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Forum » NYC reports lowest rental vacancy rate since 1960s amid ongoing housing crisis
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Thread: NYC reports lowest rental vacancy rate since 1960s amid ongoing housing crisis

post 1697625913 02-09-2024, 09:56 AM
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NYC reports lowest rental vacancy rate since 1960s amid ongoing housing crisis

https://www.nydailynews.com/2024/02/...ousing-crisis/

"The housing crisis has come to the fore in recent years as city rents have reached record highs and half of New Yorkers struggle to afford the basics."

Oof!
post 1697626263 02-09-2024, 10:04 AM
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It’s gotta be closer to 75%

If you have to max out credit cards for that new Beamer or boat then you can’t really “afford” it
post 1697626473 02-09-2024, 10:10 AM
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Hope these people stay where they are and stop moving south
post 1697626483 02-09-2024, 10:11 AM
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It makes sense. Nobody can afford to buy, Finance is booming(for now). Young people can’t get jobs, so they’re all flocking to NYC to get lucky.
post 1697626643 02-09-2024, 10:14 AM
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Solution: Import a horde of barbaric third world migrants to deplete the resources even further. How does 5000 per day sounds?
post 1697626693 02-09-2024, 10:15 AM
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let liberal cities burn. You vote democrat, you reap what you sow. Hey at least no more mean tweets.
Weight Loss: Go carnivore or keto/low carb. Create calorie deficit. Buy packaged healthy meals if needed. Meat is good and heals, stop being lied to.

Youtube Dr. Shawn Baker to change your life today.
post 1697630733 02-09-2024, 12:17 PM
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Originally Posted By dogorman7⏩
It’s gotta be closer to 75%

If you have to max out credit cards for that new Beamer or boat then you can’t really “afford” it
Do you mean in terms of how much of one's monthly income goes to rent? 75%?

I mentioned in another thread that when I went to Herman Miller, the salesperson was decked out in 20k worth of clothes for sure, and told me he pays for his rent using credit because he's broke. Huh.
Originally Posted By coast2coastam⏩
Hope these people stay where they are and stop moving south
Last time I was in Florida for a wedding, saw some New Yorkers at the wedding all loling@New York taxation. New Yorkers sure do love to announce themselves in Florida, it seems.
post 1697630923 02-09-2024, 12:21 PM
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Originally Posted By LogicalLifts⏩
Last time I was in Florida for a wedding, saw some New Yorkers at the wedding all loling@New York taxation. New Yorkers sure do love to announce themselves in Florida, it seems.
I've just spent 2 weeks down here and it seems like everyone is from the northeast, way more so than what I remember before covid. They don't even have to announce themselves, their ancients give them away.
post 1697630943 02-09-2024, 12:22 PM
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If the vacancy rates are at record lows that means the rents are too low and PEOPLE CAN AFFORD THE RENTS
The property owners should be jacking up the rents until they get normal vacancy rates
I never got the whole rent is too much in blank city. You do not need to live in blank city.
**Black out tape over all laptop/cell phone cameras so gov cant spy on me fapping crew**
post 1697631043 02-09-2024, 12:23 PM
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Originally Posted By coast2coastam⏩
I've just spent 2 weeks down here and it seems like everyone is from the northeast, way more so than what I remember before covid. They don't even have to announce themselves, their ancients give them away.
From where I am in New England we have companies they all they did is the seasonal move from here to FL and from FL to here
**Black out tape over all laptop/cell phone cameras so gov cant spy on me fapping crew**
post 1697631083 02-09-2024, 12:26 PM
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Originally Posted By coast2coastam⏩
I've just spent 2 weeks down here and it seems like everyone is from the northeast, way more so than what I remember before covid. They don't even have to announce themselves, their ancients give them away.
Because everyone is selling their homes in NY and moving down south, they realize though that 500k in NY isn’t the same as 500k in certain desirable parts of Florida.

I’m currently in the building process down there and Florida building codes are awful
post 1697631193 02-09-2024, 12:32 PM
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Originally Posted By coast2coastam⏩
Hope these people stay where they are and stop moving south
Most of those people can't afford to move. It's cheaper to live paycheck to paycheck paying 3-4k in rent, than to find a new job and relocate all your sh!t to a new state. That's why the majority of rentcels are fukked, they trapped themselves in holes. (Super Ded fkn Srs)
post 1697631363 02-09-2024, 12:37 PM
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Originally Posted By gmenfan40⏩
Most of those people can't afford to move. It's cheaper to live paycheck to paycheck paying 3-4k in rent, than to find a new job and relocate all your sh!t to a new state. That's why the majority of rentcels are fukked, they trapped themselves in holes. (Super Ded fkn Srs)
Yeah that's a terrible situation to be in. This housing market royally phucked everyone who didn't buy in pre-2021.

