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I don't see how this wouldn't impact housing ultimately
NYC property value and rental bubble set to BURST
sneakaprince
Supporter
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The COVID-19 lockdown is squeezing real estate from all sides and threatens to burst the housing and mortgage bubble
Sooner or later, homeowners in this frothy U.S. housing market must pay the piper, writes Keith Jurow.
www.marketwatch.com
From one of the homies. Not specific to NYC but just how Covid is impacting housing market in major ways.
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Manhattan had 15,000 empty apartments in August -- a new record
The number of vacant apartments in Manhattan climbed to a record 15,025 in August, as the fallout from the coronavirus pandemic continued to prompt more people to leave the city.
www.cnn.com
Due to places closing, covid and people moving, a lot of people feel the rents aren't worth it anymore.
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Didnt someone post in another thread something like 75% of renters hadnt paid rent since March (a few months ago granite)?
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unless ppl start acting like covid doesn't exist then i don't see how the economy doesn't collapse in about another year or 2.
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Yep, that couple in BK from out of town with the "Spread love it's the Brooklyn way" sign in the storefront? They're gonna head right back home soon before **** gets worse for businessManhattan had 15,000 empty apartments in August -- a new record
The number of vacant apartments in Manhattan climbed to a record 15,025 in August, as the fallout from the coronavirus pandemic continued to prompt more people to leave the city.
Due to places closing, covid and people moving, a lot of people feel the rents aren't worth it anymore.
Other out of towners who are better off will try to finally get their place in Manhattan and leave the outer boroughs
Those six roommates living situations won't be as prominent in the city
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This tbh. It’s not like rent in Manhattan is going to compare to rent in Detroit, suddenly. More likely than now, the city will try to incentivize landlords to keep tenants by lowering rents and offering them tax incentives (which are obviously offset on a macro level by more tenants living in the city and paying various city taxes).
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Imagine if all these commercial real estate mortgages were bundled up together in complex investment vehicles and speculated upon wildly to the point of overexposure on the part of the country's top lenders? Wouldn't that be something?
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I just want to cop a decent crib in queens for not an outrageous amount of money
if not I might have to take my talents upstate or to bum *** Long Island
if not I might have to take my talents upstate or to bum *** Long Island
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Aren’t property taxes completely insane in NYC?
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its insane everywhere in nyc. just as bad on Long Island
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Yeah I just meant in general, does it vary (as in rate, obviously) based on borough? I didn’t actually know that, if so.
