New York City is edging toward financial disaster, experts warn

[wayniac211]

@RichKen Strikes again

 

[RichKen]

6k in rent lol.
Dude must be living on the top floor of the Empire State Building

Not true at all. Just go to equity apartments or related or heck just StreetEasy.com

6k in ues where I live gets you nothing. It’s even worse if u want to live somewhere cool like tribeca. Standard in ues to get something cool is 7k plus.

As far as making money, I make over 300k total comp (almost half from bonus) my base is only 180k. My girl makes 120k all in. Over 400k a year here is nothing. You need 750k at least to even feel comfortable. People outside the city have no idea what it really costs. When you see average rents in nyc that includes far flung areas of queens and Brooklyn that takes 1hr to commute into the city. If you live in area with good public schools 2 bedrooms are minimum 5k in the city.

 

[the 718 truth]

Y’all should check our The NY Times real estate section. See who really lives here now



A year after moving to New York…

$6,041 | FINANCIAL DISTRICT

Andrew Cataldo, 26; Michael Dellon, 24; Christos Livanos, 24

https://www.nytimes.com/2019/02/18/realestate/an-age-appropriate-place-downtown.html?rref=collection/sectioncollection/realestate&action=click&contentCollection=realestate&region=stream&module=stream_unit&version=latest&contentPlacement=104&pgtype=sectionfront

 

[ballinsam23]

If you're still young and willing to live with roomattes/friends you can get a 3-4 bedroom apt in the city in a great location for close to 5-6k rent. Much more affordable than a box studio and you can still stunt while you're young.

Owning and buying property is still the way to go but not everyone has that type of money.

 

[numbah1grimey]

The gap between the lower middle class and upper class is very wide here.

Question still remains... what type of money is being made? You didn’t answer it

 

[wr]

Splitting 6k amongst 3 Bros is still a mortgage and a Tahoe in other places.

 

[ballinsam23]

Question still remains... what type of money is being made? You didn’t answer it

Elaborate on your question.

 

[ballinsam23]

Splitting 6k amongst 3 Bros is still a mortgage and a Tahoe in other places.

You can easily have a 2k mortgage owning property in any other borough. Most people who are from or grew up in NYC dont actually live in Manhatten.

 

[supersaiyangod]

i can't wait till this recession hit
getting a house for the low

deadass... how much cash u think gotta be lyin around to cop a play?

 

[ballinsam23]

It wont be like the last housing bubble no way.

People just wont sell this time around. There's already a standstill here of no one really buying (because prices are way too high) and no one really selling (because no one is meeting their asking price).

Atleast that's the case in most good neighborhoods.

 

[nawghtyhare]

deadass... how much cash u think gotta be lyin around to cop a play?

just have 20k and ur good

 

[Top Boy]

ive with roomattes/friends you can get a 3-4 bedroom apt in the city

 

[ballinsam23]

Not really. A 2 min search, balcony/views. What else do you want?

https://www.zillow.com/homes/for_re...4,-73.848553,40.666447,-74.068279_rect/11_zm/

https://www.zillow.com/homes/for_re...4,-73.848553,40.666447,-74.068279_rect/11_zm/

 

[nachobroadweezy]

Overpriced crap. I pay 6k for 1000sqf 2 bed / 2 bath from 1975, complete ****. City is so overpriced, it has the culture of a midwestern suburb aka all bank branches, Starbucks and chipotles. I will leave by 2020 and move to Miami where 1 million gets me a sick condo on the water, floor to ceiling glass. Nyc is wack in 2019.

I think you guys can swing a 2 bedroom co-op once things stabilize. We had a wonderful studio in Central Harlem walking distance to incredible culture, theatre, shows, bars, shopping and Jamaican/Dominican/Soul/Italian/Sushi/Taco (basically EVERY food cuisine) within walking distance for $1800.

We looked to purchase a 2 bedroom condo in Manhattan, was out of our budget. So we purchased a new 2 bedroom home in downtown Montclair, NJ with tons of restaurants within walking distance and a 5 min walk to an express train into Manhattan, backyard and 4 car garage and our payment is $2700. Our goal is to ultimately own property in Manhattan when the time is right.

We could afford to pay $6k in rent, just doesn't make sense in our wealth-building plan. I'd advise you to hoard cash until the recession hits. Miami and NYC condo prices will go down, way too many "luxury" condos.

It is sad to see NYC being overtaken by out-of-towners who don't assimilate into the local culture. Our 2 years in Harlem, 1 out of 10 new residents on the block was a person of color. The rowhouse next door was fully gutted and converted into 2 condos. The top penthouse was $2.1M and floor level was $1.5M. Sad state to see Washington Heights and Harlem slip away.

NY Post is a terrible news organization, I don't believe NYC is going to be bankrupt. Google is doubling their workforce here and still tons of high paying jobs and tons of individuals that are paying their rent/mortgage just fine. Good riddance to Amazon and their terrible work culture, it's a horrible place to work at. My friend sold her company to them and is currently carrying out her sentence there.

 

[wallyhopp]

What's the rent to own ratio in NYC? Are budilings ever going up for a good deal? Sounds like slumlords are just snaking into the area, fixing up dumps and flipping them? Nothing seems organic or pure, or real out there. I don't know if I'd cave in for a slumlord over some false sense of belonging

Are dudes selling their 3 generations family home, making bank, and skipping town?

 

[ninjahood]

What's the rent to own ratio in NYC?

vast majority of NYC rents.

