Why Rent In NYC Is Out Of Control Right Now
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- čas přidán 19. 08. 2022
- Rent in New York City is at an all-time high. The median asking rent in Manhattan reached $4,100 in June 2022. CNBC Make It spoke to three New Yorkers whose rent increased by up to $2,100 a month.
But are New Yorkers willing to pay up? One challenge for renters is that they must earn at least 40 times the rent. With the median asking rent in Manhattan at around $4,000, the minimum income to qualify for an apartment at that price is $160,000. The median household income in New York City is $67,000.
Correction (Aug. 23rd, 2022): At 01:46 the video misidentified that Thelma Annan is 32 years old. She is 31 years old.
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Why Rent In NYC Is Out Of Control Right Now
Paying over 2k AND having a roommate is insane
Thinking about that gives me a headache
literally !!
Housemate.
Ughh that's what i pay plus utilities
Not allowed no short term housing or sublets now pretending it will help open apartments 🙄
I love how minimum wage increases have to be phased in to not "burden employers," but rents are allowed to double or triple overnight with zero regard for the burden on tenants.
@@MrGetwellsoon sorry. But are not the republicans the ones againt min. Eages rising and rent control?
This is not political by the way.
@@MrGetwellsoon america* in a nutshell, this phenomenon is everywhere
Nobody doubles or triples rent on an existing tenant and expects them to stay.
Anyway I just offered a tenant a 1 year rent freeze below market to renew and they took off anyway.
It was my best apartment too. I'd like to know where landlords are raking in all this unjust profit and tenants are paying it because I'm barely eating here. And I never have time to do anything but play musical chairs with apartments. I never raise rent on existing tenants and I'm constantly having to clean up after these people and fill vacancies
@@c.rutherford You sound like a pretty good landlord sincerely, but unfortunately many have not had the same experience. I know a lot of small landlords have struggled too, situation has sucked all around
Exactly. Why is the government not stopping all the corporate and Wallstreet investors....?
$4,700 for rent - that's $56,000 per year for rent - no wonder that girl's mother said she needs to buy a house.
What house can you buy with 56k per year?? In NY?
@@jayo3074That’s for the down payment you dimwit
@@jayo3074true! My Asian mother buys me a 3 million usd small house in Bronx! just sa Bungalow house 😭
With what money
I’d love to see an episode 2 on this where you interview people working minimum wage, immigrants, or gig economy workers instead of looking at people who are working higher salary jobs. Maybe even the aspect of a student who has their parents pay for their space vs one who was born in the city and goes to college here.
Doing videos on poor people is bad for the american capitalist image. Like the Australians they would rather show you fantasy pictures of barbeques on the beach then how the average person lives.
very touching..9
Bruh they all make sub 80K. Im not saying it cant. get worse but its pretty bad already.
@@LightskinKing33i agree. Manhattan market-rate apartments are meant for 160k+ earners. But there are government programs to pay for lower income folks so that Manhattan residents have access to Starbucks, etc.
That’s because you pay most of their rent with your taxes.
This video felt hugely tone deaf to the gentrification problem caused by these same people who want to live in Manhattan and can’t. As a native New-Yorker who works $15, I find it hard to have sympathy to people making six figures who can just afford to pick up and leave to another state or country. My family has lived in the Bronx for generations and can barely afford to live here anymore because ppl who can’t live in Manhattan just move to outer boroughs and make the cost of living expensive. I understand the struggle and appreciate the perspective offered, but the video should’ve at least included native New-Yorkers and talked about the gentrification problem in NYC.
Does your family rent your Bronx apartment or do they own it?
Shhhh i need them to continue thinking all areas of the bronx is absolutely dangerous. Prices are creeping here smh
That's right. We should build a wall around the Bronx and make rich people pay for it. It should be illegal for anyone to move anywhere so we can finally stop gentrification.
...or just vote for city council members who want to increase the supply of housing so more people can live in NYC.
Ms. Valentin... I cannot agree with you more... in the 80's I was a "cable guy"...i was still high in school...I couldn't understand why the Harlem district was under heavy construction... little did i know the poor was moving out..and the "rich" was buying up the Brownstones like hotcakes.
15/hr? How do you live like that in ny? I make a lot more and always figured my salary is nowhere near enough for ny
The people that romanticize NY, you're stuck in an abusive relationship. Get out before it's too late.
NY is the hot girl that has all the looks, glitz and glamor, and only uses you for your money.
NY residents are men that brag about having the hot girl(NYC), KNOWS he’s being used but wants the recognition from social media and everyone for having the hot girl
I tell people this all the time...
I agree .
Yes, NYC is now a place for the rich or upper middle class, if you are not in either of those two categories you are going to suffer and struggle
Once you've had NY Chinese food and Jerk chicken......it's never the same elsewhere lol. Plus MoMA and parks and bodegas
Now imagine the families who have lived in those communities all their lives now having to leave. This is sad 😢
I left, won’t look back, best thing I ever did, bye bye NY
it’s not sad to leave if it not the same
Don’t vote blue then
@@gbake6080 I didn’t now what? Any other suggestions?
@@Dzidzeme if you didn’t then you’re not to blame, thank you for voting smart. But 90% of ppl in NYC do, then they complain rent is so expensive and inflation is so high. They get what they vote for, but they’re too ignorant to change their ways 🙁
Im a Industrial engineer (specialized in catenaries and HIgh tension networks) worked in NY for 5-6 years. After a year of paying 3700$ for rent and having to walk each day for 40 minutes to work i decided to mae myself a stealth van. For less than a year of rent i bought myself a ford transit and made it a stealthvan during my month vacation.
THE BEST INVERSION OF MY LIFE.
I lived like a king. Parked rougly 10 minutes of my office, near a supermarket. And never had a problem (for 4 years parked in the same place).
I Saved almost 60% of my income. INSANE. 5 years later i sold my stealth van and with the money i had saved i paid almost entirely a house in my hometown. Now im a Physics highschool teacher, earning less than half i did when i worked in NY, but i got a paid house, all afternoons free and summers off.
Trust me, if you want to live in NY, Vancouver, Sanfrancisco etc etc. Get a stealthvan. trust me.
do you think this is sustainable solution to the housing crisis?
Proud for you man :)
@@tubz Absolutly not. But it will solve your own housing crisis if you have to work in a big city.
I don't think the city can handle millions of people living in stealth vans though?
@@bodycounter9386 Maybe its exactly what the city needs. Less people fightinf for high priced apartments will eventually lower the price.
Landlords raising rents to offset losses during the pandemic. Will they ever lower the rents once they've recouped their losses? No. Will employers increase wages to offset the higher cost of living? No. There will eventually come a breaking point.
trumps fault
@@Teddy-se8qb no….
Just go out of NY. Who need that hole.
This is a big problem when the city just isn't meant to house that many people, the market would self-correct if the government actually allowed it to. But there are artificial limits on housing for things as trivial as 'maintaining the skyline', literally millions upon millions of units that could be built are banned because NYC attempts to maintain their skyline.
@@Teddy-se8qb well biden isn't fixing it either...
I can’t imagine living in a place so actively hostile to human life
forreal and some clowns enjoy that
@@runescapeog4202 It's like a cult.
