A little context first, those row homes, sometimes called brownstones were single family houses from the beginning. They became apartments when regular folks brought the buildings and converted some units into apartments. People forget that in the past, Americans had large families including the wealthy.
U do realize the average person is stupid. I just bought an old mansion n Bolton Hill, Baltimore. The original owner from 1920 converted the house n2 4 apts. He did a gr8 job. I've been considering returning it back 2 its original state n the next 5 yrs. Renting 2 tenants is cool, but comes with a lot of nonsense no matter how much screening u do. There r a lot of ungrateful & entitled people out here. Some of the large houses were a social thing as well amongst the elite.
I was thinking the same thing. Decades ago the trend was to take a large home and chop it up into smaller apartments. Now it’s going in the other direction.
At one time, families in America built their own homes or paid cash for them. Mortgages appeared in the late 1800s. A homebuyer typically made a 50% down payment, interest payments for 5 years, then a balloon payment for the principle. When the Great Depression hit, lenders severely restricted loans. So, the FHA was created to provide them protection and reduce risk. Downpayments were dropped to 10%-20% and mortgages were stretched to 15 or 30 years to allow the middle class to buy a home. To increase the supply of money later on, Fannie Mae then VA-guaranteed loans then Freddie Mac were created. I think it was the 1970s when a small number started converting houses into apartments. The early 1980s is when home flipping appeared. This was the point when people started viewing homes as investments rather than a place that should be affordable enough for everyone to buy and live in.
wierd ? would you rather one person live in a 1400 sqft 3 bed Luxury apartment Probably A Nepo baby, when that same space can be repurposed to house 3 smaller studio units, that houses 3-6 people
It's not your decision to make. Your bitterness is so evident. When those luxury apartments are being paid for by your taxes and given to "nepo babies" for free, then you can complain.@@danielmankinde1706
If work from home is causing apartments to be expanded and thus reduced, then industrial office buildings should be converted to apartments, at least partially.
That’s exactly what’s been happening. I live in White Plains, New York and during the past couple of years many malls, stores and offices have been demolished and reconstructed into apartments.
And it would seem like the economics should SUPPORT THAT, given that supposedly office real estate is a catastrophe, to hear many REIT commenters on the internet tell it. But hell, if you can't afford crazy high rent in NYC, then MOVE. Improve your life AND your finances.
Acting as if NYC would do something in its citizen's self-interest is like banging your head repeatedly against a steel fence and expecting it to fall down
I just purchased a co-op in Queens and my dad is a contractor so he’s helping me fix it up because it’s in bad shape and took hours to clean. It has a spacious layout for a one bedroom so I would never consider combining it since I could only afford one unit. It’s taking everything I have left over to replace appliances and get plumbing work done, but I’m just so thankful my dad is licensed to do a lot of the work too! I am just trying to contribute to having less shitty apartments in NYC!
I just sold my property in Throggs Neck. We'll miss it but NYC is squeezing the finances out of us. You're going to take on the tax burden that will occur from these horrible policies that the city keeps passing that are not in the public's interest. Good luck to you on your journey.
Many 19th century townhouses were originally single family homes, later chopped up into apartments. Combining apartments is often an act of restoration.
Which I 100 percent support going back to its original form! Its not the owners problem that its raising rents, that is the cities problem, which needs to allow more building of apartments, which is being held back by so many regulations and red tape.
And in the 19th century most New Yorker lived in slums. They called them tenements, but basically 20 people crambed into one tiny 2 bedroom apartment with no windows. I don't think 21st people will put up with that, but they will move out if they can, which hurts the city economically.
Terrific video, Cash.Your channel has gone from not only apartments available, but to news and information that provides a real service. Outstanding work. And I'm already looking forward to our next trip with you to Japan!
Didn’t people drown in their basement apartments in NYC during a recent rainstorm? Those window bars do work at keeping out the criminals but also can act as a barrier for getting out during an emergency ‼️
If they are illegally renting a place, and a place you can't escape in a flood is illegal for habitation, you'd need to increase the police force dramatically to drag them all out and keep them all out. Then what? Homeless on the street where they could die some other way?