Even the south isn't a cheap option anymore. Houses that were $180k in 2019 are listing for half a million now.
post 1697631943 02-09-2024, 12:51 PM
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Originally Posted By TugOfPeace⏩
lol, what. it costs maybe $5k to move, how is that being trapped
The average person doesn't have the financial flexibility to blow 5k on moving expenses. What's so hard to understand the average American is a complete retard? (Super Ded fkn Srs)
post 1697634473 02-09-2024, 01:49 PM
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Originally Posted By OliverHeldens⏩
It makes sense. Nobody can afford to buy, Finance is booming(for now). Young people can’t get jobs, so they’re all flocking to NYC to get lucky.
NYC has always been a place to try to 'get lucky'. For many a decade, women would come here hoping to meet a millionaire. Others hoping to "make it [insert]".

Not every real estate location is the same, hence my posts in some of your threads.
Originally Posted By coast2coastam⏩
I've just spent 2 weeks down here and it seems like everyone is from the northeast, way more so than what I remember before covid. They don't even have to announce themselves, their ancients give them away.
The accents? Yeah. The sunburns too probably, lol.
post 1697634873 02-09-2024, 01:57 PM
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Originally Posted By GooBaaa⏩
Because everyone is selling their homes in NY and moving down south, they realize though that 500k in NY isn’t the same as 500k in certain desirable parts of Florida.

I’m currently in the building process down there and Florida building codes are awful
Wait until you start shopping for insurance!
Highest premiums in the country for homeowner, highest premiums in the country for auto.
post 1697634903 02-09-2024, 01:58 PM
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New York is a sanctuary city and state. With many millions of illegals flooding into the country making their way to sanctuary states I can imagine finding a place to rent can be hard at this time.

An article I saw this morning ~

Illegal Migration’s Effects on Wages, Prices, and Taxes

https://www.thegatewaypundit.com/202...-prices-taxes/
post 1697635243 02-09-2024, 02:04 PM
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Originally Posted By LogicalLifts⏩
NYC has always been a place to try to 'get lucky'. For many a decade, women would come here hoping to meet a millionaire. Others hoping to "make it [insert]".

Not every real estate location is the same, hence my posts in some of your threads.

Of course, but right now is prime for something like the rental market in NYC. When people can't get jobs in other places, NYC thrives.
post 1697635963 02-09-2024, 02:20 PM
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Originally Posted By helpmee⏩
If the vacancy rates are at record lows that means the rents are too low and PEOPLE CAN AFFORD THE RENTS
The property owners should be jacking up the rents until they get normal vacancy rates
I never got the whole rent is too much in blank city. You do not need to live in blank city.
Not exactly. From the OP:
Originally Posted By LogicalLifts⏩
"The housing crisis has come to the fore in recent years as cityrents have reached record highsand half of New Yorkers struggle to afford the basics."
Folks are simply allocating a higher percentage of their net income towards rent than they otherwise would (or should), to stay here.
post 1697637153 02-09-2024, 02:50 PM
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Tough days ahead for OP when his basement apartment in Brooklyn isn't going to be renewed and he has no pay stubs or a deposit for the new landboss. Going to pretend he is a migrant, he'll just have to not shower for a week and they'll believe him. Then it is EBT card heaven and tent city, will be a paradise for him.
post 1697637243 02-09-2024, 02:52 PM
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Originally Posted By TugOfPeace⏩
I mean, if they're living in NYC blowing $3-4k/month on rent they probably do have $5k laying around
I get what you mean. I'd take his point, though, as not simply about having a few thousand laying around. It's more: you were born / raised nearby, your family is here. Though it might make sense to move almost anywhere else for your job, you stay. Habit / comfort, but I agree that the agency folks have to change their lives for the better does exist.
Originally Posted By Clockbro⏩
Wait until you start shopping for insurance!
Highest premiums in the country for homeowner, highest premiums in the country for auto.
Fairly sure that for homes it is because of Paper Mache houses down there, srs. That insurance companies just wouldn't insure places given: (i) the way they were built; and (ii) the weather conditions. I was pretty surprised at the 'houses' I saw in some parts of Florida. I certainly wouldn't insure them if I was a provider.
post 1697639183 02-09-2024, 03:38 PM
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Originally Posted By OliverHeldens⏩
Of course, but right now is prime for something like the rental market in NYC. When people can't get jobs in other places, NYC thrives.
And LandLordsas well. Though the real juicy siphoning of rent is better done in other jurisdictions to be honest.
Originally Posted By TugOfPeace⏩
it's hilarious that people rent the maximum based on the 40x rent rule, for me that would be 4k rent or so, but I stayed at 2.6k
Indeed. It's characteristically American though, to live so far beyond one's means. I don't know of a developed country in the West that consistently has half its population without $1000 to their name, and 40% living in debt. That Herman Miller guy paying his rent with his credit card (because he had to - not points hustling) really reminds me how few people understand prudent financial planning.

I went to a Michelin Starred place for sushi for lunch today. Feelsgoodmane.
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