“Even high-earning tech workers can’t afford most NYC apartments”
Unless they or a family member already are renting a rent-controlled or rent-stabilized apartment.
The high rents are mostly a factor (1) new residents or (2) residents of apartments never placed in rent-control or rent-stabilized standing. And the market rates are as high as they are, in part, because half of all units in NYC are NOT allowed to go to market rate but held under rent control or rent stabilized rules. Those rules shrink the supply of units available to newcomers who must contend with market rates. In sum, the “market” is rigged in favor of incumbent renters who managed to get in under rent control or rent stabilization, and those folks don’t move at all unless or until they are leaving NYC altogether. I have known very few NYC residents who have ever changed their NYC residence. The rigged market keeps them hanging on to what they got.
I have family who have a NYC apartment, under rent-stablization. They are still paying under $2,000 for large 2 bedroom apartment that a newcomer will have to pay $5,000+ for.
“I have family who have a NYC apartment, under rent-stablization. They are still paying under $2,000 for large 2 bedroom apartment that a newcomer will have to pay $5,000+ for.”
I grew up in upstate New York.
I think I only applied for one NYC job in my life. The $3,000 gap is one that employers and workers don’t want to pay.