The law that cut off the loophole to get apartments out of rent stabilization if an apartment was renovated enough just showed there is no legal band aid for the housing shortage. All it did was create unpredictable knock on effects. Not that the city would ever admit it enough to roll it back.
@@sn5806 Wrong. Real socialists don't think that these people should be allowed to own this property to begin with. They should be stripped of their ownership since it hurts so many people.
Average wage earners or "middle class" are basically low income now. Most of them won't be able to afford a conversation like this. Really unfortunate since it's the middle class who pay for everyone else.
@@jaynycha1705can’t even bother just thinking about it. NYC is out of control, especially with the crime. Almost everyone who lives there acts like NYC isn’t going down the gutter even with demand.
Some people in NYC are using camping trailer sized kitchens....I swear, they build an apartment...realize they forgot a kitchen, and wedge it into a corner or a hallway. You're expected to eat out or order in....not to cook....like, ever.
yeah that kitchen was ridiculous. No way could I chop and prep several ingredients without having an inane headache, sink is too small for cleaning up too
tbf i feel like thats a big reason some people want to live there. kitchen is for when ur snowed in and u can heat up cans of soup and hot pockets lmao.
After NYC allowing buildings to be cut up into smaller and smaller apartments until people are paying highway robbery sums for shoeboxes, it's very nice to see that trend being reversed and smaller apartments being combined to make larger homes.
This is what makes rent 5k tho 😂 u think landlord is looking out for newyorkers? They just turned 2 $2000 apartments into 1 and raised the rent 1k and now deal with less tenants 😂😂😂😂 its the good ole double switcheroo
This video is a gem. For real. There are a number of videos across RUclips that address housing situations in Tokyo, Paris and this one explains all the aspects of real estate market in NY. And you can better understand how complex of an issue this on is. How building age or speed of new developments greatly affects the everyday market capability, that both renters and land lords have. Thank you for this one. It so cool that we are seeing new RUclipsrs how are both creative and insightful, and are able to grasp all this knowledge. Thank you for all your work!
@@cg741graf5 WOW you would have to make 15,000 month just to barely scape by. That's ridiculous...🤬them illegals were given a hotel to stay for free I'm sure they have the places tore up by now. Disgusting...
Manhattan is not the only borough in NYC. I can commute to Manhattan from Brooklyn in less than 20 minutes and my rent is $1300 (stabilized), which is less than some of my friends who live in Nashville pay.
I like the way Cash does a nice interested interview with Alex. He gives him respect and doesn't "hog" the knowledge - most of which he already knows. Cash is a cool guy. Alex is super nice too !! I guess you gotta be rich to live in NY nowadays !! There goes the "dream" !!
Seriously, it's not that small. Most Studios outside of America have a similar size. I lived with kitchens similar in size already as well. Especially the fridge is way bigger than in European or Asian cities.
@@ralfzacherl9942 it is small though. Just because you don't find it small doesn't mean others can't find it small. In the US it might be a solid kitchen just because most of them eat out or have ready-to-eat food in the big fridge, but Europeans and Asians generally like to cook their own food, which is very uncomfortable in a kitchen that small.
@ralfzacherl9942 You have accepted the life of a serf, living in substandard conditions because: "it's not that bad, Europeans do it"- a reason to do the opposite.
Lol NY has conditioned you to think these places aren't little shoe boxes down here in Florida you get twice that space for the price and no state tax and no rats n trash everywhere
@@harrasika No way those micro-kitchens are even close to a decent-sized, workable kitchen for Americans, it’s just that those are in NYC. Many Americans love to do home-cooking, too, btw, lol.
Many of those buildings are being converted BACK to what they were before. They were sub-divided (sometimes illegally). And frankly, some of the apartment loses are due to the fact that landlords lost big time during Covid as well as the pro-renter bias. If it takes you THREE YEARS to evict someone that is a LOT of lost income.
@@romanovich137 So you are equating the "regular working class people" with the professional scammers who live for YEARS without paying a dime in rent by doing this? Wow, you just insulted every WORKING adult who pays their bills. But I guess we found one of the deadbeats. Hello deadbeat.
@@lopoa126 A lot of landlords only have a few houses. Those "risks" can BREAK them. And why should scammers be allowed to do this? When Covid hit there were a lot of people who went "no need to pay" even though they were still working. Oh how the tears FLOWED when the eviction moratorium was lifted.
