 Hey Cash, thanks for another fascinating video regarding the situation in NYC. Good journalism. Things are at a tipping point. Which means a change is gonna come!!
Moved to the Poconos 3 years ago and will never look back. My 3000 sqf, 4 bedroom house, mortgage is less than $2500 per month which includes property tax 😁
Thanks for posting a completely different video from your usual content. The housing crisis in NYC has to be addressed and the more attention we bring to it the higher the chances of some changes happening. It is so sad to see so many displaced people and families, struggling to survive.
Know how you fix housing? Remove the 45Million illegal aliens. Since most of them are in/near cities, that takes a huge pressure off the market. Next remove the laws that allow the millionaires to buy buildings/spaces and then intentionally leave them vacant by advertising/charging exorbitant rates. They do that to park their cash in non-deflationary goods then borrow against the value for liquid cash. But politicians won't do either because it removes their voting base and donor money.
If the mayor is allocating $24 billion for housing how about working with the landlords who have empty apartment that they say they can't renovate because of the cost.
NYC is so screwed... You made a very good point about the sewers, but it's not just that. Take water for example: I live in upstate nearby the Ashokan Reservoir, where the City is fed its primary supply of water. The reservoir is slowly losing total capacity year over year, but even if you ignore that fact, more people means you need a bigger or additional pipe to send more water to the city, thus draining it even faster. At that point, other lakes may be necessary just to capture the City water needs.
I read NYC is going to make any under 30 day rental (Airbnb) illegal. They’re hoping those short term rentals will become permanent rentals. Now if we can get the hotels to have rates more affordable for visitors. 👍🏼
If the governor would put that money toward helping property owners renovate the already built yet empty apartments like you've shown us, i feel it would make even bigger difference than building new and leaving these other places abandoned.
I rent affordable apartments. Problems are (1) when I fix the apartment up all I can collect is the same price it was going for before I did the renovations. 2 it has become almost impossible to evict people who are owing upwards of 12 months plus. These are tenants with low affordable rents $1000 to $1500 How can you run a business like this. That's why it is a mess and it only pays to rent to high income tenants . The city should provide incentives and help owners that are not slum lords in with making this a viable business to rent to lower income clients
@@josephkohler9221 i agree. If they took that money going towards the new building projects and gave renovation grants to property owners like yourself, it could put people in the housing thats already established. It seems like the new buildings would benefit the city officials rather than the communities that actually need it.
In my neighborhood, there are 20 new apartment buildings and 18 of them are luxury buildings. And they are built at record speed. The buildings with affordable units, it takes 3-5 years to get them to completion.
I'm sure by "luxury" they mean they want a certain type of person to buy them. Most "luxury" just means new construction for people that aren't on gov assistance.
You’re doing a great job presenting these important issues! I honestly can’t see how people with families and a single person afford these outrageous rents and the price of living in Any City especially New York! ❤❤❤! We humans have red taped ourselves out of business.
Good video, seemed a bit Manhattan-centric, though. The housing crisis discussion involves not just all 5 boroughs, but the suburbs of Westchester and Long Island, too. There was a plan from the state to build 800,000 new housing units (in addition to the 500,000 unit city plan mentioned in the video) mostly around train stations like the ones serving the Long Island Rail Road. But of course, it was stopped by suburban lawmakers, lobbied by NIMBYs who care about nothing else beyond their property values (value that only exists because of its proximity to the city and the train stations).
This was thorough reporting. I’m a native New Yorker. When gentrification began in bk and queens prices shot through the roof for apartments :/ the “affordable apartments “ are in areas that aren’t that nice. I know, I live in a rent stabilized apartment and the area is horrible.
It’s makes more sense to see businesses to relocate if possible and necessary to avoid the local housing and inflation problems. The employees can’t just work for less money and businesses really can’t pay more to keep employees hired.
CEO's can take a pay cut to help out. But somehow thats "Not American". Local franchise owners Dennis Mayhall and Gerald Preston in DFW Texas owns most of the Dominos stores. Stores are having broken AC's and plumbing issues. He will not get stuff fixed unless the health inspector gives him a five day deadline. And he made the stores stop order parmesan and pepper packets and pockets that extra million a year for himself. Greed is the ultimate thing that is hurting this country right now on every level. And in my Tias neighborhood lots of houses are getting bought up and have been empty for going on three years now. Rich people are buying the houses for "investment" properties. At most I see people live in the houses for just two months out of the year. People can not afford the asking renting price so they just sit empty. Need to go back to 50s-60s tax rate and start taxing the ultra wealthy 75-90%. Reganomics is starting to reach a very bad spot.
To answer the question “do you live in a dump?” The answer is yes, yes you do. I’ve been to both Seoul, South Korea and Tokyo, Japan and both are super clean. No trash/litter, very few homeless people, and little construction
15% cuts. 5% cut in November, 5% in January, and 5% in Early Spring. These are all of the three planned cuts for NYPD. "NYPD, NYFD, corrections, sanitation workers, and public schools are getting cut overtime pay to help cover migrant crisis costs: housing, feeding, educating. Hire freeze in these areas has been introduced" Does NYC really need 0.5M apartments? Cuts in all services, from NYPD to education will make the city to be like SF.
this is why I am homeless in the city and trying m best to get by. I have to sleep in the parks now and last winter wasn't the best sleeping outside. Yes, I had issues at shelters and being robbed
@@ThePandaPhotographer CBS News, September 1, 2023, "Families living in New York City shelters being relocated to make room for incoming asylum seekers" CBS News, August 31, 2023, "The White House says funding is available for the NYC to provide housing for eligible asylum seekers families, which includes up to 14,000 vouchers". "Not only vouchers are on the table" New York plans to use $25 million in state funds to rent temporary homes for up to 1,250 asylum-seeking families who opt to leave New York City's crowded shelters.
@@ThePandaPhotographer Just move somewhere else of your life is so bad. Get 2 jobs. A lot of places can't find workers. Be strong. It is easy to work in NYC if you are legal without mental issues.
I think the issue is that people say they want affordable housing but then when the affordable housing comes out people say it’s a bad neighborhood and don’t want to live there.
The fix for "bad neighborhoods" (crime-ridden) is more (and better) policing. If someone steals, they should be reprimanded. Crime results in poverty. Many economists, including Thomas Sowell, have proven this repeatedly. Stop crime, local people invest time & money, prosperity grows. There's a reason NYC grew under Giuliani and he was "America's Mayor" after 9/11. EVERYONE wanted the NYC miracle for the nation. He could have replaced Bush. Hell, nearly all of USA wanted to remove Bush and install Giuliani even in '02.