👏🏿👏🏿👏🏿👏🏿
@@RadPitt agreed black women are hawt
not to mention the hate crimes black people commit on Asians and White folks....Not worth it in NYC
I think a housing crash is happening because all those people who bought homes over asking price, although it was at a low interest rate, they are over their heads. They have no equity if the housing prices continue to go down, and if for whatever reason they cannot afford the house anymore and it goes into foreclosure because even if they try to sell, they will not make any money. I think this will happen to a lot of people especially with the massive layoff predicted for the future and the cost of living rising at a high speed.
For 2023, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
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Greed has ultimately suffocated NYC. Such a shame. I lived in Park Slope Brooklyn in the 70’s through the mid 80’s when I was young and in my 20’s &30’s and feel lucky to have had the wonderful experience of being there and in the arts then. There’s a creative gritty spirit that is now gone forever because of the crush of the almighty buck.
I can only imagine how freaking scary this rent situation is for single parents
You don’t need to raise kids in NYC though
@@user-xn7uh5ch2z but you are aware that people have children in New York just like any other locale and that they have to raise those children there?
@@duancoviero9759 Umm you can move? There are tons of places in US with lower cost of living. Like living in the most expensive area in the world isn't basic human rights
@@user-xn7uh5ch2z just move? That sounds like troll talk. Nobody is JUST moving anywhere. There's gonna be extreme reactions to this type of predatory behavior. It's coming I'm sure.
How is it troll? It’s sad that rent is increasing. But how are you going to solve it? More people want to live in NY now after pandemic, so demand is high. There are many nice places to live in the US and nobody forces you to live in NYC metro area, again the most expensive area in the US. If you choose to stay there, well I hope you can afford it. I’m tired of people who deny how market works and think they deserve everything they want. Your child is probably better off somewhere else than overcrowded city anyway
I like this series but i really wish there were some native New Yorkers interviewed for this. I’m a native New Yorker from the Bronx and was in the process of finding an apartment in July. The process was depressing, humiliating and disheartening.
I saw over 30 apartments before i found the perfect one (thank god) and I was beaten out by so many people who had the option to “Move back home” when for me, my “Home” was what was the problem.
While I appreciate the perspective here, I think this piece could have greatly benefited from the hearing about people who were born and raised here but are being pushed out on a daily basis.
Honestly consider leaving! I've visited New York many times but I would never want to live there due to the cost of living, why live in a shoebox for 3k a month when you could literally live in a mansion for the same money in the Midwest.
@@MattG4033 people from New York don’t necessarily want a large home. I’m from New York and I like living in apartments. People from other parts of the country move to nyc and talk about how awful it is while displacing the people who are from here and want to live here. Make it make sense.
Life in the Midwest is so much better. Although we earn less money, our cost of living more than makes up for it.
I'm also a native New Yorker, but it's true, this is a bunch of trust fund babies crying. What about the families that have been living here for generations that are being priced out of their homes?
@@MattG4033 If you're not from here we don't care what you think. Go live in the Midwest, this has nothing to do with you.
Even rich people are selling their homes and moving . The taxes in New York is nuts.
Born and raised here in NYC. I hate it here. Trying so hard to leave but feeling stuck. At least I'm seeing (based on this video), that I'm not the only one dealing with the increase in rent.
I hope you can find a way out soon. I know a little bit about feeling stuck.
Same here I would be gone if not for my job... The crime the taxes are a disgrace..But I have noticed its all Democrat runned cities and states
Not by any means
90's NYC is better than today
What challenges are you facing trying to leave ?
I’m a life long NY’er and still love the city. But for all the young people in this video and watching the video I’ll share one thought. Keep your housing expenses as low as possible and do not get over your head. If that means you can’t live in NYC so be it. There are endless equally good or better places to live & you don’t need to be in NYC for opportunity any more. Your 20’s are critical to setting up your life, don’t put yourself in a hole.
THANK YOU!!!
Solid advice!!! Take Heed. I'm in my 40s and I'm still paying for the things I did in my 20s and 30s!
You can't personal finance your way out of greedy rent prices... and nothing in the unit has changed... at all... for 20 years
Factual 197%
Easy for you to say
This is why people are living in cars, living with multiple roommates, or worse living in shelters or on the streets.
Have done all of the above.
I think the hardest part of getting an affordable apartment is being accepted by the landlord even if you can actually afford it. The amount of money you have saved up is more important than your income.
How is living in a shelter worse than living in a car?
@@monkeymeat2024 yes, I was wondering the same thing, unless your car is parked in your own private garage
@@monkeymeat2024 Drug addicts, drunkards, mentally unstable persons, filthy conditions, and abusive staff. All you have to do is search either on CZcams or Google to hear first hand from people who have lived in a shelter.
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Great video. I almost moved from Dallas to Brooklyn with a friend who currently lives out in NYC. Purchased a one way ticket and then ultimately backed out because I did not want to struggle just to survive the ridiculous pricing. Working in the music field my entire life, NYC would've been great for the opportunities, but I ultimately said my mental health and stability is more important. I'll find other opportunities eventually.
Stay out it’s a nightmare to survive here!!
Leaving Dallas to come to this $hit hole is crazy lol
@@Lemniscate1027it was only for work. I had music jobs lined up but even with the pay, I’d be living paycheck to paycheck. Wasn’t worth it despite the glamour job
I'm a middle aged man at the top of my career and I cannot even fathom what it must be like to spend $42,000 a year to pay off someone else's mortgage. That's like buying a Tesla model 3 every single year and gifting it to someone else.
I would just move
@@James-vj5hz correct Captain Obvious
They don’t want to live in The Bronx 🤣🤣
@@maxmx767 Bronx aint gentrified enough for people from outta state
@@levelazn Facts. They crave that gentrification but then go crying about the cost of living 😂🤣
Getting an aparment for 2,250 and having that be doubled in a few months time is absolutely criminal. Most people can’t be expected to be paying double the rent they signed up for, especially minimum wage workers
Not criminal at all. They signed a lease for a specified length of time at a specified amount. Once the lease ends, the landlord can rent it to whoever they want for whatever price. They’re under no obligation to rent it out to the same person.
The landlords don't expect the tenant to be able to pay this. It's a nice way of saying, "We can get a much better return on our investment now, so please leave."
@@Mu5icPr0ducer easy to say when you live in your mom's basement
@@Mu5icPr0ducer cancer
@@narutofan4545 facts over feelings, those people have no legal right to live there, it is not their property. Move somewhere less popular. Nobody is denying them housing. They just got priced out.
It's definitely affordable as long minimum wage in NYC goes up to $45 an hour
😂
Funny enough, that's actually not enough; that would only earn you $90k/yr, but you needed ~$140k to have that 40x the monthly rent. So $70/hr would work!
😂😂😂
more than likely double that
Unfortunately: landlords would raise the rents according to the increase. What needs to happen instead is: limiting crazy rent increases in the first place by law/legislation. Landlords will always squeeze out the maximum out of the tenants
The biggest problem is the people keep feeding into this damaged and corrupt rental and living system.
It's who NYC ppl vote in to office
Blame the dummies signing these leases
this is so true. Really. It only happens bc people agree to pay. Landlords are able to make these crazy increases bc they know they will sell the unit to so many eager ppl. And then brokers make 15% doing nothing. The system is terrible.
