New York City is the last place in America I would ever want to live.
But, if the market is such that so many people do want to live there, especially in Manhattan, then the market will set the price of housing there.
New York went through a long stretch when many apartment buildings were abandoned, due to rent control. Landlords couldn’t charge enough rent to cover their own costs, so they abandoned the properties.
Is rent control still in effect there? If so, I’m sure that housing prices are even higher than they would be otherwise, if they have “grandfathered in” some people at lower rents.
De Blasio may be a communist at heart, but, in our system, he can’t repeal the economic laws of supply and demand. And those with money who want to live in Manhattan will squeeze out those who can’t compete money-wise.
Or, we may see people try to revitalize slum areas in Brooklyn instead of trying to be in Manhattan. If we can get that idea past Spike Lee............
Well, The Bronx is largely on Manhattan.
thats already been ongoing for years. Brooklyn has far fewer ‘slums’ and more urban preppie areas.
“New York City is the last place in America I would ever want to live.”
I don’t know, so may places that I wouldn’t live in: Chicago, Los Angeles, San Francisco, Berkley, Boston, DC, Memphis, ...
RE: Is rent control still in effect there?
YES.
See here:
http://nypost.com/2014/06/22/nyc-rent-freeze-decision-may-effect-stabilized-apartments/
For me the question is not whether I can afford to live in NYC but how much would someone have to pay me to get me to live there. If they want me to work too the price would be steep indeed. I would much prefer living in a camper trailer on a creek bank in Carolina.