I renovated my apartment last year. DOB is sucks. All kinds of rules and inspections need to be followed. A complaint can force you to stop working for months. Nobody wants to build affordable houses here since it's so risky. You need to spend 20 thousand alone on paperwork.
department of building. You need to apply for a permit to renovate. after you have done your work, they need to make an appointment for inspection. During your work, any little things can stop your work by months. @@jackhammer5683
Hi Cash This was very informative I live in Orange County NY and I been thinking of moving back to NYC to be closer to my family Now I’m not so sure My city has turned into a mess! Please make more of these videos about the current state NYC is in Your a great reporter Cash! Thanks God bless
I live in a corporate, amenity filled, “luxury” apartment, brand new in North Carolina for $1350 a month. I laugh at these NYC videos, the apartment they show are absolute trash and they still easily go for 3k+ 😆. Corporations are providing housing in the South to keep supply high and prices low. NYC is high tax, unfriendly to business and people
I am so blessed to live in Nevada in a beautiful home that I own!! His bless you for making others aware of how difficult life can be for middle income families!
I’m in Canada Surrey BC we were just Demo Evicted from a complex we lived in for 19 years finding a rental here is like hitting the jackpot. We found a home after 2 months of searching and many applications but it’s has meant that our rent is now 200% more we were just happy to find a home.
Those who cant afford it should move out if NYC. Its a free market. Rents only stay high so long as people can afford it... if they cant it would surely go down. Eventually they will see a spike in evictions
This problem is world wide. In Australia rent has skyrocketed and pretty much only politicians can afford to buy. Even if I sold my small farm I doubt I would be able to afford anything else.
Happened in Malaysia too. My friend sold his home recently and the same house's valuation increased almost 100k instantly. Which means he can no longer by back his house with the same amount he sold.
The big problem with Rentals in Australia is that approximately 23% of them have been removed from Available for Rental and are now being used for short term AirBnB, which is vastly more profitable.
as someone from toronto this looks downright reasonable, housing is similarly priced there but you can make like 30%-60% more working in new york depending on your industry, also dont forget most canadian banks only lock rates in for 5 years (unlike us banks that lock it in for the entire mortgage term) so if you dont pay your house off in 5 years you will probably get higher payments after that, im so glad i dont live there anymore,
what really ticks me off is the luxury apartments and condos that sit empty and take up space 🙄 i used to love watching videos of these mega apartments until i learned of their true purpose.
Just look buildings are popping up from every crack between two other buildings ! Even small 4 level buildings that has no elevator are being sold as luxury and nothing below 1,000,000$ ! Builders think with this recession everybody will flock to NYC therefore the gold rush ! Lol !
Remember what happened with the truck drivers ! 2021-22 everybody took loans to make $ with expensive truck shipping. No these entrepreneurs are F*** !
Well, part of that problem could be solved by opening app some of the vacant apartments that already exist in the city.. The other part would be not letting high-end developers go in with their Brazilian dollar condos, instead build reasonably affordable housing for the average person. But there's no money in that for the rich people... So the problem will persist, Everywhere.
I remember your recent video on why there are so many empty broken down unsanitary apartments in New York. You said that landlords were afraid to fix things up because they were afraid of not making a profit on the reno expenses. Perhaps something drastic, like allowing landlords to apply for large New York state tax reductions if they fix up the majority of the apartments they own, would bring more housing units into use. It's better to rehab existing apartments because that's more environmentally friendly.
Know how you fix housing? Remove the 45Million illegal aliens. Since most of them are in/near cities, that takes a huge pressure off the market. Next remove the laws that allow the millionaires to buy buildings/spaces and then intentionally leave them vacant by advertising/charging exorbitant rates. They do that to park their cash in non-deflationary goods then borrow against the value for liquid cash. But politicians won't do either because it removes their voting base and donor money.
After seeing all of your reports, I wouldn´t want to go to NY as a new resident any longer. We do have similar problems here in Germany. More and more families can´t afford a home no more for the same reason and the government... well, like I said, it´s similar. You do a magnificent jobs on showing the truth. Inside NY Reporter as a second job to come? You could do it!
What more people need to talk about is Long Island. There are rows of suburbs EVEN WITHIN THE CITY that are begging for upzoning and rapid transit connections.
No, LI is extremely unlivable due to taxes. More upzoning and transit upgrades the higher your tax bill will be. The “taxes that are just on your town bill include transit taxes, out of state college tax, insanity.
@@ceecee7879 What are you talking about? Cost of housing on LI has drastically outpaced any tax increases in recent years. The problem is not enough supply in housing.
Rent stabilized is the dumbest thing we could do. Do not force companies, it staggers innovation like how we tried stopping Uber to help the taxis. We don’t need more government and more government will end up leading to higher prices anyway because less homes will be built since there will be no money in it. I’d rent is stabilized then housing won’t be built more because there’s not gonna be money in it, so then we still have way less housing and the crisis remains
Vital information and great representation of the housing crisis across most U.S. cities. Zoning laws are a complete nightmare, however partnering with private companies may be a real solution
Hi Cash and to your friend hope things get better in NYC. Nothing seems to be improving here in SoCal. Barely making much as a part time driver. Wish you and the City of New York lots of luck in bringing back affordable apartments 👍🙏
@@tonytiger9020 housing costs are going up everywhere. Even non-democratic ran areas. Look at Miami. But, by all means, don't let me stop you from ignoring responsibility and from blaming all of your problems on democrats.
@@darthbumblebee7310 I blame the Democrats for allowing 7 to 10 million UNVETTED leeches and criminals into this country. I'm not worried about housing for myself I own my own house..
@@tonytiger9020 so now instead of the fault being the "Democrat Governor's", it is allegedly the fault of democratic federal policy. Or do you not realize that state governors don't set federal policy? You either have severe issues with cognitive dissonance or you lack a basic understanding of how the US government works.
Checked out Hell's Kitchen during the 2021 rent "dip" you described, but even then what I got for the rents were silly, so opted out. To think if I had gone ahead with a place I would have been priced out within a year anyway makes me glad I stayed in my studio in Queens, where everything is a good 1/3 cheaper, and human scale. What was I thinking?
GREAT VIDEO CASH....! I THINK THE CITY HAS ONE GREAT PROBLEM. THAT'S MONEY AND IT'S SO SAD WHEN PEOPLE JUST WANT A DECENT PLACE TO LIVE, AT AN "AFFORDABLE PRICE" BUT AS LONG AS GREED AND MONEY COME INTO PLAY IT'S GOING TO BE SOME BEFORE WE SETTLE THESE HOUSING PROBLEMS HERE IN NEW YORK CITY
Good point about the sewage and the pipes under ground. I feel like that is a forgotten factor/variable when the housing subject is brought up most of the time
Cash, have you ever considered moving to the greater Atlanta area? There's a large Japanese and Asian population, the traffic IS terrible but the schools in Alpharetta are 10/10, and there IS a train system. All things considered, it's cheaper than NYC. And there is literally no one else there making your caliber of videos. I'd miss Charles, though, so he should come, too.😅
NYC proper hasn't been a place where working class people can live anymore. It hasn't been affordable for the working class for a decade. Moving out to the boroughs isn't better either. The solution is not to move into to NYC.
I have nothing against the migrates living in nyc, but having them start their lives in the city is the equivalent to nightmare difficulty. If they can't figure out how to earn well over six figures in the next couple of years, then they are doomed.