Agree
Just a tip, DO NOT PAY MORE THAN $20 for an application for an NYC apartment. It’s actually illegal for landlords to charge more than that. This is coming from a Leasing Manager in Brooklyn
Charge for an application ! Capitalism has reached a new low. So they just turn down your app and keep your money?
I recently started looking and this woman charged $35. smh
Rutherford apartments in New Jersey charges a 100 bucks for an apartment application.
Yes I saw that. One building close to me is trying to charge $250 for an application.
RENT CONTROL IN NY - 4500
No rent control in Miami - 1500 a month
Rent control means POLITICIANS get KICK BACKS to raise the rents
YOU VOTED FOR IT - Now you got it - ENJOY COMMIE
My sister in law is 30 years old and has lived her entire life in New York. She moved, after a year of planning, to a Southern state a few months ago for this very reason. She's now paying just under $1,000 per month (utilities included) for a 3 bedroom, 2 bath, semi-luxury apartment. She said she's not planning on ever living in NY again.
Unbelievable!
What city is she in.
What state 👀
Lot of New Yorkers in North Carolina now. I know at least 3 native NYC residents who moved within the past five years and it seems like that will continue to be a trend. Really sucks that there are not more dense places to choose from.
TEXAS, FLORIDA, WELCOME
NYC rent has always been out of control, it's just coming to limelight now. Most times it amaze me greatly the way I moved from an average lifestyle to earning over $63k per month, utter shock is the word. I have understood a lot in the past few years to doubt that opportunities are bound in the financial markets, The only thing is to know where to focus.
I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate or bitcoin and stocks.
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Cities will become unlivable once affordable housing goes. Who’s going to clean the streets, wait tables, do the teaching at schools, work as a nurse, serve your food etc..
I seriously lost it when she said she is moving to London because the rent prices are so high in New York. What a privilege.
And then she displaces a native Londoner who struggles with the increasing rents due to people relocating like that, just the same way she's displaced from NYC.
London really is no different. The past five years has seen a substantial change in renting. She will ‘bid’ to rent a property in the same way she would have to as if she was going to actually buy a property. So even if she can afford it, there is my guarantee that she will secure a property.
@@rastamuff1 what european city is any different really? rent goes up everywhere. Living shouldnt be an object of bussiness.
London housing is cheaper. But things cost more their. It’s basically the same. Way better quality of life.
Hi from London, I'm actually watching this video because we are having bidding wars in London for flats too at the moment and we can't afford to live in our own city. How can we tell her this??
When she said “there’s nothing worth $3500 in nyc” I felt it deep 💯💯💯💯💯
What's worth $3500 is going for 6k
The problem is that people keep reproducing like an assembly line even though life has so many hardships and sufferings.
They want to live like the little square box on their phone
@@cortez121219933 🤣💯
Lmao you can buy a 5000 sqft house with basement in many states for $3500 per month
She's moving to London because of high rent in NYC. Who's gonna tell her? 😭
Not me. Her responsibility.
😂
Right, that made no sense lol
I was born and raised in nyc and I can’t afford to live in my native Brooklyn or anywhere else in NYC. Salaries are more than other states yes but still not enough to live on your own. It’s depressing to know that you have to live with a group of people in order to live in NYC. Landlords are greedy and the city does nothing to fix this issue. I am just waiting to finish my masters degree in order to leave. It sucks to leave my home state but this is too much.
They only interviewed high earners that aren't even from here... This problem definitely exists but it looks very different for most natives. Especially when the median annual income is half of what these people are making.
Agreed. I'm a local and I could not relate. I have never paid that much in rent. Location is a key variable here.
@@jennpolanco7812 What sort of rates are you seeing in comparison?
@@PreferablyBiased rent is still around 1500-1800 for a one bedroom in the Bronx.
@@jonnyturbo4 thats insane lol for 1 bed room apt 1500 -1800 usd
@@thecookingshorts you make more money in NYC. pay to play. minimum wage is double in Ny compared to most of the country.
I finished watching this whole thing and that young lady saying that she paid $1,000 for an application fee has me fuming. To what in the high heavens do you need an applicant to pay you $1000 dollars for? Background checks and credit checks are not that expensive. How many people did they deny while taking their 1,000? I want to know! The Justice Department, Attorney General and any other agency needs to take a good look at that alone!
People like the young lady that paid $1000 for a simple application fee are the reason why rentals are so high. She willingly spent her earnings and savings for an apartment that should have never been that expensive but as with every wealthy gentrifier coming to NYC they will learn what many of us Native New Yorkers feard happening since the early 90's.
Just charge applications fee's for decent property at a competitive rate for rent, accept nobody then make bank off the application fee's and keep the property or dwelling vacant.
Rinse and Repeat, am i missing something with this clever sick scheme?
The application fee is a way to attract the customers with money that are most willing to spend their money.
The law limits application fees to $20. However I have personally encountered requests for $2000 DEPOSIT with application, which is fuzzier legally (they may not be allowed to collect multiple application deposits at once).
If you're talking about @11:20, she said "deposit". Deposits are not the same as application fees.
Born and raised since 1989, Left NYC in 2018 and I'd NEVER move back. Trying to convince folks to leave is pretty difficult for a plethora of reasons, but once you leave... it's hard to justify going back.
Agreed. We left two years ago and there’s just no way to go back, unless we want to be poorer and make life more difficult
Where did y’all move to?
@@user-kx1sl8wd1s We moved to New England. It’s not as cheap as moving to, say, Ohio, but it’s cheaper than NYC and we can stay in touch with friends and family.
This gentrification Is happening everywhere. I live in Mexico City, in one the most popular neighborhoods everybody loves and I’ve seen the cost of life is increasing every time as well as the rentals. Many of my neighbors had to abandoned their apartments due to these increase in prices caused by the arrival of so many digital nomads that pay in dollars and euros. Sadly, locals are getting displaced to the suburbs far from everything.
I hope something changes in NYC because we are losing a lot of talent, business and companies due to these greedy prices. It’ll be too late if nothing is done about it, crime is already out of control in NYC.
You are 3000% correct. The tsunami has already begun! 🌊
you guys need to just keep taking the immigrants that your states legislation asked for.
welcome to the real world.
this is natural.
Your city, you voted for this mess. ENJOY.
losing a lot of talent but retaining a lot of outrageous landlords!
Good
I don’t have much sympathy for these people who can afford to “go to Europe until rents calm down” or a 23 year old complaining they have to move to DUMBO because the East Village is too expensive… Why did you not interview some NYers who have actually had their lives impacted and not just high earning transplants who’ve been inconvenienced after getting COVID deals?
lmao your so salty and envious. yeah they make a lot, but they also have to pay 50% more on their rent. and any profit they do get to keep is well earned. u want more money? go get a better job u bum
transplant?
@@nightslasher9384 ppl who weren’t originally from there (NY)
@@Leeloo_Dallas 😨
Okay first off the girl that moved to London was eating oatmeal for dinner and had to put her stuff and storage and left with a one way ticket. That’s not privilege. I’m legit in the same boat. Got an apt in 2020 for $1995 ten blocks from where she is my rent was raised to 3250. I’m currently heading to bed on an empty stomach. I’m on my last straw at this point going to put my stuff in storage and buy a one way ticket as well. Like screw you for judging people you’ve never met you can literally see the pain in her eyes.