Sad reality is most NY apartments are overpriced dungeons. That doesn’t deter me from wanting to own a brownstone/townhouse in Brooklyn or Manhattan. It would definitely be a single family home. I’m not into sharing space with strangers.
If a society wants housing to be "affordable" then surely we need to remove from the equation, those landlords/owners/house flippers, who are literally "in it for the money/profit". Let's just say, (thought experiment) Magic Wand waving style, suddenly ALL homes, single family residence on a land plot of its own, apartments in a low rise or a high rise, whatever, having ALL the rental places owned by "not for profit" providers. In some cases yes that might be called Govt Low Income Housing, in some cases it might be owned by a church or other religious, or non religious based charity, or a not-for-profit housing co-operative. Those people that personally owned their own home/house/apartment, could sell it whenever they wanted, but ONLY for the same price they bought it for. (Any increase in price, would be forfeited to the local housing charity or Govt Low Income housing etc). 100 odd years ago, society decided that having heaps of privatised "for profit" fire brigades competing with each other, was a bad idea, and now instead we have one single, not-for-profit Fire Brigade service. They are NOT "in business" to make a profit. Their costs are paid for from city or local taxes, and/or with a portion from Insurance premiums etc. Should Rental housing move in that direction also ?
I used to live in an apartment off the Bowery for three hundred fifty a month maybe I should have stayed I could maybe sublet the back room for twice what I was paying. But then I moved to Paris and I payed about the equivalent for a much nicer place (the building in New York was totally filthy) and I didn't have to worry about being the victim of violent crime or the legal consquences of having to hurt someone who tried to commit a violent crime against me and I couldn't benefit from the baroque tapestry of self destructive behavior alcoiholism, prostitution, heroin addiction violence. If you can work from home then you can live anywhere in the world. Why would you choose NYC? Why not say Barcelona or Vienna or Krakow?
@@eustacemcgoodboy9702 I own a Beautiful Home in the City with Lots of Land,,, Woods,,, Parks,,, Malls,,, Shopping Centers,,, Jobs,,, Airports,,, Arena,,, Restraints,,, Schools and Much more for a heck of a lot less than those Apartment... All of it is Bought and Paid for.. Plus I Have Money,,, and own my own Car which is also Bought and Paid for... I have NO BILLS WHAT SO EVER,,, ZERO,,, NADA,,, and I can Walk my Dogs,,, Blast my Music,,, Have Parties,,, Go Swimming at the Beach,,, All within 5 Minutes from Me.... Does that sound like the Middle of Nowhere to YOU ??? My Bedroom with a Jacuzzis is bigger than Most Apartments in NY... So tell me,,, What does NY offer that I don't already have other than,,, Lots of DEBT,,, CRIME,,, Prostitution,,, Poverty,,, Homelessness and Drugs??? OH,,, did I mention I have Lots of Money to Travel also??? AND the Best thing about it is,,, I Probably make Less money than You... But I can see how living a Life of DEBT and Never owning a thing can be so Appealing...
If a society wants housing to be "affordable" then surely we need to remove from the equation, those landlords/owners/house flippers, who are literally "in it for the money/profit". Let's just say, (thought experiment) Magic Wand waving style, suddenly ALL homes, single family residence on a land plot of its own, apartments in a low rise or a high rise, whatever, having ALL the rental places owned by "not for profit" providers. In some cases yes that might be called Govt Low Income Housing, in some cases it might be owned by a church or other religious, or non religious based charity, or a not-for-profit housing co-operative. Those people that personally owned their own home/house/apartment, could sell it whenever they wanted, but ONLY for the same price they bought it for. (Any increase in price, would be forfeited to the local housing charity or Govt Low Income housing etc). 100 odd years ago, society decided that having heaps of privatised "for profit" fire brigades competing with each other, was a bad idea, and now instead we have one single, not-for-profit Fire Brigade service. They are NOT "in business" to make a profit. Their costs are paid for from city or local taxes, and/or with a portion from Insurance premiums etc. Should Rental housing move in that direction also ?