The worse is that NYorkers are importing their unaffordable home style to Miami, they created a crisis in Miami with shady ways, usually a rent was on $1500 they came and ran over the people and offered $2900 for the same apt, of course the realtors and owners accepted those offers, them continued with the same, the next group of NYorkers did the same those properties listed on $2900, they offered $4900 and continued, now the prices on Miami are from $2000 studios to $9000 for two and theee beds, and that’s thanks to NYorkers who imported their misery every place they move
I wonder how many of the luxury condos that were built over the last twenty years in Manhattan have vacant apartments with foreign owners.
I'm not an expert, but if I would think about levying hefty taxes or fees on non-residents who are buying up properties or condos and then leaving them vacant. I would also look at tax incentives for landlords who are above a certain percentage of units rented. If you "mothball" apartments you loose tax incentives. Just some thoughts.
what r u racist?
Not at all, but there have been articles over the last few years about wealthy foreigners using NYC real estate as a secure asset to park their cash in which drives up prices for people who actually live in NYC. @@carlooo00s
Its thiers they can do what they want. Go back to ur shared space.
This. Go to Soho and look in the windows. EMPTY
This housing crisis song is being sung in ever corner of this country and it is becoming a viscous cycle. Something has to be done to balance the scales of wages and affordable housing.
They'll create a new scam soon. Temporary relief but longterm losses will be on the horizon.
Converting office buildings would be a smart idea… but then who is responsible for that cost.
Exactly, and adding millions more people that are a drain on society to our country is going to help us do that. Right? No. No it won’t.
@@MissCleo24Exactly! Like the government. Like those who run states and cities. They pad. Their pockets and get nothing done. Deblasio’s wife was put in charge of the homeless situation in New York. She was given $800 MILLION dollars to fix it. Nothing was done and the money… nowhere to be seen. It has never been accounted for. They literally sailed off into the sunset with almost a billion dollars. Or is it more? What other programs did they steal from? How much did they get from them? Who knows but those in charge now will do the same.
You are correct! We live in Ohio, literally less than ten minutes from corn fields, and our rent is up to $2,200! That doesn't sound high, but you don't make as much in Ohio, at any job, as you do in NYC or LA.
I remember in 2007 when I was working in real estate seeing people buy homes new from builders with the intention of selling before close of escrow to a new buyer for profit. The crash was so brutal and fast that I remember seeing a lot of these units foreclosed on with the builder plastic still on the carpet.
Most people find it difficult to handle a fall since they are used to bull markets, but if you know where to look and how to maneuver, you can make a size-able profit. Depending on how you intend to enter and exit, yes.
The enduring US stock market bull run evokes a mix of fear and excitement, presenting opportunities with insight, resulting in $780k gains in the past ten months, utilizing a portfolio advisor for a well-defined strategy.
@@hunter-bourke21 My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please let us know the name of your financial advisor.
"Camille Alicia Garcia" maintains an online presence. just make a simple search for her name online.
Thanks, I just googled her I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
So glad you brought up infrastructure. So many forget about what they don’t see. Great work. Keep it up. Love the channel.
Wow! I’m usually very happy to be living in Kansas City, but this video brought it home even more. Once again, a very good, understandable assessment of a terrible problem.
Just watched a UA-camr move into an apartment that cost $8400 per month! That amount of money you could rent a HOUSE with an ocean view where I’m from
Yup! Besides that they want your income a month either double or triple the rent ! like bro… 8500 in Hawaii would get you a top penthouse!
Where I'm from, that $8400 a month would cover your median rent for an entire year, or buy you the average house in just 18 months. You'll just miss out on the ocean view by 1500 miles or so.
But you will be in boring area. You can't watch the see all the time. I know wealthy people with a sea view. When they have time they go in big cities, in the mountains. I gues there are no museums, to cultural activities, the food, you need a car...
@@AhahahhaaahHawai is far from everything. 20 hours flight in orderto visit NYC. You are isolated from the rest of the world. In Hawai, why living in an building if you can afford a private house?
That's 8 and a half months rent where I'm at
Cash, I do love all your videos, but these videos commenting on the housing crisis in NYC are spot on. Your reporting on the migrant/housing situation is just that, reporting, not your opinion. Thanks for keeping us informed on a situation that is also playing out all over the country.
Sounds like its not a problem, sounds like a lot of very stupid people engaging in a form of serious self-harm. Who cares? you get what you voted for.
Maybe next time vote Trump. void an immigrant crisis that results in a housing crisis.
Wouldn’t it be great if he also stated the facts that of liberals would stop supporting illegal immigration, this issue wouldn’t be exacerbated? Also, fixed rate rent is way too communist.
migrants should be shipped off to siberia. Why are these people coming to this sinking ship of a country anyway? And why are we inviting the absolute quality people too from africa, central amwrica and the middle east? .
@@BellicVyou know nothing about politics other than what your told, first thing immigration is good for an economy it grows the work force, secondly the only reason the U.S has strict immigration laws is not to prevent illegal migrants from crossing the border but to ensure that the U.S has cheap and replaceable labor if you want proof look at the restaurant business, look at farming and construction all jobs that are most likely to have under paid illegal immigrants to insure no chance of labor movement or unions cause they can be sent back to their home if they try to fight for better wages, lastly Trump does not care about the American people all he wants is to cut taxes for the rich and not the working class you forget that he is the wealthy elite.
Wow. The problem is worse than I thought. I used to live in a rent stabilized apartment before I left NYC prior to the Pandemic. I thought I’d be able to be back to the city soon, but that ideas is fading away after looking at this worsening housing crisis. I thought it was bad before leaving the city. Now it feels like irreversibly unrecoverable. Thanks for the nice video.
You will never be able to afford living back there as long as all the illegals are there. New York is dying an it's not a slow death. They've already cut there budgets on Everything 5% an Adams wants to go to 15% before the years end. Normies that think there goin to move to new York are living a pipe dream unless you're an illegal alien then your straight
My cousins were all Big Apple, born and bred, but left for the Sunshine State and never returned. Used to shop at Prince & Sullivan in Soho!
@@virtualselfie6899 used to walk around the neighborhood all the time.
@@nydreamer my mom had a brooklyn accent till the end, it was lovely; that's why I probably always like nyc accents; I have a slight trace, lol! a couple months ago, someone asked me if I were from brooklyn; I remember smiling as that was the nicest thing I had heard all day. We lived in San Fran for several years in The Haight but it really ran downhill, with a lot of store and business closings. Housing is sky high there. And the big problem ~~ no parking. See what Mayor Eric Adams does in his accelerated building program. If your heart is there, go back and live your NY dream.
@@virtualselfie6899 Biden has caused all of this inflation and allowing illegal aliens to invade our country. Americans are being thrown out of hotels to make room for illegal aliens. So disgusting. I'm so disgusted with Democrats!