Native NY'r here 👋🏾
Most people come to NY, complain about the sky high price, but never leave. 😂
In Toronto is is very similar. I am a landlord and I rent out a 660 Sqft condo 1+1 for $2750. My mortgage is just $390 bi weekly. I am just keeping up with market value in my building. I find the market crazy for renters, I kinda feel sorry for them. i suggest you buy. Before I bought my first property, I rented rooms for $350 and a shared basement apt for like $400-$500 a month, lived very humbly until I was able o save 20% on a $150k 398 Sqft one bed room condo. Sold that for like $235k a couple years after... then bought a couple more. Now I am in a million dollar condo. Renting does not make sense. Live with your parents or rent a room.
I own a building just half an hour away from Manhattan, and I rent out 2 bedroom apartments for $1,300/month. Those people should move to a cheaper area or stop complaining!
So let me get this straight, a policy that requires 40x the rent in annual income basically punishes low income people by making them have to get a guarantor - many which cost them MORE money to pay to prove they can pay...
This is brutal and regressive. It just punishes people for not earning massive amounts of money.
They’re getting rid of the have nots and catering to the haves this country is on its last leg and death bed.
Use their example. 4k apartment means u need to make 160k. 160k in nyc is 9k a month after taxes. 4k a month +utilities internet etc is 4500. That rule is basically just saying you shouldn't be paying more than half your income in living expenses. That seems pretty reasonable.
It's actually 3x monthly rent in most of the United States. This isn't a ny thing.
It's a crime.
I literally had to pay for 6 months rent upfront because I am a student and dont have credit score nor heritage in america (parents who could cover for me with american credit scores) to help out. Thank God I could pay that or this student year id be homeless
So what
The fact that you guys couldn't give native New Yorkers a spotlight here is disturbing. Yes, this is a city where people believe "is the place to be" but actually being from here this crisis is absolutely soul-crushing and is pushing the people who have grown up here out of their homes, their communities, and safety. I have lived here all my life in uptown manhattan and recently had to relocate to Queens (to a room where I only got because of a friend of a friend of a family friend) because now even to find a ROOM you have to have proof of 40x income, be interviewed by the roommates and then THEY decide if you can live there or not, not to mention you're definitely getting the worst room in the place. to top it all off these rooms that are "affordable" have no windows, closets, janky walls put in bigger rooms to make them into two rooms, and no space for a full bed that you're still asked to pay sometimes over $1000 for. It's like there's no way to live here unless you can live off a twin bed, three shirts, one pair of shoes, one pair of pants, and have absolutely no hobbies. I am an artist so that is absolutely impossible for me...I've been looking to move out and I don't think it'll ever be possible for me to live alone, I'm relying on my partner to cover half so we both can have a semi-affordable space of our own... this ain't right!!
edit: It's not that I don't feel bad for these guys, this is overall horrible for everyone involved, but for this video to not have any natives?! seriously?
They unintentionally fully explained why rents are high. NYC attracts extremely high income young people from all over the world. People should absolutely not expect rent to be affordable in NYC. This video showed exactly why not.
@@777jones at least someone gets it.
Darn.
you want to talk Nativism? what tribe are you part of? let's start there and see how Native you are
YOU GET WHAT YOU KEEP ON VOTING FOR OVER AND OVER AGAIN. P.S. So much for being so strong and independent that you don't need help from a MAN 😂
This is happening everywhere. I am in NC and luckily i got my new house at the beginning of the Housing spike before prices got crazy in 2021. Even though the costs of living is different where we all are, we are all in the same boat.
I have been renting my 50m2 flat at 610€ for 1 year and my rent has only increased by 20€ due to inflation in France. But you have to admit that in Europe tenants are very well protected and such a rent increase is just not possible.
People need to stop identifying with a place. Being broke but being able to say you live in NY is so unhealthy.
edit:
PS I’m from NJ/NYC area and spent years schlepping to the city just to say I worked in the city for 40-50k salary. It is absolutely an identity we hold close with great pride. Realizing this is freeing because we can slowly detach. The things we identify with often limit us. ❤️
And delusional. Same with Los Angelenos. What's so great about filthy, rat infested, homeless and poverty capitol of the nation? Oh, and no water.
Lol. It has nothing to do with that.
@@teenytinytoons yes it does most these people who are paying these prices obviously can afford to live other places. People love to say they live in NYC on the verge of being homeless.
It’s like a Mental illness, no disrespect intended
@@teenytinytoons actually some it does
The clear display of classism and gentrification happening in US major cities is terrifying. The fact that nothing is being done to help the average citizen keep up with inflation and cost of housing is infuriating. Corporate America is willing pushing into the streets in order to fill their pockets.
i dont come from a well off family but there is a house, i'll probably never sell it and work remote as long as possible. These cities are going to become black holes for rent money for years to come. Unless you get a job offer that is truly incredible, do not relocate
And if you think the "progressives" are going to fix this, think again. It's not the rich that were kicked out of SF, it was the middle class. Despite the "eat the rich" rhetoric, the true enemy of the Left is and always has been the middle class.
Increasing K disparity. I know guys that made millions by just owning assets (stocks and crypto) and just sitting with a thumb up the butt these past 2 years all while 10x outperforming most professionals in good paying occupations. Once you get to a high enough level the game gets easier, and allows you can overcome more setbacks
And the more you make trying to keep up with inflation uncle same takes a bigger cut on the front and back end
I just like to point out that what you are describing is happening in major cities in blue states, I moved to a major city in a red state from NYC no regrets whatsoever.
In france it is illegal to rise rent so dramastically. It actually cannot exceed more that 3.5 %. plus they need to inform tenants at least a year prior. But Paris is getting crazy too.
LOL I feel bad for Thelma...London is in the same situation as NYC
i will admit that i never thought that making over 150k would STILL mean i struggle renting in nyc.
That sucks
It's not just NYC. My sister is trying to buy a house in San Diego with a short and reasonable list of requirements. She can't find anything and her budget is $1.1 million.
@@norwegianblue2017 requirements lmao
of course she won’t. too demanding lol
@@norwegianblue2017 ouch!
For a 1 bedroom apartment with no appliances and probably a shared bathroom
Landlord in the video is like “just buy a home guys! Renting is too expensive right now”
Ah yes. Easy. Can’t believe no one thought of that!
🤣
Hey, I know you!
No way Jose
The girl who put $10k down on a $4k/month rental probably hasnt...
Just screw them over and have everyone switch to a long term Airbnb
I just can't understand why would you want to live in a place like that. I'm just finishing building a new, state of the art 300 sqm (3200 sqft) house for $300 000. I live in Poland and can't complain on my earnings. $3000 monthly thrown down the drain? Why? That's $36 000 a year of burnt cash. Renting is cool when you are 20+ years old. When you're 40 and still do not own your house/apartment that's just a tragedy.
I could never live in a place where you spend 50% of your earnings on rent.
Investment properties is one of the main reason causing the increase in rent because they are not occupying or living in them full time. The second problem is transportation if we can cut 2-hour trips down to 15 minutes to and from work which the hyperloop can solve.
I’m a born and bred Londoner and I can honestly say moving to London right now is like jumping from the pot to the frying pan! We are having an extreme cost of living crisis here, rents are also ridiculously sky high, I wish her the best because London is not easy at all!
It didn't seem like she was quitting her job (probably doesn't need to be in a specific place for it), so what about the fact that she's getting an American salary to live in London ? Wouldn't that make a difference for her ?