@@eustacemcgoodboy9702 Probably because that house and property would cost about $1 million, give or take $500 grand? I mean, sure a smaller one if it's cheaper... Yeah. The last 30 years for housing prices haven't been great for the buyer without a house has it? (I know renting isn't ANY better. I remember about my parents complaining about (and promptly moving to a new place) after they found out that the apartments rent (2 bad 2 bath) was going up to around $800 to $900! This was about a decade and a half ago, maybe a little less....)
If a society wants housing to be "affordable" then surely we need to remove from the equation, those landlords/owners/house flippers, who are literally "in it for the money/profit". Let's just say, (thought experiment) Magic Wand waving style, suddenly ALL homes, single family residence on a land plot of its own, apartments in a low rise or a high rise, whatever, having ALL the rental places owned by "not for profit" providers. In some cases yes that might be called Govt Low Income Housing, in some cases it might be owned by a church or other religious, or non religious based charity, or a not-for-profit housing co-operative. Those people that personally owned their own home/house/apartment, could sell it whenever they wanted, but ONLY for the same price they bought it for. (Any increase in price, would be forfeited to the local housing charity or Govt Low Income housing etc). 100 odd years ago, society decided that having heaps of privatised "for profit" fire brigades competing with each other, was a bad idea, and now instead we have one single, not-for-profit Fire Brigade service. They are NOT "in business" to make a profit. Their costs are paid for from city or local taxes, and/or with a portion from Insurance premiums etc. Should Rental housing move in that direction also ?
I think the fact that so many people are moving out of NYC and other large cities, that’s a reason so many apartments are available. In addition, most of these “apartments “ shown were once single family homes from the 19th century. I had two friends whose families each owned a brownstone in Brooklyn. That’s how they were originally meant to be. They were purchased for several thousand dollars back in the 1960s.
That's... Frankly insane to think about. I know that $10,000 from 1960 comes out to around $100,000 to $104,000, but wow. I wish I could get a house for that now adays.
I pay $1,000 a month here in Bethlehem Pennsylvania for a studio efficiency apartment it is actually like 938 a month and my electric is included I have really great landlords and it we may be outgrowing it because you know we've been here for years and we've accumulated quite a bit of stuff but mind you I came from homeless with just the clothes on my back to an apartment with a brand new twin size mattress a futon and like a set of mirrors which I still have the mirrors that's all I have left in my apartment from when I first moved in but like I have a queen size bed in here a little kitchenette my studio or my efficiency apartment is probably what they would pay probably $2,000 a month for if not more because I actually have a bathroom in my place I don't have to share it with the entire apartment floor which is absolutely disgusting like I couldn't even imagine that is so gross could you imagine having to share a bathroom in a building in New York or anywhere during covid oh no oh hell naahhh' oh my God I love my apartment my landlords my neighbors when you have something good be grateful for it don't be greedy don't be gluttonous,BE HUMBLY GRATEFUL
This happens all over the world. Here in the netherlands you have to pay like 25K for subtracting a housing unit from the market. However, the fine for not doing so is 30K so most people keep it on the down low and inspection isn't really a thing anyways. I've done some of these jobs myself.
@@jennifermarlow. The Netherlands has been all bark and no bite for a while now. We pretend we've got it all sorted out but the scandals upon scandals weve had internally have left swaths of the population and public trust in shambles. We do have a bit of a farming problem though, as we don't have anywhere near the space as you do in Canada. We export like 75% of our meat produce abroad and it's honestly badly degrading our environment in some areas. We are the global kingpins of intensive agriculture but in some areas we've gone a little overboard.
... and were held up from demo - until the movie was finished filming - and from all that rubble - Lincoln Center arose. Aren't "urban renewal" programs for low income communities grand? They "renewed" the tenants right out of there.
I’m from Queens too. I didn’t understand why everyone wanted to live in NYC until I started watching City Planning youtubers, especially Not Just Bikes. It seems like it’s a combination of Brain Drain and the middle/upper class getting tired of living in the suburbs. People want to live in more walkable cities, and since NYC is the most walkable city in the US, everyone is just moving here instead. Living within walking distance of stores and shopping districts is apparently not the norm in most US cities, and in some ways, suburbia is more isolating than actual more rural areas. It certainly surprised me, to say the least.