Cash, thank you so much for your thorough reporting. We were forced to leave NYC in the pandemic since my Mom's health was declining. She lived in Hawaii. We dreamed of moving back to NYC but with the migrant crisis, it does not look good. We miss NYC and our dear friends and neighborhood. We'll wait a bit. Thank you again for all your hard work! Aloha😊
WOW VERY DANGEROUS SIR I WILL NEVER GO TO USA ! 😡😡 THIS WHY IM SO LUCKY LIVE IN SUPER INDIA THE CLEANEST COUNTRY IN THE WORLD 🇮🇳🤗 , WE NEVER SCAM! WE GIVE RESPECT TO ALL WOMEN THEY CAN WALK SAFELY ALONE AT NIGHT AND WE HAVE CLEAN FOOD AND TOILET EVERYWHERE 🇮🇳🤗🚽, I KNOW MANY POOR PEOPLE JEALOUS WITH SUPER RICH INDIA 🤗🇮🇳🤗🇮🇳🤗🇮🇳🤗🇮🇳🤗🇮🇳🤗🇮🇳
@@indiasuperclean6969 O sure ,stay in India
Man, you just moved to another very expensive place :D
I work in a rental building and watching these apartments get rented out fast shocks me because of how people can still afford it even with the increases.
there will always be someone more desperate
I always wonder how!?
fr, crazy how they say its so expensive yet they get rented out quickly. making no sense
WOW VERY DANGEROUS SIR I WILL NEVER GO TO USA ! 😡😡 THIS WHY IM SO LUCKY LIVE IN SUPER INDIA THE CLEANEST COUNTRY IN THE WORLD 🇮🇳🤗 , WE NEVER SCAM! WE GIVE RESPECT TO ALL WOMEN THEY CAN WALK SAFELY ALONE AT NIGHT AND WE HAVE CLEAN FOOD AND TOILET EVERYWHERE 🇮🇳🤗🚽, I KNOW MANY POOR PEOPLE JEALOUS WITH SUPER RICH INDIA 🤗🇮🇳🤗🇮🇳🤗🇮🇳🤗🇮🇳🤗🇮🇳🤗🇮🇳
@@indiasuperclean6969 Top shouting, idi0t.
I'm glad you're putting out these informative videos to show the reality of what's happening not just in NYC but nationwide...
@vandalianion There are more than enough empty houses and abandoned buildings scattered across the country to house our entire homeless population multiple times over. But they are almost all in areas where there are not enough jobs to create self-sustainable growth or a well-functioning local economy. Once a town begins down that death spiral, it is very hard to reverse its course.
internationally dog. it's global. signed, a canadian.
US politicians will act on this if there is a way for donors to get rich.
The same crisis as started in France in the entire country.
It's a shame he can't interview any of the property owners/ landlords that raise the rent. Would like to hear their take on this. Guessing they might say that the property tax should be lowered? idk.
Your reports are better than any of the ones put out by news outlets. Keep up the good work!
Affordable housing isn't going to happen in NYC or any other city because the developers and landlords want too much money.
Your forgetting one major component. All the illegal aliens are going to drive not just rent but everything will go up. No one seems to grasp this concept
that's why you gotta just become a landlord and get to the $$$$
That’s not why. Entrepreneurs want to provided housing when housing is expensive, which it is. The government doesn’t allow them. There’s no reason for housing to be more than 250 bucks a square foot (to buy, not rent lol).
in other cities, developers, and by extension landlords, want to build affordable housing. It's the local government that puts up roadblocks because of nimbyism
False
Thank you for doing these videos on what’s happening in NYC. Really appreciate your efforts.
Man, this was so informative. Makes me wonder what you studied in college. You research and research and then eloquently transcribe your findings for your viewers to understand. Thanks~
I truly feel for the citizens of NY and many other places. You have a checklist… safety, utilities, size, basic conveniences, etc. If you buy, Common Fees can be as much as a mortgage! There’s always a lot of talk about people moving to Texas. One word for that…AFFORDABILITY! It’s just sad. I grew up in the 60s in Tennessee and my family had a home, yard, safety, heat, water, beautiful surroundings, and it was all on one income. I wish I could provide that same life to everyone. I didn’t know how magical it was.
You could probably do the same thing in smaller Tennessee towns today, but jobs there might be limited. Nashville has unfortunately become much more expensive. There are still very cheap neigborhoods with $150k houses, but those also have very high crime and poor services.
We have a home, cars, a big yard, a great neighborhood, etc. on one income. It can be done.
The only thing I feel for the citizens of NY is apathy. They voted for this, now let them eat their cake.
@@thefalseheroyup, they made their bed now they can lay in it!
@@Beastkiller38yeah right. Just ignore the 10 million people fighting to live there
Your videos always take me back to my many visits to NYC in the 80s/90s. I grew up in a big city my family lived there since we came over to the USA. I left over 25 years ago because I saw that living in a big city and trying to have a family, house and live was going to be difficult to afford. I’m a retired electrician so I made good money but I knew it was time to go. I’ve never looked back but I love these videos to see how people can honestly survive in this environment nowadays. I think many here even though most never lived in NYC are fascinated with the city. I know I am. 🍻
WOW VERY DANGEROUS SIR I WILL NEVER GO TO USA ! 😡😡 THIS WHY IM SO LUCKY LIVE IN SUPER INDIA THE CLEANEST COUNTRY IN THE WORLD 🇮🇳🤗 , WE NEVER SCAM! WE GIVE RESPECT TO ALL WOMEN THEY CAN WALK SAFELY ALONE AT NIGHT AND WE HAVE CLEAN FOOD AND TOILET EVERYWHERE 🇮🇳🤗🚽, I KNOW MANY POOR PEOPLE JEALOUS WITH SUPER RICH INDIA 🤗🇮🇳🤗🇮🇳🤗🇮🇳🤗🇮🇳🤗🇮🇳🤗🇮🇳
You do a great job of alerting people to the housing crisis in NYC. Terrifying and super complicated.
I am glad I moved out of the country in 2022. The US is destroyed beyond repair and bouta collapse.
nothing complicated by woke ideology
It's not complicated. You have millions of people that want to live there, and not enough places for them to live, so prices are bid up. This is basic economics
The worst part is that Cash uses his platform to “normalize” a two bedroom, 820 sqft walk up flat for $4500.00, while selling the neighborhood filled with restaurants and shops because you can’t actually cook in it or spend more than an hour cooped up with your roommates.
It's not a housing crisis it's an illegal alien crisis an its nowhere near being over. You get what you deserve new York
Also there's another thing adding to that.
Half of Manhattan is not available for expanding up because terrain originally swampy and full of lakes, and this makes middle Manhattan close for constructing building any taller.
If you ever wonder why skyscrapers stopped growing from financial district, and then again pumping higher around centre park
Thanks for updating the NYC Jordan,yer videos are getting more and more interesting! I lived in the UES for 25 years, I had a 3room unit+eat-in kitchen on rent-stab, my starting rent was $700.
The rental housing crisis has been in works for decades as you said in your video. But not only in NY in every major city in NA. Here in Toronto it's the same, rents skyrocket to 2,600 CAD for 1 bdrm. That seems really low compared to NY but it's very high for us. I'm lucky to be in a rent controlled apartment, won't say how much, but I can never move. The issue is politicians who talk and do nothing else and housing bureaucracy.