 

[nawghtyhare]

vast majority of NYC rents.

head to that millennial thread

 

[the 718 truth]

What's the rent to own ratio in NYC? Are budilings ever going up for a good deal? Sounds like slumlords are just snaking into the area, fixing up dumps and flipping them? Nothing seems organic or pure, or real out there. I don't know if I'd cave in for a slumlord over some false sense of belonging

Are dudes selling their 3 generations family home, making bank, and skipping town?

That’s basically what’s happening. Those slumlords have money and money talks and they’ll pay whatever is being asked. They’ll then demolish or renovate and charge and arm and a leg in rent for a “new” development. Then out of towners come in and pay the exorbitant prices without batting an eye because they have roommates or they wanna be able to take a short train ride to work.



During the mid 2000’s a lot of people sold their family homes/left their rent-controlled apartments and either moved down south or to Long Island so they could have land. Unfortunately a lot of folks that moved to LI didn’t account for the high property taxes/travel times into the city/other boroughs and ended up moving back into the boroughs and renting.

 

[tay1]

What's the rent to own ratio in NYC? Are budilings ever going up for a good deal? Sounds like slumlords are just snaking into the area, fixing up dumps and flipping them? Nothing seems organic or pure, or real out there. I don't know if I'd cave in for a slumlord over some false sense of belonging

Are dudes selling their 3 generations family home, making bank, and skipping town?

That's why I was upset when proposition 10 in Cali didn't pass. There needs to be restrictions placed on the abilities these landlords possess

 

[krazy88s]

A U.S. recession is definitely coming. Too much easy debt, you can get a Benz car payment with a Walmart paycheck.

Tax collectors chase rich New Yorkers moving to low-tax states. Auditors inspect cell records, even your dog’s vet bills

Interesting.

 

[krazy88s]

based on a very recent poll, more than a third of NYers can't afford the city

https://nypost.com/2019/03/20/more-than-a-third-of-new-yorkers-say-they-cant-afford-to-live-here/

 

[Xennial]

https://nypost.com/2019/03/20/more-than-a-third-of-new-yorkers-say-they-cant-afford-to-live-here/

 

[hennessy beach]

ideally id want to purchase something in a few years...but the city is changing so much not even sure were id want to set up shop

Mott Haven feels like the smart move but I love Harlem

 

[hand2handking]

More Than a Third of New Yorkers Say They Can’t Afford to Live Here

https://nypost.com/2019/03/20/more-than-a-third-of-new-yorkers-say-they-cant-afford-to-live-here/

At least it’ll be easier to find a seat on the subway.

More than a third of all city residents say they can’t afford to live anywhere in the state — much less the Big Apple — and believe economic hardship will send them packing in five years or less, according to a dismal new poll.

That’s 41 percent of city dwellers who say they can’t cope with New York’s high cost of living, according to a Quinnipiac poll published Wednesday.

Separately, 41 percent fear they’ll be “forced” to pull up stakes and seek greener pastures where the economic climate is more welcoming.

“They are making this city a city for the wealthy, and they are really choking out the middle class,’’ said Ari Buitron, a 49-year-old paralegal and born-and-bred New Yorker from Forest Hills, Queens.

“A lot of my friends have had to move to Florida, Texas, Oregon. You go to your local shop, and it’s $5 for a gallon of milk and $13 for shampoo. Do you know how much a one-bedroom, one-bathroom apartment is? $1700! What’s wrong with this picture?”

And New Yorkers’ collective outlook seems to be getting worse — just 31 percent said they thought they’d have to leave when pollsters asked the same question in May.

City dwellers were not surprised their neighbors have such a bleak outlook.

“I am definitely not going to be here five years from now. I will probably move to Florida or Texas where most of my family has moved,” said New York native Dexter Benjamin, 23.

Those who’ve already made a break for it out of the Empire state say they’re not looking back.

“Moving to New Jersey has only added 15 minutes to my commute! And I am still working in Downtown Brooklyn,” said Robert Carpenter, 50, who moved from Brooklyn to northern Newark in 2016. “I save about $300 extra a month, which in the long run it matters.”

Even well-heeled New Yorkers are being lured down south thanks to New York’s hefty tax burden and new federal tax policies that punish high-tax states, according to Miami property magnate Gil Dezer.

“Because of the city tax and the non-deductibility of your real estate taxes, we’re seeing a lot more people with piqued interest,” he told The Post.

The poll’s findings reinforce research done by the Empire Center for Public Policy that shows that New York leads the nation in terms of residents jumping ship.

“It’s not surprising. The out migration downstate is first and foremost about affordability. Rent and property taxes downstate are very high,” said the Empire Center’s E.J. McMahon.

The poll also found that minorities have an even grimmer outlook on their economic prospects.

Asked to rate their economic situations, non-whites disproportionately ranked their situations as “poor” and “not good” compared to whites. Meanwhile, whites were quicker to report their situations as “excellent” or “good.”

Some people of color said gentrification is forcing them out.

“When I moved here there was no H&M, no Shake Shack — it was authentically African-American New York Harlem,” said Washington Heights resident Clifton Oliver, 43, who is black. “Now Neil Patrick Harris lives down the block. People are going down south to Florida, Alabama, Baltimore.”

The poll surveyed 1,216 registered voters between March 13 and 18. City-specific questions had a margin of error of about 7 points.

 

[ninjahood]

“Now Neil Patrick Harris lives down the block. People are going down south to Florida, Alabama, Baltimore.”

Alabama? im good b

Baltimore still killing people like its going outta style

Miami/Fort Lauderdale/west palm beach/Hialeah, etc. sounds like a plan if NYC turned into a disaster, but we far from from that..yet...