@@shanouboubou hey, there are people on good salary’s in the UK but ultimately everyone is struggling with the cost of living crisis, the rents are sky high and it’s hard to get somewhere decent to live privately. With everything I guess there’s pros and cons..a pro being that a few years in the UK is a new experience 😁
i thought that aswell. She can definitely afford to live in nyc with a friend if she can afford to pack all of her things and move abroad to the most expensive city in europe lol
I was thinking this. I live in LA and was shocked when I stayed in London for about a month. Very expensive. 😢 I do love it there though.
I was gonna say that, good luck running from high rents to London of all places. Probably the worst place in Europe for that.
As someone from NY, I never fathomed owning a house unless I made a six figure income or above. When I see people from other states casually saying how they bought a house at the age of 25 working a regular shmegular job, I'm so baffled and really wonder is NY even worth it anymore??
loll that is not common. most ppl ik like that actually work in nyc and buy a house elsewhere
no
Definitely. I was paying similar prices to live in Boston, MA and found it to be ridiculous. I own a home nearby now for the same price as the apartment rent I was paying living in Boston.
With these rent increases I would say Nope it's not worth it. I bought a house at 32 making 17k in Illinois very close to Chicago
It's not worth it under Democratic rule
Just saying though, if you make 100k a year in New York, you gotta pay Uncle Sam $28,124 in taxes. That leaves you with $71,876. If your rent is 3k per month that leaves you with $35,876. Now, with average monthly cost of living at $1,574 per month in New York, that leaves you with $16,988 bucks to save every year. You save only $1415 on average a month, from a salary of 100k!
Keep getting flexed and worked on, fellow New Yorkers.
A master's degree, 6 figure income, single no pets or kids. Someone like this should EASILY be able to get a place. It's heartbreaking to see her cry over leaving. I've been in her exact position and it's beyond depressing.
She needs to stay there! Don't bring her liberal voting habits anywhere else!
@d[llp; d basketball Americans...that's a new one SMH
Thank nimbys for high prices.
@@rhuttrho88
Nimbys aren't what you would call liberal.
Again what does liberal ideas have to with rent it is called suppy and demand
While I do feel compassion for the people in this video, I am so bothered after watching this. It is a LUXURY to be able to even consider $2500+ apartments! There are so many NATIVE New Yorkers who could not even consider that price. These people moved here and it’s entirely unfair that rent is as high as it is. What about people like myself? I was born and raised here and because of GENTRIFICATION I had to leave my neighborhood. That’s the real problem! Communities of color have been targeted and no one bats an eye, but when those who make six figures are inconvenienced we call it a crisis. There’s a larger issue here.
Facts!
You do know white is a color and there is no such thing as people of color because Asians and many Hispanics are light skin and not dark skin like people of African origin. I still prefer the term colored people.
What is a native NYer? People have moved to NY from all over the world forever. What makes anyone think that being born somewhere somehow entitles you to something more than those who come - especially in a country of immigrants - founded on the displacement of people. So much for being inclusive. People who have lived here generationally could / should have bought apartments and gotten themselves sorted as well as this issue is not new. Large industrial and mega cities always face this issue.
@@mediterraneanworld A native New Yorker is someone that was born and raised in New York City. A lot of cities use the term native like in Washington, D.C. Many D.C. residents including Mayor Muriel Bowser like to say, they're native Washingtonians. Bowser go as far by saying, she is a 5th generation Washingtonian. Mediterranean World, whatever city you were born in makes you a native of that city. There are many U.S. citizens that wasn't born here and this don't make them natives as U.S. citizens that were born in the U.S. I hope this helps.
@@mediterraneanworld Yeah, no. Flew-heres aren’t native NYers.
Moved out of NYC I 2019. Luckily right before Covid. But it was the best decision. I am now a home owner of a 4,000 sq ft house. In NYC I was in a 800 sq apartment for $2200. And that was 2019, I’m sure it’s way more now.
I have been a New Yorker for 22 years and this is my last year in the city. Even if I still can afford the rent, it does not make financial sense to spend that money on rent.
As someone who makes just over 15 an hour, this is depressing.
What worries me more though, is the fact of what probably comes next. Larges cities are forcing out their people, who in turn come to my lower-income area, pricing out the natives, who are forced to move away because the influx will drive the rent higher to where we can't afford it, probably to the places these people are leaving; which then allows the landlords to shoot the rent up again, and then...I honestly don't know. It's like the lower-income to middle class people are just gonna get shifted around until something finally breaks, or you end up with county-wide shanty towns.
That’s what happened to AZ. We had a bunch of Californians move out here and a huge (for us) tech boom. Lots of jobs bringing people from richer states. Now there’s no where affordable to live in the Phoenix area.
Same thing happening in miami, FL unfortunately
This is what's happening nearly everywhere sadly. Look into what's happening in Boise, IDAHO....it's insane and sad.
*You get what you vote for!! Joe Biden* , don’t come running to a red state and bring your crap policy’s, YOU REAP WHAT YOU SOWE.
@@johnnylego807 why are you assuming I voted for him?
I'm always amazed that people are willing to pay $4,000 to borrow someone's apartment for 30 days.
You can buy a 5 bd house for that
It’s easy to say sometimes you can only work in big cities if you have a specific field
It’s expensive to live in said cities so you can never save up to buy a house
And you can’t move anywhere else because you can’t work anywhere else
So you’re stuck in this cycle
@@Fudge_Fantasy It’s easy to say sometimes you can only work in big cities if you have a specific field
It’s expensive to live in said cities so you can never save up to buy a house
And you can’t move anywhere else because you can’t work anywhere else
So you’re stuck in this cycle
Lol talk about stupidity 😂😂🤣🤣🤣
@@Fudge_Fantasy Why would one person need a 5 bedroom home with nowhere to go or nothing within walking distance
Here in Miami a lot of people expend like 85% of their income just in rent. Rent cost here is super high. And it’s getting even higher because of so many people arriving from Commifornia and New Yuck.
Thanks for posting this video! Many people have moved away because they couldn't afford NY anymore!] I started to see what was happening! I had a few dollars so I went to Georgia and paid down on a house.
in 2017 got a good deal.
NY prices are crazy! Both for houses and rent!
I was born and live in London, it's been insanely expensive to rent (far higher than New York) for the past 10 years. The fact is "renters" are still seen as a 'youth issue' and therefore not worth any political attention. The irony is most renters are actually 33-40 years old, and earn good wages, but cannot afford to buy a home.
London was sold to foreigners and locals keep voting for it. Whole blocks sit empty because they were bought for no purpose other than money laundering. And Londoners call that progress. smh
But in London you can basically STOP paying rent for a long time, basically 6-12 months, and NO legal repercussions whatsoever. I know this for a fact since I have friends renting there (born and raised in London btw) and they stopped paying their rent 6 months ago and landlords can do NOTHING about it.
@@Tam84USA Not sure about your friend. But the law in the UK is very clear, unlike most western European countries (France, Germany, Sweden, Belguim) private renters have very little legal protection when they sign a tenancy agreement. For example, a landlord can legally kick a renter out (for no reason) with a one month written notice.
@@engledelaffety4380 that's rubbish.