Sounds like its not a problem, sounds like a lot of very stupid people engaging in a form of serious self-harm. Who cares? you get what you voted for.
You live in rent controlled= landlord getting seriously screwed. Leech
@@dcg590 Get real. Just because I've been renting the same place for over 20 years doesn't make me a leech. How long have you been renting in one place or do you rent? Maybe you own a rental property built before 2008? What is your skin-in-the-game that gives you the right to call a total stranger a leech? Perhaps it is jealousy?
@@dcg590The Leeches are the LandLeasers. They ain't no effing Lord of mine!
These housing issues are everywhere. They are magnified in big cities like New York. But even in the town I live in of 50,000 people I could not afford to rent or buy. Thankfully I own my house now. Because it would be almost impossible to get a house now and I could not afford to rent anything in this town. It's crazy.
Excellent reporting Cash on housing crisis in NYC.. Keep them coming
I moved out of NYC in 2015 and the prices were crazy then.
They are out of control now.
How can anyone afford to live there?
Food prices are outrageous.
Housing in NYC is so F'ed. The "affordable" units are generally calculated as 1/3rd of your income..m BEFORE taxes. So its half or more after taxes. So you have to go through a lengthy bureaucratic processes just to apply for a place that will cost you like $2300 a month provided you make like $70k or less. It's a complete joke. And all that gets you is controls on how much your rent can be raised each year, you know the same rules that entires states have for EVERY rental unit, like NJ. I know people who have stayed unmarried so they could benefit off one partners lower income, its a joke.
Cash, I just have to say, as consistently as you upload new videos - not just videos - but literal cinematic masterpieces - there is no doubt whatsoever that you are out here working you ever loving behind off 24/7!! I have so much respect for you. I don’t know much at all about videography, vlogging, photography, etc, but it doesn’t take an expert to see that you pour your heart and soul into each and every one of your videos. You’re a master of your trade my friend 💯. Thanks for the entertainment and enlightenment that you provide for us all, day after day.
Take the eggplant out your mouth have respect for yourself
Long island city has been building tall glass residential buildings like crazy.
100,000 are American citizens in NYC 20,000 of those are children. Illegals are another number and have no citizen rights because they are not citizens
Long island city is building tons of residential towering buildings.
Residential buildings are being built all over long island city. Crazy construction going on there.
The studio I rented for $475 back in 2003 is now $1,150. And that is in a city of 40,000 people. That's why I moved there because it was cheaper than rent in the larger cities. I'm so glad I'm no longer renting. I own a 3 bedroom house now and the monthly payment is $1,170. Almost the same as it would cost me if I was still living in the studio.
in Colorado Springs I had a 1 bedroom for $500 back in 2007, it's $1800 now for the same unit. This is out of hand.
Do you have property tax, insurance, interest, maintenance for roof, lawn, appliances,...? Factor in all the costs vs a studio and get back to us on that.
@@653j521 Insurance and interest is factored in the cost of a monthly mortgage payment. Roof and appliances are rare expenses that happens every 10-15 years or so. Lawn care is either free if you're willing and DIY or maybe a $100/month (varies depending on location of course). Property tax will run you back proportionally to the value of the house. No matter what the expenses of owning a home are, when you own a home and take out a mortgage at a fixed interest rate, you will have that same payment for the next 10, 15, or 30 years, as the rest of the economy, rent prices, and and living expenses skyrocket year after year. Then one day you will own that home and will only have to pay taxes on it. Compare that with living in someone else's apartment/home and paying their mortgage, have your rent go up every year, just to be left with nothing after 30 years. Get back to us on that.
Also, is your mortgage paid off? Millions of Americans are now shackled with golden handcuffs. They bought a home over the past 10-15 years at a great mortgage rate, much much cheaper than they could possibly get now. Which sounds like a win - because it is - until, god forbid, life happens and you NEED to move for some reason. Sure, your house is worth a lot more now, so theoretically you stand to profit by selling it... except nobody wants to buy right now, and where the hell can you afford to move to anyway?
So fine, you stay put and ride it out. Except the property taxes, insurance, and endless parade of apocalyptic weather events may suddenly turn your most valuable asset into a dangerous liability. And the only thing more expensive than moving... is staying...
@@653j521 Bro the renter is covering those costs for the landlord as well as putting extra money in the landlord's pocket. Do you really think someone is renting out that studio apartment at a lost?
Most apartment buildings are in the hands of corrupt companies. We live upstate and finding an affordable apartment is next to impossible. Most places you 3 times the income and at least a 650 credit score. The homeless issue is going to become the norm.
No people just believe that they live for free, it’s always been 3x’s the rent and I live in Ohio 👀👀🤷🏽♀️🤷🏽♀️💁🏽♀️💁🏽♀️ those stipulations have always been in place
@@angelaburress8586who’s living in Ohio?????? Ohio is no where near as expensive as nyc is right now
@@shirley444just wait. All these big companies moving into the state every month will change everything
5600 dollars a year? that is crazy. No one should pay more than 10% of their salary for housing. One has other expenses too. Here in Sweden, I pay 2700 dollars/year, half of what you have.
"It's not just NYC feeling the wallet squeeze; it seems like prices are doing the cha-cha everywhere! 😄 But hey, on the bright side, there are job opportunities sprouting up like mushrooms after the rain. Time to dust off those money-making dance moves! 💃💰"
So why oh why do they keep coming??? It's not just apartments in buildings, its infrastructure. There aren't going to be any additional roads, sewers, water lines, etc. The answer is that NYC is all full up. Go someplace else!
Ummm maybe close the border? The sink wouldn't be overflowing if you turned off the faucet...
Agree!! We as a country don’t have the room or resources to take care of every person who walks across the border.
This is such a sad and defeatist attitude. NYC for the most part already has infrastructure to support more buildings and improvements can always be made. The answer is not "NYC is all full up". There is a housing shortage across the entire country and even much of the world. You can't tell people to go someplace else when there is a shortage everywhere. We need to build more housing.
@@peggyvandine1540 Exactly. Why is the U.S. the solution to everyone on the planet's problems.
@@beachbumsailordude Agree!! We have controlled immigration laws. We allow immigration through the “front door” so we can control how many people come in to avoid the current situation. This is what happens when Millions of people come in the back door with no plans of their own as to how to support themselves. Sad.
I've lived in NYC my entire life. I do believe that the housing crisis can be significantly improved if the governor and mayor put their differences aside and worked together. I don't see that happening with these two high horses.
I remember arguing with someone about if buying in major, unaffordable cities were a good or bad investment. I thought they were bad, he thought it was good. I explained that the people cannot afford to live, he explained that buying housing is a bet on government incompetence. Tldr; he was right (we were talking about Canada though)
they need to live poor for the whole entire decade
It's not just about differences between the mayor and governor. It's about greed. NYC drives housing prices as high as possible because that's more money the state can collect in property taxes.
I CAN LIVE like Jesus @ilovejapan717
Maybe Mayor Adams should have a chat with Vanguard Group and Black Rock who they are selling their properties to • China, Saudi Arabia, Egypt, Russia • and maybe someone can explain why million dollar condos are sitting empty and suppressing the housing cost city wide.