I'm a native NYer from Queens. I hated that place my whole life growing up there. That was decades ago. I left when I was 17 and NEVER went back even to visit. Everywhere else in the world is better than Queens. Nasty nasty place. I won't even get into it but in short the pollution, ugliness, bad weather, high costs and enormous social problems are unequaled anywhere else.
What I was always told essentially adds up to some native new yorkers being afraid of change. Not knowing what's out there when everything is in reach in NYC. I was told dozens of times not to leave NYC because I wouldn't be able to get my job or apartment back if things didn't work out. Some things didn't work out, but I had better alternative options here than returning back home
@@cammilunaI was told the same baloney. So much brainwashing that NYC is the center of the universe! I am soo happy I got out asap. NYC is definitely a trap! Most of my friends stayed and endured the horribleness. One committed suicide. Another had her son kill himself. Some did okay but only with their nose constantly at the grindstone. None of them know much about the beautiful world outside of NYC.
People don’t understand how property taxes affect rent. If you remove the corporate speculation/greed of the last few years in rental properties; the number one reason for landlords raising rent is probably property taxes increasing. Urban areas in the mid to late 20th century saw dramatic decline in property value which made rents affordable. Now there are huge increases in property values in urban areas. A place that would have sold for $20,000 in the 90’s where I live is now worth $300-400k. And the property taxes get reevaluated every 2 years. Property taxes are the reason poor people get pushed out of neighborhoods their families have owned property for generations. Property taxes drive rent increases.
Then the people that lived there move to the outter boroughs and they become overpriced and overhyped. It’s a never ending cycle because after the outer boroughs are to overpriced and overhyped, PA and other states better get ready for the influx of New Yorkers 😳
I do not know how I found your channel but I am so glad I did. I do not subscribe to much of anything at all but your investigative journalism was on point so......SUBSCRIBED!
I wish there was a way for landlords and residents (not just the rich ones but a good mix of all renters) as well as companies responsible for providing energy could come together in NY and have a compromise. Prices in NY are extremely overpriced and its just a matter of time before this bubble pops and it'll pop hard
There's no bubble, it's real demand to live in the place in the US with the best amenities and the only place you really don't need a car at all. Unless something makes less people want to live there, or they build more housing, prices will stay high.
@@FriendlyFireYT The only thing that would make less people want to live there is if the rest of NA suddenly stopped building everything around the car. Sadly, I don't see that happening. As much as I hate car-centric infrastructure I don't see America suddenly realizing how much it sucks. Instead of making everywhere a place we want to live, we'll just keep piling into the one place we got kind of right.
@@FriendlyFireYT Bs, half of Billionaire's Row is empty. Apartments are being bought every day with no intention of ever living there or renting out the space. The term "business" is thrown around a lot in this video. If something is more valuable staying empty and not generating revenue, then it's not a business, it's purely an investment. Real estate is so expensive because the people who can afford to buy properties at large scale have so much money that they don't know what to do with it. The demand is not for real estate as a place to live, the demand is for real estate as an investment.
Loved seeing those young New Zealand Cabbage Trees (Cordyline australis, the purple/bronze type) around the 4m55sec mark. A whole line of them in those little window-sill box, flower planters. Might be a bit of a worry, once they grow to become full size shrubs/trees of 5 to 10 metres tall (15 to 30 feet etc).
It's the shared bathrooms that get me. I can live with just a microwave and mini fridge but not without my own bathroom. I'm not sharing a bathroom with a like 20 or 100 people. That's just nasty. In St. Louis (which is overly high on rent too) I pay 1025 a month for a 3 bedroom house with family room and yard and 4 car driveway plus basement. My utilities run about another few hundred a month. My condo was little less but I had a crazy neighbor and had a dog so I moved to the house. If I rented my house it would likely cost me about 1300 a month a little more or less maybe. Still cheaper to buy in my town.
