Stuck in the Middle
An article in this week’s Crain’s looks at how real estate prices and taxes are making the city increasingly unaffordable for the middle class. The rising cost of housing, in particular, has meant that families making between $80,000 and $150,000 a year are finding it more difficult than ever to make ends meet. Higher real…
An article in this week’s Crain’s looks at how real estate prices and taxes are making the city increasingly unaffordable for the middle class. The rising cost of housing, in particular, has meant that families making between $80,000 and $150,000 a year are finding it more difficult than ever to make ends meet. Higher real estate costs in Brooklyn, for example, have put the borough out of reach for many middle-income earners. A person profiled in the article who makes $60,000 a year looked all over Brooklyn before deciding to rent in Astoria. “Five years ago, [landlords] in Park Slope would have come to you,” he says. Interestingly, the story also notes that the city’s recent prosperity has contributed to a widespread sense of entitlement, thus making people believe that their incomes should stretch farther. “People used to squeeze kids into one bedroom; now everybody thinks every kid should get his own bedroom,” says Nicole Gelinas, a fellow at the Manhattan Institute.
Unaffordable NY: Tough Choices at $150,000 [Crain’s]
Photo by ultraclay!
11:06 – The hyper liberal “Entitlement” crowd in this city is a far more ominous sign of a society in decline. Why do you think so many immigrants come here and are so successful owning their own business and quickly accumulating wealth. It is becuase they come here with nothing and thrive in an opportunity to work hard, be diligent, take risks, and succeed.
They do not feel they are entitled to anything and earn everything they get.
What have you done to earn all of the things you bemoan? Your sense of entitlement keeps you from achieving success and holds you back – creating a strain on society to answer your calls for equality and fairness. Why should we, the hardworking and successful risk takers make sure you share in our fortunes when you have done nothing to further your own finaincial position?
Yes you have the right to be here, but you are not entitled to it. That, you have earn.
The reality at least for the more desirable parts of Brooklyn is that for those residents who could afford to buy 15-10 years ago AND DID on a “middle class income” are finding out that everything is starting to grow beyond their reach. Pre K child care alone for working families can be as much as their monthly mortgage payments. I know many working people who own two familiy homes who could not even afford to rent their own market rate apartments anymore.
10:54 Here – Lived in BK all of my life, went to colelge for something useful, work hard and make decent money. My right to tell people to move if they cant afford it is my right as an American. What right to you have to dictate what is affordable or not? What right do you have to expect that living in NYC should be affordable for all who choose to live here?
Thats right, you can choose to live anywhere in the country you want. I would like to live in Orange County, California – But I dont. Why? Because I cant afford it on my salary…I could also go to Mississippi and live like a Saudi Prince, but I dont want to live there either. So here I am, Middle class in NYC. I can afford it, but with some sacrifices and discomfort. When I beocme truly upper-class (Over 500K) maybe I will decide to move to Manahattan or Greenwich, but it is still my choice which is limited to what I can afford. I dont expect that I am entitled to anything.
10:55 – old argument or not, I was responding to someone who was implicitly advocating an EXPANSION of rent control/stabilization. The current proportion is pretty irrelevant to my general point that, in a city of finite housing stock, taking some of that stock out of the “market” via regulation will increase prices on the stock that remains. You are a fool if you think it will do otherwise.
I’m not so confident as you that rent control/stabilization has NO effect on today’s average prices, though I admit there are more powerful market forces at work here these days. Regardless, the City should be very careful in the future before going forward with any more heavy handed attempts to “help” the middle class find housing. It would be a much bigger help to the middle class (myself included) if they eliminated the City’s absurdly high income tax.
10:51 and 10:54- where do you come from? It is pretty depressing to see people like you taking over this city and telling middle class people that they have no right to live here and no right to even bemoan the fact that they can’t afford to live here. It is completely depressing and awful that the only people who can now afford to live in Manhattan are wall streeters, lawyers and trust funders and it is very depressing that people making 80-150k can barely afford to live in a decent place in brooklyn. It is definitely something to be concerned about. what right do yo have to tell all these people to shut up and move to the suburbs? Some of the most interesting, most “new york-y” people I know have been priced out of brooklyn and I think it sucks – this giant disparity between the super-haves and everyone else is an ominous sign of a society in decline.
Its nothing to do with typing fast, they are not typos. You can’t get basic subject-verb agreement. Get back to 3rd grade and brush up.
Well.. maybe you can help me. Let’s set a date.
The What
Someday this war is gonna end…..
“Wrong again – They are entitled to NOTHING. They can live the American dream somewhere else. Who says they should be living in an $800,000 home in Brooklyn? So sad people, get over it. If you can afford it – great, if not, whinning about it will not change the reality that more desireable places do not automatically warrant an affordable place for you to exist in it.:
Yo asshole, unaffordable places was affordable before this fucking Mutant Real Estate Bubble!!!!!!!!!!!!! Now you have Assholes like yourself saying “great, if not, whinning about it will not change the reality that more desireable places do not automatically warrant an affordable place for you to exist in it”.
I hope it’s you getting skullfucked when the crash happens. You fucktards will find out about ‘Unaffordable Neighborhoods’. Clinton Hill, Bed Stuy and Crown Heights will be affordable again, after the crash. Punk Assed Keyboard Warriors!!!!!!
The What
Someday this war is gonna end….
Its nothing to do with typing fast, they are not typos. You can’t get basic subject-verb agreement. Get back to 3rd grade and brush up.
10:24 – oh please. Are you really trotting that old argument out when the proportion of rent controlled and stabilized apts is now so small as to be insignificant? In the buildings themselves it will jack up rents (I have a friend paying $1200 for a three bedroom on CPW, same apt next door is going for $10,000) but to say that it still effects overall rents in the city is ridiculous. High rents in this city right now come from the high price of land and fat mortgages.