Changing how AIrBnB operates in the city was a start.
How is the mayor selling properties at all? Don't developers typically acquire these properties through the free market? How exactly does it work in NYC?
Easily explained, a safe place to park your money.
Exactly something sinister is going on and greed is to blame
@@darthbumblebee7310 because corporations and the average consumer see housing completely differently. Corporations see housing as a commodity and will trade it as such, were as the average consumer will see housing as a necessity and try looking for the cheapest possible unit to live in. Because corporations see housing as a commodity, they have no incentive to bring down their prices, no matter how many apartments or homes that are being built.
Throwing up high rises too fast is a horrible idea...it's unsafe... allowing to many people into the city is unsafe all across the board...it makes no sense what's going on in NYC.
I live in CT and we have lots of New Yorkers who moved here over the past few years, affecting our rents/home prices too. This is a national, not just a local urban problem.
I wouldn't say it's even national, but worldwide. We're not building nearly enough housing units to decrease demand even a little. The amount of people on earth far exceeds the amount of available homes. If you want to look at it as a supply and demand chart, the amount of homes would need to exceed the amount of humans on Earth. But is that a realistic thing to do? No.
I'm happy, reluctantly that my wife and I moved out of NYC. I knew this strife would occur.
Where did you go and hows the pay compared to new yawk
Most areas have no kind of rent control and there is no such thing "affordable" housing LOL. I never thought living in Ohio would feel so ridiculous.
Also should mention the broker's fee and security deposit in majority of these "Affordable Housing" and regular apartments that love to bite you in the ass when you think you found one in your budget.
As an owner, I can absolutely assure you that rents in NYC are too LOW. For example, the money I would make renting out my apartment, at current market rate, would return less than $5000 a year. It's not worth my time or the trouble, or the damage a renter could do to my property.
I'll go further and suggest there is not a Housing Crisis at all, but rather an Income Crisis instead. Salaries are not keeping up with inflation, and this has been the norm for 30 years now.
Don't get sucked in by corporate liars. Tell your boss you want a fair wage, and suddenly your personal housing crisis disappears. Either that or move to Jersey, Queens, or the Bronx.
New Yorkers have every right to deny entry of new buildings. The city cann't sustain this growth. It's already insanely overcrowded.
The sewer thing is a fantastic point. I am a civil engineer and was wondering when that would be mentioned. YUP, same thing happened in Denver when the huge influx of people over 10 years happened. The city's sewer couldn't keep up. Wonder how long it will take for NYC to start experiencing sanitary sewer overflows everywhere. If you're someone who thinks this is all fine and we should keep letting these people in no matter what, just wait until you smell sh!t everywhere including your own house.
Too many people on the planet while no one wants to pay for infrastructure. Simple as that.
This problem is nationwide. Maybe not as dire as NY but housing, homelessness, hunger is becoming a real problem nationwide
Sounds like the cyberpunk timeline
PREACH! It’s nation wide, I believe we’ve seen NOTHING yet.
ONE WORLD GOVERNMENT ONE WORD RELIGION ONE WORD MONETARY SYSTEM
Many will bow to the “beast system”. JESUS is LORD. ✝️Repent for the KINGDOM of GOD is at hand. ✝️⚔️🛡️❤️🔥🔥⚖️👑👑👑🕊️
Book of Revelation. ✝️
Because there is similar regulations and red tape just about everywhere but especially in liberal coastal cities. It’s so bad that one city can’t do anything on its own. Even if one city build housing more people will move there and nullify and drops in prices. The solution would require all cities to build new housing.this will have to be directed at the federal level
We don’t need more government control. We need less government.
#1 Hey Cash, thanks for another fascinating video regarding the situation in NYC. Good journalism. Things are at a tipping point. Which means a change is gonna come!!
Moved to the Poconos 3 years ago and will never look back. My 3000 sqf, 4 bedroom house, mortgage is less than $2500 per month which includes property tax 😁
Thanks for posting a completely different video from your usual content. The housing crisis in NYC has to be addressed and the more attention we bring to it the higher the chances of some changes happening. It is so sad to see so many displaced people and families, struggling to survive.
Know how you fix housing? Remove the 45Million illegal aliens. Since most of them are in/near cities, that takes a huge pressure off the market. Next remove the laws that allow the millionaires to buy buildings/spaces and then intentionally leave them vacant by advertising/charging exorbitant rates. They do that to park their cash in non-deflationary goods then borrow against the value for liquid cash. But politicians won't do either because it removes their voting base and donor money.
My wife and I were priced out of Manhattan two years ago. We moved to a small town in the Midwest. Life has become very boring.
Ugh, I'm so sorry, Richard! Come back to NY. It's been gloomy without you.
I love Cash's recent explanatory videos, they pair great with his appt tours. Very informative!
If the mayor is allocating $24 billion for housing how about working with the landlords who have empty apartment that they say they can't renovate because of the cost.
When landlords use taxpayer dollars to renovate they should be forced to rent all apartments at cost.
NYC is so screwed... You made a very good point about the sewers, but it's not just that. Take water for example: I live in upstate nearby the Ashokan Reservoir, where the City is fed its primary supply of water. The reservoir is slowly losing total capacity year over year, but even if you ignore that fact, more people means you need a bigger or additional pipe to send more water to the city, thus draining it even faster. At that point, other lakes may be necessary just to capture the City water needs.
Im a union plumber, constuction has stopped in n.y.c. all the good welders went to texas..
Awesome job cash see you tomorrow
Lit
I read NYC is going to make any under 30 day rental (Airbnb) illegal. They’re hoping those short term rentals will become permanent rentals. Now if we can get the hotels to have rates more affordable for visitors. 👍🏼
If the governor would put that money toward helping property owners renovate the already built yet empty apartments like you've shown us, i feel it would make even bigger difference than building new and leaving these other places abandoned.
I rent affordable apartments. Problems are (1) when I fix the apartment up all I can collect is the same price it was going for before I did the renovations. 2 it has become almost impossible to evict people who are owing upwards of 12 months plus. These are tenants with low affordable rents $1000 to $1500 How can you run a business like this. That's why it is a mess and it only pays to rent to high income tenants . The city should provide incentives and help owners that are not slum lords in with making this a viable business to rent to lower income clients
@@josephkohler9221 i agree. If they took that money going towards the new building projects and gave renovation grants to property owners like yourself, it could put people in the housing thats already established. It seems like the new buildings would benefit the city officials rather than the communities that actually need it.
@@tiedyebritt3841 I agree. This way I can keep the rents affordable and provide a quality place to live
In my neighborhood, there are 20 new apartment buildings and 18 of them are luxury buildings. And they are built at record speed. The buildings with affordable units, it takes 3-5 years to get them to completion.
I'm sure by "luxury" they mean they want a certain type of person to buy them. Most "luxury" just means new construction for people that aren't on gov assistance.
Literally blows my mind that so many people decide to live in NYC. I would NEVER live there.
