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Thread: How Rent Spikes Are Creating Fine Dining ‘Deserts’ In New York City

  1. #61
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    Quote Originally Posted by Panzareta View Post
    Put down the bottle.


    And here I thought he'd been smoking something.

  2. #62
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    Quote Originally Posted by Kallie Knoetze View Post
    bajisima,

    Vancouver had that problem, i.e., housing prices soaring because of foreign investment, and the government of British Columbia came up with a solution of a foreign investor's tax of 15%. Prices leveled off and homes became affordable again.

    https://www.bloomberg.com/news/artic...w-property-tax
    Lucky socialist Canadians.

    We can't do that in that US - free market, you know.

  3. #63
    Established Member NeoVsMatrix's Avatar
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    Quote Originally Posted by Neomalthusian View Post
    This us versus them rhetoric is not even connected to the topic. It's Silicon Valley, even employees are the ones willing to pay triple what your friend was paying. Some markets become more expensive because of much higher demand. There is nothing coherent about the notion that your friend should have some special privilege to pay 1/3 of what the market bears.



    Human beings other than your friend are desperate for housing in that area and are willing to pay triple what your friend was paying. Other people lined up searching desperately for housing are also human beings. People who own property are also human beings, and they are surrounded by other human beings were willing to pay them a great deal to use the asset that they own. For people like your friend to be entitled to permanent renter status at suppressed prices would constrain supply for other people that are desperately searching for housing and willing to pay triple what your friend paid. So you are just playing arbitrary favorites without any regard for the inevitability of supply and demand.

    This is the absolute basics of supply and demand. It will never make the least bit of sense the way your us versus them mantra thinks special privileges are owed to certain people whereas other people are somehow evil or not human just because their willingness to pay more for something drives up its price.

    If I don't make enough money to afford housing in Silicon Valley, I don't live in Silicon Valley. If I don't make enough money to live in Manhattan, I don't live in Manhattan. If I don't make enough money to live in Geneva Switzerland, I don't live in Geneva Switzerland. If your friend doesn't make enough money to afford housing in Silicon Valley, your friend doesn't live in Silicon Valley.

    What happened to your friend was 100% fair.
    Good luck maintaining those triple increases in property value without low and middle income folks providing all the essential services for those areas ( Hotel, Restaurants, valet parking, spa staff, fitness staff, food delivery, uber / cabs, etc.)

    If they all move away (while they potentially moved THERE because of the job opportunity), because they can't afford to live there from the money they make there.. your service industry dies out, and the property value goes down.

    Silicon Valley , Manhattan etc. require a MIX of high paying jobs and service, low income jobs, in order to provide the potential for the area as a whole. Your "millionaires only" enclaves are an utopia.

  4. #64
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    Quote Originally Posted by labrea View Post
    It isn't just that they are willing to pay those prices
    Yes it is. It is just that. Supply and demand. Where demand is high, price rises. Prices can't get that high unless people are able and wiling to pay them.

    but also that rising income inequality makes it possible for them to price others out of their homes.
    Vague complaints about "income inequality" don't have any bearing on the fact that demand is high in some places. There is huge income inequality between Silicon Valley and the entire southeast quarter of of the country. Why don't people in suburban and rural Oklahoma benefit from those high paying Silicon Valley jobs?! Gosh darnit! *shakes fist at the sky

    Well, she did make enough money to live in Silicon Valley. Now she's 70, legally blind with planter fasciitis.
    Then why were you complaining about income inequality when she doesn't even have income? If she isn't tied to Silicon Valley for her job, the good thing is she is free to move to any other market where she can afford housing. What is it exactly that you think entitles her to pay one-third what the market bears?

    Her neighbor, who works in Silicon Valley, had to go all the way to Sacramento to find a place he could afford.
    Ok.

    Of course, he hasn't been able to find a job is Sacramento, so he's commuting.
    Ok.

    I'm sure you're much to clever to ever be old, sick, with limited resources to be kicked to the curb.
    I won't live where I can't afford housing. Know why? Because I can't afford the housing. So I don't live there. Because I can't afford it. I will live where I can afford housing. There is nothing sane or rational about whining that some housing markets become really expensive. So what? Other markets don't.