In England, both renter and landlords are bound by the short term tenancy agreement that they each sign. They each cannot terminate during the term unless they have agreed to insert a break clause or either side fails to honour that contract's terms (such as continued non-payment of rent or landlord failure to maintain).
To terminate the agreement or increase the rent, landlords need to give at least 2 month's notice to NOT RENEW (I always informed them DURING previous renewal and reiterated halwway thru), whilst tenants need to give zero notice but are asked to let landlords know so that redecorating and remarketing can happen.
Most often landlords are asked to consider a discretionary early release at their huge expense (and I always granted) or a short extension of some weeks that attracts a hefty tenant bill in the form of estate agent charges over which landlords have no control.
To focus your mind. Many small landlords previously lived in the property, they want tenants to be as happy in it as they were, it represents their pension and they face real hardship when things go wrong.
@@ratusbagus why are you so angry? Such a bizarre response. Have a good day.
This video inadvertently shows a huge part of the problem that is not widely discussed: well off or parent subsidized 20-something transplants who show up in previously affordable areas and offer to spend way more than apartments are worth. Never negotiating, rarely shopping around, taking on roommates in a similar situation, and driving prices up in the process. As long as there is an endless supply of uptalking recent NYU grads willing to pay $2700 for a crummy 1 BR, the rents will stay high.
The problem is that people keep reproducing like an assembly line even though life has so many hardships and sufferings.
The issue here is most people clearly has limited knowledge capital in relation to the actual causal relation here. The whitehouse economic council has more or less already grounded that one of the primary causes behind the current rent crisis, especially as a driver of homelessness, is land use regulation; zoning (CoEA 2019). Zoning deregulation is, alongside land value taxation and social housing provisions some of the most efficient and best approaches to lower housing costs than other means available, at least if we listen to the brooking institute (Schuetz 2020). In the academic literature, it's more or less an already established fact that the primary cause of high rent and housing prices is zoning regulation, rather than any "evil" landlords attempting to exploit as some people presuppose. While rent control is an attractive solution to the problem, the evidence on the consequence of rent control are largely negative.
In her article, Rebecca Diamond (2018) higlights the specific long-term implications of rent regulation. One consequence is that rent control in one area, results in another area bearing the burden of the rent control. Hence, rent control will adversely affect other individuals as a result. Another consequence was, to quote:
*"DMQ find that rent-controlled buildings were 8 percentage points more likely to convert to a condo than buildings in the control group. Consistent with these findings, they find that rent control led to a 15 percentage point decline in the number of renters living in treated buildings and a 25 percentage point reduction in the number of renters living in rent-controlled units, relative to 1994 levels. This large reduction in rental housing supply was driven by converting existing structures to owner-occupied condominium housing and by replacing existing structures with new construction."*
The cause of this was specifically driven by how landlords react to an increased burden upon property management by rent control lowering revenues from this, without effective competitive pressures being involved. Rent control only benefit current tenants, but the issue is, people, as well as housing, is a breathing living thing, people move, people change relations, get new jobs, new people move in etc., Rent control will, if it's strict enough, adversely affect future generations negatively and exist on them as the primary bearer of the burden involved.
References:
The Council of Economic Advisers (2019). The State of Homelessness in America. Office of the president. trumpwhitehouse.archives.gov/wp-content/uploads/2019/09/The-State-of-Homelessness-in-America.pdf
Schuetz, Jenny., (2020). To improve housing affordability, we need better alignment of zoning, taxes, and subsidies. Brookings.www.brookings.edu/policy2020/bigideas/to-improve-housing-affordability-we-need-better-alignment-of-zoning-taxes-and-subsidies/
Diamond, Rebecca., (2018). What does economic evidence tell us about the effects of rent control? Brookings. www.brookings.edu/research/what-does-economic-evidence-tell-us-about-the-effects-of-rent-control/
$2700 for a 1 bedroom isn’t a lot. Coworker spent $2800/month on a 350sq/ft studio in the Bay. I guess rents will never go down.
THIS!!!!
Taking away a certain demographic is not a solution or the root of the problem IMO. You’re just pointing out your bias…😅
The crazy thing is that even in Philadelphia the median rent is $1,650 according to Zillow. The median individual salary is $32,000 according to the United States Census Bureau. This is supposed to be the one affordable decently sized northeast city, cheaper than Boston and NYC, but people don't make nearly enough to even make twice the rent.
Felt so sorry for Thelma, it takes such an emotional toll going through being literally pushed out 😢 hope she found something great in London
People REALLY need to realize at some point that big cities are for the super rich and the poor. Anything in the middle will get squeezed mercilessly forever. All of my friends who loved living in NYC in their 20s are in their late 30s now and are just...lost. Those of us who built careers in "normal" areas have nice families and homes, and are able to save and build wealth. NYC/SF are a sucker's game. And when you hit middle-age and are struggling, you will find that behind you are a new crop of 20 year olds willing to get on the treadmill that you are stepping off.
Stop playing their game.
Not that easy for high-paying jobs in good fields. You need to spend some time in SF/NY to get the experience before moving to a smaller city.
@@dry-cleaning6255 Literally.
@@hmacklemore2226 I don't disagree, I understand that is the case for many career fields. But do it...and then get out. Don't get stuck there as a middle ager. It's brutal.
@@dry-cleaning6255 Yep, investment banker, climbing the corporate ladder, etc. Like I said, young and poor and having fun/building experience, or on the path to being rich!
@@dry-cleaning6255 indeed
I miss the days when $900 used to get you some REALLY nice apartments if you knew where to look in the other boroughs. But that was back in the 2000-2010 era. My older sister used to pay exactly that for an apartment right in front of a huge park with a nice lake and woke up to seeing it through her window everyday.
2002 Two bedroom townhouse $620 a month. I miss those days.
Yeah times change and it's crazy how they wanted us to quickly adjust to it without a thought
It is going to collapse at some point... People are just so greedy and short-termist
astoria.. mid 2000s.. we all thought the rent was high back then.
Never forget what they did to 36-year-old Derek Floyd, a hard working family man was terminated as part of New York City's effort to free up funds for the migrant crisis, and because of the stress of this he died of a heart attack. The city has ramped up its efforts to pay for housing services for thousands of migrants, therefore fired him. So sad
Serious problem in the world right now. Everyone deserves a place to live, that they feel safe and comfortable in. It's a basic human need, like food or medical care (both of which we capitalize on). This constant escalating greed must die.
Lived in NY for 30 yrs, moving to Pennsylvania this week. I loved NY growing up as a kid and teenager, everything was anywhere and traveling was easy because of Trains and buses. Now in my early 30s, I’m done. I just want to drive around in my car without worrying about traffic or parking, enjoy BBQs In a backyard, and a spacious home. Take care NY ✌️
Grillpilled.
Agreed. Did the same, but not PA.
I hear you
@@TYBG85 ...Inflation was masterfully covered by 'Some More News' and 'Climate-Town'...
Lived in NYC for 12 years and moved to NJ 3 years ago. I really enjoyed living in the city and had so many great memories. However, I realized that I could not save money and would never buy a house while living in NYC. It was hard for me to leave NYC, but I should have moved out earlier. This is obvious...
I feel bad for the native New Yorkers that were born and raised there. This pushes them out of their own city. People coming to live in NYC despite knowing this crazy house market are just….. not making the best decisions so it is on them.