You’re doing a great job presenting these important issues! I honestly can’t see how people with families and a single person afford these outrageous rents and the price of living in Any City especially New York! ❤❤❤! We humans have red taped ourselves out of business.
Why do people want to live in the cities? Especially with remote work options. It's beyond me.
Good video, seemed a bit Manhattan-centric, though. The housing crisis discussion involves not just all 5 boroughs, but the suburbs of Westchester and Long Island, too.
There was a plan from the state to build 800,000 new housing units (in addition to the 500,000 unit city plan mentioned in the video) mostly around train stations like the ones serving the Long Island Rail Road.
But of course, it was stopped by suburban lawmakers, lobbied by NIMBYs who care about nothing else beyond their property values (value that only exists because of its proximity to the city and the train stations).
This was thorough reporting. I’m a native New Yorker. When gentrification began in bk and queens prices shot through the roof for apartments :/ the “affordable apartments “ are in areas that aren’t that nice. I know, I live in a rent stabilized apartment and the area is horrible.
That's most of the city now. Horrible.
It’s makes more sense to see businesses to relocate if possible and necessary to avoid the local housing and inflation problems. The employees can’t just work for less money and businesses really can’t pay more to keep employees hired.
CEO's can take a pay cut to help out. But somehow thats "Not American". Local franchise owners Dennis Mayhall and Gerald Preston in DFW Texas owns most of the Dominos stores. Stores are having broken AC's and plumbing issues. He will not get stuff fixed unless the health inspector gives him a five day deadline. And he made the stores stop order parmesan and pepper packets and pockets that extra million a year for himself. Greed is the ultimate thing that is hurting this country right now on every level.
And in my Tias neighborhood lots of houses are getting bought up and have been empty for going on three years now. Rich people are buying the houses for "investment" properties. At most I see people live in the houses for just two months out of the year. People can not afford the asking renting price so they just sit empty. Need to go back to 50s-60s tax rate and start taxing the ultra wealthy 75-90%. Reganomics is starting to reach a very bad spot.
To answer the question “do you live in a dump?” The answer is yes, yes you do. I’ve been to both Seoul, South Korea and Tokyo, Japan and both are super clean. No trash/litter, very few homeless people, and little construction
15% cuts. 5% cut in November, 5% in January, and 5% in Early Spring. These are all of the three planned cuts for NYPD.
"NYPD, NYFD, corrections, sanitation workers, and public schools are getting cut overtime pay to help cover migrant crisis costs: housing, feeding, educating. Hire freeze in these areas has been introduced"
Does NYC really need 0.5M apartments? Cuts in all services, from NYPD to education will make the city to be like SF.
this is why I am homeless in the city and trying m best to get by. I have to sleep in the parks now and last winter wasn't the best sleeping outside. Yes, I had issues at shelters and being robbed
@@ThePandaPhotographersorry to hear that. Are you able to buy a small van to live in temporarily?
@@ThePandaPhotographer
CBS News, September 1, 2023, "Families living in New York City shelters being relocated to make room for incoming asylum seekers"
CBS News, August 31, 2023, "The White House says funding is available for the NYC to provide housing for eligible asylum seekers families, which includes up to 14,000 vouchers".
"Not only vouchers are on the table"
New York plans to use $25 million in state funds to rent temporary homes for up to 1,250 asylum-seeking families who opt to leave New York City's crowded shelters.
no, they just need to start deporting
@@ThePandaPhotographer Just move somewhere else of your life is so bad. Get 2 jobs. A lot of places can't find workers. Be strong. It is easy to work in NYC if you are legal without mental issues.
I think the issue is that people say they want affordable housing but then when the affordable housing comes out people say it’s a bad neighborhood and don’t want to live there.
The fix for "bad neighborhoods" (crime-ridden) is more (and better) policing. If someone steals, they should be reprimanded. Crime results in poverty. Many economists, including Thomas Sowell, have proven this repeatedly. Stop crime, local people invest time & money, prosperity grows. There's a reason NYC grew under Giuliani and he was "America's Mayor" after 9/11. EVERYONE wanted the NYC miracle for the nation. He could have replaced Bush. Hell, nearly all of USA wanted to remove Bush and install Giuliani even in '02.
I renovated my apartment last year. DOB is sucks. All kinds of rules and inspections need to be followed. A complaint can force you to stop working for months. Nobody wants to build affordable houses here since it's so risky. You need to spend 20 thousand alone on paperwork.
What is DOB?
Damn bureaucracy
department of building. You need to apply for a permit to renovate. after you have done your work, they need to make an appointment for inspection. During your work, any little things can stop your work by months. @@jackhammer5683
Hi Cash
This was very informative
I live in Orange County NY and I been thinking of moving back to NYC to be closer to my family
Now I’m not so sure
My city has turned into a mess!
Please make more of these videos about the current state NYC is in
Your a great reporter Cash!
Thanks God bless
Same thing here in Canada 🇨🇦
Baffles me because Corporations continue to build unaffordable Apt that cater to Trust Fund Babies and Millionaires.
Making lots of money baffles you in a corporation? How so?
I live in a corporate, amenity filled, “luxury” apartment, brand new in North Carolina for $1350 a month. I laugh at these NYC videos, the apartment they show are absolute trash and they still easily go for 3k+ 😆. Corporations are providing housing in the South to keep supply high and prices low. NYC is high tax, unfriendly to business and people
I am so blessed to live in Nevada in a beautiful home that I own!! His bless you for making others aware of how difficult life can be for middle income families!
I’m in Canada Surrey BC we were just Demo Evicted from a complex we lived in for 19 years finding a rental here is like hitting the jackpot. We found a home after 2 months of searching and many applications but it’s has meant that our rent is now 200% more we were just happy to find a home.
Those who cant afford it should move out if NYC. Its a free market. Rents only stay high so long as people can afford it... if they cant it would surely go down. Eventually they will see a spike in evictions
Every other Mayor - More jobs, and first black mayor - More projects, more free stuff for migrants.
I wonder how many Airbnb there are? They are a drain on housing and the hospitality business, not to mention on tax and other revenues.
I know, right? How dare those $125/night Airbnb's keep the hospitality business from fully rrenting out their $600/night rooms ! /s
@@ae2948where did you see an Airbnb for $125 in New York
@@wontbefooledagain9400 Brooklyn.
This problem is world wide. In Australia rent has skyrocketed and pretty much only politicians can afford to buy. Even if I sold my small farm I doubt I would be able to afford anything else.
Happened in Malaysia too. My friend sold his home recently and the same house's valuation increased almost 100k instantly. Which means he can no longer by back his house with the same amount he sold.
The big problem with Rentals in Australia is that approximately 23% of them have been removed from Available for Rental and are now being used for short term AirBnB, which is vastly more profitable.
New York is fixing that by making it illegal to have short term rentals. Long long overdue, and hopefully it improves things a little bit.
as someone from toronto this looks downright reasonable, housing is similarly priced there but you can make like 30%-60% more working in new york depending on your industry,
also dont forget most canadian banks only lock rates in for 5 years (unlike us banks that lock it in for the entire mortgage term) so if you dont pay your house off in 5 years you will probably get higher payments after that,
im so glad i dont live there anymore,
what really ticks me off is the luxury apartments and condos that sit empty and take up space 🙄 i used to love watching videos of these mega apartments until i learned of their true purpose.