well thats you. people who want to take the sacrifice of cheaper rent will be willing to share bathrooms. the law says max 8 rooms for one bath, @@janish3059
Dont know why ANYONE would want to live in NYC, paying $5,000 a MONTH for an apartment is insane, youd have to make $200,000 a year to even pay that, that eliminates pretty much all blue collar type workers- delivery, factory production, services, restaurant, store workers. I moved out in 1984 after my rent doubled from $331 to $656, and after a move to Brooklyn and paying $550/mo with $100/mo increases each year bringing it to $1050 by the end of the lease made it totally unviable. I was working a full time job @ $5/hour and FOUR part time jobs. I moved to Vermont where I found a place for $100/mo, and 25 years ago I moved to Iowa where I bought my 2 bedroom, full basement 1930 farmhouse on 1/2 acre of rural land by a small town of 1,700 people for $7,900. I owned it outright since, my annual property tax has never been more than $250, one year it went down to $99. I get city water/sewer/trash pickup for an average of $40/mo I'm 1/4 mile from my workplace. There's WAY cheaper places to live and buy houses in than people are! Even to-day, houses here go for the mid 20s and 30s, there's no way I'd pay $500,000 and more for a house in some subburb with 2 houses 10 feet away on both sides!
A lot of people (especially foreigners) still want that NY city experience that they see in so many Hollywood movies. Also, as a Gay man with a few gay friends in NY, the hookup culture is INSANE. I would say Gays make anywhere between 5-10% of NYC’s population precisely for that reason. I assume that other Communities (Dominicans, Jamaicans, Chinese, Puertoricans, etc.) would have a hard time finding similar Communities outside of NYC.
Yeah, it’s borderline a character flaw. My uncle owns a very nice condo in NYC that he bought after 2008 and I cannot believe how small it is for the price. I’ve asked why doesn’t just sell and move to a similar priced mansion with beautiful nature and he says he couldn’t imagine living anywhere else. It truly is a status thing in their minds, like going to the fanciest restaurant yet it serves mediocre food. They’re obsessed with the idea that they’re in the largest city with the “most variety” despite the fact that they only use about 1/100th of the city.
@@laptv2144 I knew a lot of artists years ago. Lived like dogs in the city, instead of the countryside with fresh air, and affordable housing, food, etc.
It wasn't always this bad. 20 years ago, it wasn't impossible to find a 2 bedroom apartment for under $1000 a month even in Manhattan. Thirty and you could get one for less than $500. Since then, the price of a house jumped 5-6 times in value. A single family townhouse with no garage can run for over 1 million now.
@@strange-universe the countryside doesn't have the same type of community and networking as the city for an artist, you gotta be chronically online to get anything similar
Ummmm... no, they are not disappearing. Also Cash should do another video on rents being affordable for a lot of NY'ers. The ones with low rent-stabilized, rent-controlled, Section 8, NYCHA Public Housing, or Mitchell-Lama rents. Those programs are over 50% of NYC rentals, all lower than market rate.
you watch this channel and you'd think NYC's working poor all live in $3500 a month studios. Meanwhile, dumb fux who've never step FOOT in NYC are screaming how we should all move. jeesiz christ.
Rent control and rent stabilization laws are often seen as benefitting renters at the expense of landlords, and they do. But it also comes at the expense of people who are looking for an apartment to rent. Any economist should be able to tell you that price controls for a product that are set below the market price for that product invariably lead to less of that product and/or inferior versions of them. So, it is not a surprise that NYC has lost 100,000 apartments. Landlords will do whatever they can to remove their buildings from rent stabilization laws, whether that be through legal loopholes, converting the building to a co-op, or burning it down for insurance. That last option was very popular in the Bronx when I was a kid in the 1970s. Even if the apartments remain as rental units, landlords will spend less on building maintenance and upkeep. In other words, less apartments to rent, and many of those that can be rented are inferior. The rent control board in NYC does a better job of giving landlords rental increases that allow them to maintain their buildings. Lessons were learned from all those torched buildings in the 1970s. But the board is appointed by politicians, and there are a lot more renters than landlords. The solution is to phase out rent control/stabilization by removing apartments from it when they become vacant. That will prevent people from being forced out of their homes because of massive rent increases, but the transition would be painful as it became harder to find inexpensive apartments to rent. But in the long term, a market system would do a better job of matching supply and demand.
