I have lived in NYC since 1973. I was 8 years old then. I have seen a great deal of change in the city. After 9-11-01, the city is slowly but surely changing. It appears that poor people (mostly blacks and hispanics) are being slowly pushed out by an abusive rent increase all over the place. People are paying over $1000 to rent an apartment in a ghetto area, not to mention Park Avenue or places like Park Slope.
Am I the only person who feels that the city of New York will someday (sooner than later) become a city for the rich and wealthy alone?
Your reply?
2007-12-14 10:58:56 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
It's absolutely true. NYC will only be the home for rich people. It may take some more time 30 years plus but eventually all of Manhattan will be comprised of rich people. Rent controlled buildings will no longer exist because once the rent reaches 2k that unit will not be under rent control/stabilization anymore. The outerboroughs will be mostly for the working classes except for a few areas.
2007-12-15 11:11:45 · answer #1 · answered by tianaramal 4 · 0⤊ 0⤋
Well you have really answered your own question. It has nothing to do with the 911. It has to do with the housing market of the last several years. It will not look at the color of the skin. Affordable housing has been an on going issue for decades. You are saying the rent increases are being abusive. Well you don`t pay there water bill. There electric bill. There property taxes. Not to mention there cost fo improvements to the property. And regular maintance. Ok to be fair lets say they only make a small percentage above there costs. What do you think will be a fair amount of percentage of profit they should make?
2007-12-14 11:55:37 · answer #2 · answered by Big Deal Maker 7 · 0⤊ 0⤋
Yes, it is, and that's a good thing it's called the free market.
FYI I live a little ways upstate an we are seeing an increase in crime and other gang activity from the displaced (insert your politically correct adjective of choice here) folks. Eventually NYC will have a super tax base and low crime rate and be an even better place to live/visit. The rich people will then have to pay a comensurate amount for all their goods and services .
Most of NY's problems derive from trying to ignore
basic economic reality. For over 150 years NYS was the richest most powerful state in the Union , and in my Lifetime NYS has fallen to #3-4? and will soon be going under for the third time!
2007-12-14 22:36:32 · answer #3 · answered by vlvtnrbt 3 · 0⤊ 0⤋
Everything goes up except the working person's wages, that is. I agree that NYC and similar cities are turning into a habitat for the financially privileged. I also agree that 9-11 served as an opportunity to accelerate the changeover. I do not believe that the city's unofficial rezoning practices are strictly unrelated to the housing market, either. I have read that NYC is going to award a large number of its middle class citizens with a modern housing project using a lottery system. I'm sure 10% of people who actually deserve to be there will. It sort of reminds me of kids in college who received financial aid, but their parents actually owned a thriving business. Can't wait to see what sort of characters pop up as winners. Technically, Bill Gates only makes $1/yr.
2007-12-14 13:14:09 · answer #4 · answered by Legend 4 · 0⤊ 0⤋
The price of EVERYTHING goes up. There aren't many places in ANY big cities where you can rent an apartment for under $1,000 a month. You think rents will stay at the same price for the next 100 years, while the taxes skyrocket??
Sorry. EVERYTHING goes up. I do NOT think rents are going up faster than landlord expenses.
2007-12-14 12:55:04 · answer #5 · answered by Anonymous 7 · 0⤊ 1⤋