They keep building new luxury buildings that nobody can afford to rent ! Lol
Just look buildings are popping up from every crack between two other buildings ! Even small 4 level buildings that has no elevator are being sold as luxury and nothing below 1,000,000$ ! Builders think with this recession everybody will flock to NYC therefore the gold rush ! Lol !
Remember what happened with the truck drivers ! 2021-22 everybody took loans to make $ with expensive truck shipping. No these entrepreneurs are F*** !
Well, part of that problem could be solved by opening app some of the vacant apartments that already exist in the city.. The other part would be not letting high-end developers go in with their Brazilian dollar condos, instead build reasonably affordable housing for the average person. But there's no money in that for the rich people... So the problem will persist, Everywhere.
I remember your recent video on why there are so many empty broken down unsanitary apartments in New York. You said that landlords were afraid to fix things up because they were afraid of not making a profit on the reno expenses.
Perhaps something drastic, like allowing landlords to apply for large New York state tax reductions if they fix up the majority of the apartments they own, would bring more housing units into use.
It's better to rehab existing apartments because that's more environmentally friendly.
I said the same
@@susannpatton2893 Thank you for agreeing with me.
can someone tell me why people chose to stay in NY if they know prices will go up indefinitely and know they will not be able to afford it?
"because da people are retarded" 😃
New York. You got what you voted for. Good luck.
.
I love that youre taking a more activistic approach to your channel man, keep up the good work!
I agree. Looks like Cash Jordan is starting to fight back.
Know how you fix housing? Remove the 45Million illegal aliens. Since most of them are in/near cities, that takes a huge pressure off the market. Next remove the laws that allow the millionaires to buy buildings/spaces and then intentionally leave them vacant by advertising/charging exorbitant rates. They do that to park their cash in non-deflationary goods then borrow against the value for liquid cash. But politicians won't do either because it removes their voting base and donor money.
After seeing all of your reports, I wouldn´t want to go to NY as a new resident any longer. We do have similar problems here in Germany. More and more families can´t afford a home no more for the same reason and the government... well, like I said, it´s similar. You do a magnificent jobs on showing the truth. Inside NY Reporter as a second job to come? You could do it!
What more people need to talk about is Long Island. There are rows of suburbs EVEN WITHIN THE CITY that are begging for upzoning and rapid transit connections.
No, LI is extremely unlivable due to taxes.
More upzoning and transit upgrades the higher your tax bill will be. The “taxes that are just on your town bill include transit taxes, out of state college tax, insanity.
@@ceecee7879 What are you talking about? Cost of housing on LI has drastically outpaced any tax increases in recent years. The problem is not enough supply in housing.
Rent stabilized is the dumbest thing we could do. Do not force companies, it staggers innovation like how we tried stopping Uber to help the taxis. We don’t need more government and more government will end up leading to higher prices anyway because less homes will be built since there will be no money in it. I’d rent is stabilized then housing won’t be built more because there’s not gonna be money in it, so then we still have way less housing and the crisis remains
Vital information and great representation of the housing crisis across most U.S. cities. Zoning laws are a complete nightmare, however partnering with private companies may be a real solution
Hi Cash and to your friend hope things get better in NYC. Nothing seems to be improving here in SoCal. Barely making much as a part time driver. Wish you and the City of New York lots of luck in bringing back affordable apartments 👍🙏
And we all know they both have something in common they have Democrat Governor's.. the lawlessness party I call them
@@tonytiger9020 housing costs are going up everywhere. Even non-democratic ran areas. Look at Miami. But, by all means, don't let me stop you from ignoring responsibility and from blaming all of your problems on democrats.
@@darthbumblebee7310 I blame the Democrats for allowing 7 to 10 million UNVETTED leeches and criminals into this country. I'm not worried about housing for myself I own my own house..
@@tonytiger9020 so now instead of the fault being the "Democrat Governor's", it is allegedly the fault of democratic federal policy. Or do you not realize that state governors don't set federal policy? You either have severe issues with cognitive dissonance or you lack a basic understanding of how the US government works.
Checked out Hell's Kitchen during the 2021 rent "dip" you described, but even then what I got for the rents were silly, so opted out. To think if I had gone ahead with a place I would have been priced out within a year anyway makes me glad I stayed in my studio in Queens, where everything is a good 1/3 cheaper, and human scale. What was I thinking?
Hell's Hellhole 😈. Smartest choice you could have made 💯
Hey Cash, can you do a video on one of those apartments that's an office building conversion if you get access to one?
Way ahead of you…
Very informative cash. As a New Yorker myself my whole life, I’ve been schooled. Thank you.
GREAT VIDEO CASH....! I THINK THE CITY HAS ONE GREAT PROBLEM. THAT'S MONEY AND IT'S SO SAD WHEN PEOPLE JUST WANT A DECENT PLACE TO LIVE, AT AN "AFFORDABLE PRICE" BUT AS LONG AS GREED AND MONEY COME INTO PLAY IT'S GOING TO BE SOME BEFORE WE SETTLE THESE HOUSING PROBLEMS HERE IN NEW YORK CITY
Can you cover the amount of vacant apartments there are in NYC. Thanks for the videos
What is there to cover? The NYC vacancy rate is historically very low and much lower than the national average.
Of course, if people keep moving from NYC to elsewhere as they have been, that will help solve the problem.
Good point about the sewage and the pipes under ground. I feel like that is a forgotten factor/variable when the housing subject is brought up most of the time
Housing crisis, but every corner there’s a new luxury high rise being built
Cash, have you ever considered moving to the greater Atlanta area? There's a large Japanese and Asian population, the traffic IS terrible but the schools in Alpharetta are 10/10, and there IS a train system. All things considered, it's cheaper than NYC. And there is literally no one else there making your caliber of videos. I'd miss Charles, though, so he should come, too.😅
NYC proper hasn't been a place where working class people can live anymore. It hasn't been affordable for the working class for a decade. Moving out to the boroughs isn't better either. The solution is not to move into to NYC.
Well said
Get out of Manhatten! It's not worth living there if you can't save for retirement or other life goals.
Who TF would wanna live in place like that dawg 💀💀💀💀
I have nothing against the migrates living in nyc, but having them start their lives in the city is the equivalent to nightmare difficulty. If they can't figure out how to earn well over six figures in the next couple of years, then they are doomed.
The worse is that NYorkers are importing their unaffordable home style to Miami, they created a crisis in Miami with shady ways, usually a rent was on $1500 they came and ran over the people and offered $2900 for the same apt, of course the realtors and owners accepted those offers, them continued with the same, the next group of NYorkers did the same those properties listed on $2900, they offered $4900 and continued, now the prices on Miami are from $2000 studios to $9000 for two and theee beds, and that’s thanks to NYorkers who imported their misery every place they move