I have the exact opposite of this problem. I am a landlord in an area by a lake, where it is mostly expensive fancy houses. A good 2 bed/1 bath house goes incredibly fast, if you need that, there is no selection. Otherwise, you gotta pay 4x the rent just a few hundred yards away. Going to be building a small new 2 bed house soon, there has not been a house this size built in the area in a very long time. Edited: I should really point out that rent for a large fancy house on the lake with a private dock is about $3500-$4500. THE ENTIRE HOUSE!
And just think if they converted all the shiity apartments into single family homes those homes wouldnt be expensive. And the apartments would fall down to market rate. Lower prices more single family homes.
Wasnt sure what i would see clicking on the video. But a balanced, grounded and informative view on the many factors effecting the NYC housing market is what i saw. Subscription earned sir, keep up the good work.
It honestly seems like there are too many people who don't have any reason to be in New York City. There are no benefits to being there at all. Like why would you struggle to get by in a place just to be miserable.
Right? I just don't understand the appeal. He mentions working from home as a factor in these renovations. You know what else you can do when you work from home? You can make an NYC salary while living in a cheap southern or mid-western state, in a big, nice house, with land, and a good chunk of money left over at the end of the month.
@@kellimshaver I don't understand why anyone wants to live in the south? I spent many years living in a few of those states and I found it depressing and many of them are backwards and racist. I will take Brooklyn over any city in the south or mid west.
The way to get more apartments. Also, on the market is to allow a landlord to evict non-tenants. When you have to literally go through hell spend a shit load of money just to get somebody evicted and hasn’t paid for a year two years it’s not worth renting the apartments.
I owned a double brownstone in NYC, I sold three years ago, it had 5 apartments, he turned it into a one family, good for him. NYC will be comprised of rich and poor, no middle class.
Denver, CO is becoming “New York like.” Rent is outlandish! Live in 515 sq ft. Rent now is $1650. New lease is expected anytime soon. I am expected to bring in another $69-100 more per month once the new lease renews. Stablized housing does NOT exist in CO.
You won’t find land out west. About 50% of the land in the western United States is owned by the federal government. A state like Colorado with land owned by the government and its natural landscape alone is enough for real estate to start building upwards with tiny apartments, rather than outwards with single-family homes. You’ll find more land and bigger homes in the Midwest or South.
@@C1K450 You nailed it! Lived in Dallas in the past. Humidity, summer, bugs, roaches, and mosquitos will kill ya. Been there done that. Your insight is appreciated. Thank you
@@jimgravesus Hello not complaining, I make it work. Thank you kindly for your words. ABQ would be the only place I would consider on your list. The others on your list. HELL NO
I grew up & lived in Queens for 45 years Most people forget, in the 70’s & 80’s EVERY apartment that could went condo Most of the apartments you see know are Sublets from someone else condo
Maybe the solution is to just add more supply? Change the air rights and let some buildings be replaced by higher density towers that have thousands of units in them? If you add enough supply, rents come down. Right now the rezoning and air rights system is pretty onerous and expensive, so only wealthy conversions and construction are done. Pure luxury units. That could change with a little government assistance.
@@brandonozoria4371 Certain industries, or certain locations? New York is a little bit special in that it has very little land, and rich people borrow against their assets there to prop up their empires. I have seen places where an industry relocates, and rent will drop 30-40% in that area. Or towns that successfully build enough homes and apartments - suddenly rent won't be $2000/mo, but rather $1500 for about 5-8 years. (Usually when this happens, construction falls off and eventually supply/demand corrects the opposite direction.) Alberta, Canada managed to get home prices and rent levels to fall from 2014 to 2020. It's only the COVID boom that sent homes right back up - although only to half the prices of other provinces. Just takes some effort to build enough. Maybe the main problem with New York is that if rent did fall, people would flock there to live in 200sqft units and push the rent back up? Too much romanticization? People need to learn about and experience the hundreds of other great cities around North America.
Rents are out of control! It's insane the prices of these rentals. Somethings got to give. How greedy landlords are these days. They are part of the problem.
I don’t care about what has been happening in recent years in nyc…we are watching this happen in real time, a lot of people, middle and upper class have been and are currently fleeing in droves…and who is flooding back in? Hint hint…It’s not us citizens.