The people I know that moved to NYC are kids with rich parents. I know a few ppl living in NY, exploring the city etc who wait tables while the parents pick up half the rent. Not good for working class New Yorkers to compete with.
As a Native New Yorker, you’re spot on. During the pandemic, all the richies and tourists, etc. packed up and left. We were stuck here with the high prices.
@@p994able but now they're coming back and now the prices are sky rocketing.
@@Charlemagnethemanmost of those kids parents probably own properties there as well…it’s all locked down
Cry me a river. What do you think happens to the market in places like Texas when rich New Yorkers or Californians move in?
Landlords will never charge more than people can afford. Now granted, it might be more than they WANT to pay, but they CAN pay it in the end. It's sort of how I WANT to have a Ferrari, but I CAN pay for a Toyota Corolla. Can't afford New York? Move to where you can afford... find your Toyota Corolla. It might not be EXACTLY where you want to be.
*
If landlords charge "too much", no one will pay it, and they will have to lower the rent to what renters CAN and WILL pay.
Leaving this October. I’m done man I’ve tried it twice and it ain’t worth it. I lived my 20s making stupid choices like racking up credit card debt, car lease and expensive living. I’m 30 now and it’s time to rebuild. No shame in saying I’m not down to overpay or look cheap. I won’t create generational wealth like this. For any kid in college thinking about New York/ LA unless you are making 3 times your rent id say skip. Pay your loans, nothing wrong living with parents until you are on your feet. Work from home has made it possible to do more than before. Take advantage of that
🙌🏾🙌🏾🙌🏾🙌🏾
Very well said. I was born and raised in NY we went upstate NY it was getting to crazy so we went South we are living better and making the same money we did up North.
@@CGKreations Just curious, where did you live Upstate? I'm from Rochester and I know many people from NYC who came up to go to school or visit and stayed because the rent was so much cheaper. You can still find apartments for under $600 up there. Not in the greatest neighborhoods, but you can survive.
The third lady that lost her job is a really strong woman. You can see that she is really struggling physically and mentally.
So if you cant make 40x the rent which is already obscene. You need to find someone who makes 80X the rent to guarantee you. Effectively someone who makes $320,000.
Good job New York 👍
I doubt even the top one percent of Americans make that much per year.
95% increase in rent is criminal
I had this problem. I’m a college student that was paying $2600 with a roommate on the LES and they increased it to $4200, which was insane
Whoa... how on earth are you paying all of that??
@@snailnoodle rich parents
@@thesuavewolf5605 so original comment needs to change it to “my parents pay” 😂
Crazy!!!!
Thats way too much. 😢
Cities don’t just magically run themselves. They still need service workers, whom often aren’t paid nowhere near the asking rates of apartments, or even flatshares. Something will have to give sooner or later.
You just end up like Rio, with illegal slums run by gangs that shoot at the government if they try to destroy their homes.
That’s what I’m saying it’s going to collapse it has too
My first assumption is that more and more people who do those jobs have multiple (part-time) jobs, live in motels, on campgrounds etc.
I’m surprised you caught that lol this is a balloon waiting to pop.
the service workers are absolutely atrocious, they don't deserve more than they are getting. prices for food and all that is already way too much.
Wow the disparity between US and UK pay is crazy, I think 35-40K would be considered pretty good in the UK but it seems like it would be pennies in the US.
if u look at average earning per person us is sitting at 69k, and this is the location where most finance professional work/live similar to london in uk. the person in this video is probably work in a special field. I have friend who works in new york who makes 250k + a year, its not place for average joe to make a living unless u plan to spend 2 hours everyday on commuting.
You have a lot of knowledge about communities around America. Impressive!
“my rent went up and now i have to dig into my savings.”
“my rent went up and now i have to move to london.”
who can relate to this?💀
My rent went up and now I'm sleeping in my vehicle seems more palpable.
🙋🏽♀️ I moved to Bogota’ 🇨🇴. Doorman building with rooftop deck and gym. $300 a month
The only relatable history was the woman in the 40's with no kids.
The life style of the other ladies is literally out of reach to the average New Yorker who probably make their coffee and life in the Bronx 1 hour away from the coffee shop where they work.
Rent went up and I went homeless
Yeah sure. I have to move to Monaco right now because times are tough. But only until the Bronx becomes more affordable...
As a NATIVE NEW YORKER, from queens NY, I Can vouch for this. This is depressing and it’s ruining the authenticity of this city. On top of these rent hikes, we also pay city , local , state and federal taxes on top of Medicare, SS, etc. I literally have 48% of my check taxed every 2 weeks. As much as I don’t want to, it’s time to go.
Orlando Fl we Welcome u ‼️❤️since a lot of y’all come here anyways
So glad my employer pays my rent
@@ketsiadutervil8846 Lmao id rather live in the subway then move to Florida , I’m good
@@PLSZNOPHOTOS This is certainly a bizarre rebuttal on some helpful advice. Anyways, if you stay in NYC long enough, the subway may be all you can afford.
@@ketsiadutervil8846 florida is expensive
In Silicon Valley will easily find 10% annual rent increase and a requirement for an additional security deposit
Yet here I am in Paraguay, paying less than 300 USD/month for a full house with big backyard, 2 beds and 1 bathroom
I even have a high-end PC, PS5, 2 OLED 65', 2 cars... all that with a yearly income of just 60k USD, crazy isnt it? Am I living the american dream? maybe I am since Im still in America (Continent LOL)
With 60K a year, you're not only in the top 1% of Paraguay, but more like 0.1%. You're super rich in Paraguay with that salary, so I'm sure you'll be having a great life over there.
Sounds like a very high salary for Paraguay. Prob an American working remotely while living abroad.
It’s not just NYC it’s EVERYWHERE.
It really is
No it is not.
@thomasvilhar7529 what major city isn't going through this?
It's NYC and San Francisco and hardly anywhere else.
@@rigobryant8050no it’s not. I live in Oklahoma and you can get townhome for 2300 a month for a three bedroom. For a 1 bed you can get 500 to 600 a month. I notice the crazy rents in New York and California which are hella heavy blue states.
My landlord tried to raise my rent over 10% to $3500 with less than 60 days on my lease. He already raised it 40% last time when my rent went from $2200 to $3100. I told him the law says you need to give me at least 60 days notice to raise my rent over 5% or not renew my lease. Still waiting to hear back. I'm sure he's just trying to figure out how to kick me out right now.
Good luck buddy
let me guess, you signed a lease with 2 free months that plainly stated rent: 2800, effective rent: 2200 and are now surprised you dont get free months every year
That is quite sad
To my knowledge NY gives renters alot of protection, more than the landlords so legally I don't think he can just kick you out. Especially if you have proof that he didnt give you enough of a notice.
that’s a month and a half for me
This is madness...I'm studying 8 hours a day to get a job in the tech market. If I earn 200 dollars a week I can live like a king.
These people are willing to pay 4.8k a month of rent.
This is madness.
At this point they could just move to another country with some economies they have stored, and do some physical labour work side hustle while retired and have some quality of live....people don't think anymore? It's insanity...paying 4.8k while not earning 160k a year is completely insane....wtf...
If you live in a shelter or your car for 5 years you can come to Brazil, buy a nice house, and retire for the rest of your life in a nice neighborhood in a coastal city with that money...
And I bet there's much better country's too...East Asia, etc...
