Talk » Developments » Discussing 'Where have all the new rentals gone?'
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http://www.nytimes.com/2013/02/24/realestate/manhattan-land-scramble-amid-record-condo-sales.html?pagewanted=all&_r=0
Manhattan Rentals, Left Out in the Cold
The ballooning prices are giving developers little choice but to focus on building — or in some cases, converting to — high-end condos. Doing anything less, in most cases, would be too risky, brokers said.
“The fact is, the way the free market is working today, land is just too valuable, so developers can’t afford to do anything but build super luxury product,” Mr. Knakal said.
That may be good news for wealthy buyers, many of them foreign, who are demanding the best of the best that New York real estate can offer. But it is not great news for a city starved for affordable housing and more rental units. And it has some real estate experts concerned about how far the legs of the housing resurgence will extend.
Developers’ struggle to build rental units doesn’t bode well for a New York in need of more “work-force housing” for teachers, police officers and fire fighters, Mr. Knakal said. “There are so many millions of people that keep the city functioning,” he said. “If you earn $40,000 a year, where do you live? We need new housing for those folks.”
"When will they learn..."
I have an idea. just take investment condos and give them to people who make 40k/year. that will solve the problem.
give or rent them cheap?
Where have all the rentals gone?
Long time passing
Where have all the rentals gone?
Long time ago
Where have all the rentals gone?
Hipsters picked them every one
When will they ever learn?
When will they ever learn?
Where have all the renters gone?
Long time passing
Where have all the renters gone?
Long time ago
Where have all the renters gone?
Out to Bushwick every one
When will they ever learn?
When will they ever learn?
Where have all the brokers gone?
Long time passing
Where have all the brokers gone?
Long time ago
Where have all the brokers gone?
Checking FSBO's every one
When will they ever learn?
When will they ever learn?
Where have all the landlords gone?
Long time passing
Where have all the landlords gone?
Long time ago
Where have all the landlords gone?
Sold out buildings every one
When will they ever learn?
When will they ever learn?
Where have all the developers gone?
Long time passing
Where have all the developers gone?
Long time ago
Where have all the developers gone?
Buying air rights every one
When will we ever learn?
When will we ever learn?
Haiku. Much more succinct.
Totally.
And haiku won't attract noxious pestilence either.
give - give - give - take them from the rich and give them to the employed but not so rich.
Plagiarism is simply not acceptable, even in satire. Please consult the haiku composers' handbook, ethics section. After studying up on the practice of troping age-old classics, then go back to page 1 and be advised that your syllabic content exceeds haiku's by definition. Also, it is unfair to discriminate against Long Island City (and other Queens areas, including real neighborhoods) by limiting one's creative energies to Brooklyn. Please report to LICComment for corrective instruction.
Very nice matsonjones.
There are reasons why transit usage in the NY Metro area is the highest in the country. If you are earning middle income by the national standard, you can still work and live in NYC utilizing its "affordable" (may be barely now) public transportation and live in the outer boroughs. No one is entitled to live in the most desirable and most expensive few square miles.
Haikus are simply
zero comparison to
Peter Paul and Mary
isnt it 5-7-5 ?
Yes.
I'm tempted to start one:
Puff the magic drag on
But I won't.
Williamsburg Haiku:
My rent is too high.
Since Bedford costs too much,
I live in Bushwick.
That's fantastic
Renters' Haiku:
I wish I could buy.
Since that is only a dream,
I predict a crash.
little black arrows
point down down down down down down
down oops I was wrong
lol
Well, we know where the shills have gone...
Somewhereelse, is this some inherited disease that you and your family have?
The working force or the $70 K and below salary people need to be looking out of the City. Next city north Yonkers 20 min train or West New jersey or east queens and lI or south Brooklyn and Staten Island.
I wouldn't worry about the rental market at all. With the number of buyers on the market now, many rental vacancies will open up over the next 4 months and then we will be hit with another stellar season of new renters coming to Manhattan. What I would focus on NOW is finding people who are interested in SELLING their home. Sellers are getting asking or ABOVE for lower priced units due to the massive amount of first time home buyers. Finally credit has opened up and faith is being restored. The only problem is there is no inventory...
Where are you sellers??? WHERE ARE YOU!!!???
maximoproperties:
http://streeteasy.com/nyc/talk/discussion/34261-sry-you-cant-afford-downtown-ues-uws-midtown
"With the number of buyers on the market now"
That's just crazy talk!
NYC housing prices are still falling!!!
signing off,
W64thstreet
"The working force or the $70 K and below salary people need to be looking out of the City. Next city north Yonkers 20 min train or West New jersey or east queens and lI or south Brooklyn and Staten Island"
Some jobs have really long hours -- finance in particular. These people need to be able to live close enough to walk to work, or the sleep deprivation that they already suffer will become even worse. Yonkers? Forget about it. I'd like to see developers create more of those "micro-apartments" (under 300 SF) so that such people, who don't really need much space, don't have to suffer on the trains every day. When their workload lightens, or when they get paid more, or when they get together with a partner who also earns a good income, then they can move to somewhere further away or to a bigger apartment.
RentNYCLuxury- There are no sellers because we can't afford to move up, without leaving town.
> Some jobs have really long hours -- finance in particular. These people need to be able to live close enough to walk to work
agree, and not only for finance, but across the board given how many benefits there are to ditch the commute. my husband works at a great university, just a 10' very pleasant walk from home. priceless.
> RentNYCLuxury- There are no sellers because we can't afford to move up, without leaving town.
move up from where? up from a 2 Bd?
notadmin: You're doing well.
Ignore the envious.
Yes, I am not complaining. We consider ourselves very lucky.
mym: That's the point. Consider yourself to be very lucky. You are happy.
Don't allow the loser se trolls to take you down.