    3 bed, 3 bath in Silicon Valley, $1.39 million:
    https://www.zillow.com/homes/for_sal...16_rect/10_zm/

    3 bed, 3 bath near where I grew up, $175,000
    https://www.trulia.com/property/3271...slett-MI-48840

  5. #65
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    Quote Originally Posted by labrea View Post
    Lucky socialist Canadians.

    We can't do that in that US - free market, you know.
    Ms. Labrea,

    More like there are too many rich liberals making a killing off the real estate market that they would never kill something that would deprive them of their limousines.

  6. #66
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    Quote Originally Posted by Neomalthusian View Post
    Yes it is. It is just that. Supply and demand. Where demand is high, price rises. Prices can't get that high unless people are able and wiling to pay them.
    Two significant issues missed with this comment. First, in terms of the supply and demand, we are necessarily referring to economic rents (and therefore economic inefficiency). Second, we also know that supply and demand isn't enough to understanding housing markets. Inefficiencies are further exaggerated through aspects such as housing price bubbles
    Thanks from labrea

  7. #67
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    Quote Originally Posted by NeoVsMatrix View Post
    Good luck maintaining those triple increases in property value without low and middle income folks providing all the essential services for those areas
    Why are you sarcastically wishing me (or Silicon Valley) luck? I don't maintain the housing prices there, and neither does some conscious Silicon Valley housing price setter. People with money want housing there, and these people are willing to pay that much money for housing, apparently, because they're paying it. If they aren't willing or able to pay it, they won't, and prices will come down.

    If they all move away (while they potentially moved THERE because of the job opportunity), because they can't afford to live there from the money they make there.. your service industry dies out, and the property value goes down.
    Ok.

    Silicon Valley , Manhattan etc. require a MIX of high paying jobs and service, low income jobs, in order to provide the potential for the area as a whole.
    Then they'll provide it.

    Your "millionaires only" enclaves are an utopia.
    What are you talking about? Are you ok? You sound kind of not coherent.

    Quote Originally Posted by Æthelfrith View Post
    Two significant issues missed with this comment. First, in terms of the supply and demand, we are necessarily referring to economic rents (and therefore economic inefficiency). Second, we also know that supply and demand isn't enough to understanding housing markets. Inefficiencies are further exaggerated through aspects such as housing price bubbles
    Cool, more babble. The prior comment was whining that an unemployed senior citizen ceased being able to afford rent in Silicon Valley. Do you protest this and demand something be done to magically enable her to afford housing in one of the nation's most expensive real estate markets?

  8. #68
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    Quote Originally Posted by Neomalthusian View Post
    Cool, more babble. The prior comment was whining that an unemployed senior citizen ceased being able to afford rent in Silicon Valley. Do you protest this and demand something be done to magically enable her to afford housing in one of the nation's most expensive real estate markets?
    Merely helping you appreciate the consequences of your use of 'supply and demand'. You have to then refer to rent seeking behaviour. Good luck with it!
    Thanks from labrea

  9. #69
    Junior Member Two If By Tea's Avatar
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    Quote Originally Posted by webrockk View Post
    $50 per commercial square foot in '95 in a depressed area....if the guy is going broke it must be much more than that now.

    it's between $2.50 and $8 here.

    Yeah but thats NYC...even in the worst parts of Bronx or even Bed Sty in Brooklyn ya looking at 12/15 hundred for an apartment...

    In Manhattan make that 2 Grand for craphole and atleast 3 grand a month where ya might feel safe walking around at night....

    Same thing in California too @webrockk back in like 1992 a decent one bedroom although decent neighborhood cost $700.

    Back then in Chicago or Milwaukee ya could rent that same place for $350/400 per month in a simialar neighborhood

  10. #70
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    Quote Originally Posted by Two If By Tea View Post
    Yeah but thats NYC...even in the worst parts of Bronx or even Bed Sty in Brooklyn ya looking at 12/15 hundred for an apartment...

    In Manhattan make that 2 Grand for craphole and atleast 3 grand a month where ya might feel safe walking around at night....

    Same thing in California too @webrockk back in like 1992 a decent one bedroom although decent neighborhood cost $700.

    Back then in Chicago or Milwaukee ya could rent that same place for $350/400 per month in a simialar neighborhood
    That is why you have a living wage in NY of 69,000 vs 26,000 in Atlanta.. Taxes, and other business costs. Rent control plays a factor in new rental costs.

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