Guess it's easier said than done, but... it's still surreal for me.
Have you considered that people might have a family and community that they don't want to move 14hrs away from? Or that people might not want to work in the tech field?
Industries such as law and banking are very centred around New York and other expensive global hubs. Why would you necessarily want to leave that behind to live in the middle of nowhere?
Say you lose your job, and then what? You have to try getting a job in a country where you aren't used to the working culture even if you know the language.
I live in Turkey, and we also have the same situation here. The rent is becoming insanely expensive, I have to move from my house next month because the landlord wants to rent it o someone else at a higher price. It looks like a worldwide crisis and I truly hope that this situation will change at some point.
That’s interesting bc a lot of Americans are running to foreign countries to escape our housing crisis, there seems to be an assumption that other countries aren’t experiencing the same thing
@@MiVidaBellisima I live in Aussie and it’s pretty bad here……
@@MiVidaBellisima In Ecuador, we have a city on the southern region of the country and there are so many US pensioners who moved there due to affordability and now the city is amongst the most expensive in the country. Renting in the center or near the university is way too expensive, making it way harder for students and locals to move in those areas
@@MiVidaBellisima THEY ARE NOT! And if they are I assure that its not LIKE NEW YORK. This person is talking out of their..... Turkey may be going up but its NOT EVEN IN THE SAME SENTENCE AS NEW YORK. I live in Thailand and I pay $518 a month AND THAT EXPENSIVE to most here but I live in a very nice area in Bangkok. A friend of mine who left Cali is living in Chiang Mai in a high rise luxury apartment and is paying $300. But we both learned early that THE INTERNET IS YOUR FRIEND.
Hopefully the inflation goes down in Turkey. That is unbearable. I gues, that is the reason, why your landlord needs to rent out for more money. Greetings from Northgermany.
I'm a ballet dancer and I always dreamed of moving to NYC bc it's a mecca for my industry. I gave up that dream as soon as I saw the housing prices. I hope people realize that along with lower income renters being chased out, the artists of the city are also leaving. I had at least 3 freelancing friends who have had to leave the city in the last few years.
do you understand mecca
@@quantumquestions5849 historically? Yes. Trying to use it a bit more colloquially here though. Not a perfect analogy
Don’t give up! There are a few landlords that are still good, the only thing is you might have like 3 or 4 roommates
yes when the rents go up up up it drives out the artists and intellectuals, first to the outskirts, and then completely out of the area.
So being a freelance dancer isn't paying off. Who would have thought?
To all my East coast folks !!! Please look at places like Kansas (Topeka or Wichita) , Minnesota ( Duluth or Brooklyn Park) , Missouri ( Arnold, Missouri or University City Missouri) or South Dakota ( Rapid City, South Dakota or Sioux Falls, South Dakota) should be the places you should be willing to move to to cut down on rent. Affordable housing to buy or rent in these places are amazing. I made the move so can you !!!!
Until everybody starts moving there and look at those rent prices go uuuuuuppp.
I wouldn't even begin to know what to do in Kansas or South Dakota though.
What nobody seems to talk about is the fact that rents increase with inflation, but the mortgages on those rental properties remain the same. The solution is to limit the amount you can charge for rent based on the amount you pay for mortgage with minor inflation adjustments. Raising the rent by 700$ on a 2200 apartment is not inflation and that mortgage is the same it could have been 15 years ago...
I hope this will cause more people to move and stand up for themselves. There is no way that 2100 is ok to go up randomly. NYC has always been overpriced but my goodness people can't be this docile to accept this terrible treatment
That's the part you are missing. When low income people move out, high income people move in. It's that simple.
@@guitaro5000 who's scrubbing the toilets and cashiering at retail stores? Or are those people renting out closets in other people's apartments? Is that the solution?
@@sunkintree those people can live in New Jersey.
@@guitaro5000 you think people want to commute an hour to New York just to clean toilets there? You know New Jersey has toilets to clean too, right?
@@guitaro5000 New Jersey is pretty expensive to live in, especially Rutherford
Watching this makes me want to write a Thank You letter to my property manager for not raising my rent. Been paying the same $1400 since 2019 in Chicago. NYC is wild for pricing their citizens out like that.
I sold my condo in Chicago during the pandemic, rented in the West Loop for a year, paying $2200 for a studio. And it’s not NYC. It was not worth the price or stress for paying that much money. So glad to be out of there. Looking for the best city in the world to live next.
Chicago is way better than NYC. I think a lot of people don't realize that Chicago is basically a cleaner, more affordable NYC.
@@nihaokellar180 Chicago is still pretty expensive
I live in Chicago too. Mines $1327, Gold Coast area. Been in Chicago 10’years this fall. And 3 years in this area. I’ve met a few ppl from NYC that have moved here and they love it. I’m a Chicagoan. If Chicago wasn’t a thing I think I’d be in NYC. My rent hasn’t went up either where I live and I recently moved in the same neighborhood here just for better building management and my rent is still manageable.
@@Lulu-xf8iy I’ve been in studios in Chicago for the last maybe 5ish years and never paid over $2000. I’ve seen some nice stuff for $1800 you were ripping yourself off in this city.
We pay $5000 a month for a subsidized 2BR apartment in NYC (subsidized by employer). In this area, market rate is $7000+
Even on a household income of $500k, we feel we are struggling. Childcare and food are a fortune here. Daycare for our toddler is $3500 and groceries costs 2-3x as much as in other parts of the country. Taxes are also among the highest in the country. Don’t know how people can raise a family here - and have any semblance of a quality of life - on a household income under $200,000.
Born and raised in FL and I had plans of moving back and buying a house. Won't happen anytime soon because the home prices are through the roof and property insurance has increased by the thousands. Property owners and management companies are raking in big profits from simple greed. Nothing about the economy has caused home prices to explode like this.
I love my money way more than I love any city that is literally robbing you through rent increases. The greed is disgusting 😒.
It's not greed when the building is 75M dollars
@@vanderumd11 It's greed. Why anyone lives there under those circumstances is beyond me. Those prices are for multi-million dollar earners who can afford it...not regular working people. It's ridiculous 😒.
@@howwelearngrowdaily right. So live within your means. It's so simple. If a company wants to charge market rate for a product you have an option to buy
@@vanderumd11 I've never had an issue with living within my means which is why I will never live in NY....it's way too expensive.
@@howwelearngrowdaily EXACTLY. We have gotten to a delusional spoiled society of self described "success" stories. These people never worked hard to achieve and live completely stupid lifestyles and people like you make excuses. We both know that paying to live next to millionaires is a privilege, not a right. If someone wanted to live in my neighborhood they would be paying $5k like the rest of us OR they would need to live somewhere else
This is happening in Florida too. Everyone decided to move here all at once. Now rent has doubled in my area. And my parents home doubled in value, which has really messed up our property taxes.
yes!!! my family is complaining about it now.
Oh man FL has gotten so expensive! It is absolutely ridiculous. The condos I live in were once $1200 a month. It now cost $2800 -$3200 a month to live here. I hate it!
People are tired of dealing with cold weather and snow!
@@crystalclear9747 With the amount of people escaping Democrat run states for Florida, I'm not surprised !!
It such a short sighted move, Florida will get much worse in the coming years.
Because the city won't allow the supply of housing to keep up with the demand, they need to just allow builders to build