So how are these illegals expected to get jobs and pay these exorbitant rents? This is base wages we're talking about. Are the tax payers picking up the tab? Is it going to be 20 people in a two bedroom apt? There were 3 families with children living in a 3 bedroom house the Catholic church brought in. That's 6 adults and I think 5 kids. This will not be good but it will happen. Addams will ignore it. What other alternative does he have?
I know what you are trying to say. But that's been the city since inception. in fact the whole country. and those non-citizens kids will keep the city going. like NYC has ALWAYS BEEN since well before your historically ignorant self was born.
There are a lot of developments in NYC but NONE OF THEM ARE AFFORDABLE!!!! OUR SALARIES ARE STAGNANT AND WAY UNDER WHAT WE NEED TO SURVIVE THESE RENTS!! $5,500 for a tiny one bedroom....FFFFF'that shit.
Extra comment: WOW Cash - you are over 600,000 subs now. I started watching you at 535,000 and that was not too long ago. Way to go ! You have interesting and humorous content & people like that !!
At this point I don't think I could get paid enough to live in NYC, ever. Not even like, job wise, I mean I literally could not be paid enough to be convinced to live in NYC ever. Could make a million a year and still live in a closet and barely be able to afford that. If I made a million a year in my home state I'd have a mansion in the middle of the woods and hundreds of acres of property all around me.
If you made $1 million dollars a year, you could easily afford to live in NYC but you hold out for that 'mansion in the middle of the woods and hundreds of acres of property ...'.
I really don't think that all of these problems are specific to NYC. My husband and I just got back in to the apartment game in DFW after a decade or so of owning our own house. It was really hard for us to find a "normal" apartment. All of the new apartments are semi to full on luxury, and all are cookie cutter at that. We ended up renting in a older building for about 200 less than the newer ones. While not the nicest building we do like our apartment. It's becoming impossible for people with an average good income to find a place. Our apartment 8 years ago would rent for about 850 a month, we pay 1,600.
It wasn't like that when many first invested. The laws changed. Those who are still investing with laws like that are nuts. Many are getting out now because of it.
I'm not living in NY, I don't have any plan to move in and I'm not interested in NY but I have been watching whole this series of Apartments in the city and the reason is because it somehow makes me feel good to know that there are many who pay so much for such a small and miserable space and circumstances. And rats outside, perfect.
I guess, it's a New Yorker lifestyle thing, they choose to live in high renter city. They seem to enjoy living in a small size miserable space, and outside full of rats, street thug's criminals and homeless.
We moved this year to low income government housing because some big wigs from NY bought our apartment complex from our old landlord looking to get out of the business. It was already falling in and had serious issues but the new landlord and his brothers weren't doing anything to fix our complex. They told us our apartments were last on the list. Then about 2 yrs later they redid the driveway turn in from the street and redid our trash dumpster into single rolling trash cans. When I left my foot had already gone through my daughter's bedroom in the corner. Had some people come out and look at it and take photos I tried to follow up with but the guy never contacted me back. He was saying call him to let him know before we switched off electric or switched it over but he went on vacation. He was going to lock it till the new landlords repaired stuff. The whole flooring was falling in and collapsing in. Our bathroom wall/window was literally falling into the tub. It was bad but we lived there for 10 years and it was home. We thought we would be able to switch apartments till he fixed ours but nope. He upped all our rents and mine was $455 monthly to $750 upwards to $850. It was a very small 2 BR complex with 2 buildings. He is no doubt just fixing them up to look good, getting people in there and not really fixing stuff and ours had electrical issues where we were getting shocked turning on flip switches for lights. Stood my other half up on his toes for a few minutes. It was crazy. At least the old landlord would bring us ceiling fans, lights, bulbs, filters and such and keep stuff as fixed as he could. These NY brothers are lining their pockets and are greedy as far as I'm concerned. Let them go back to NY. I also think they have been changing names as well as I found some news online and people were really saying some bad stuff about these guys. Not sure how true it was but it was bad. Not the way to run a business in my opinion. Where we live is better now, safer more well maintained, because its government housing. My rent is way less than I paid at the other place and a better deal. In 2025 we are having each building moved for a week while they redo all these apartment buildings one at a time. They are supposedly providing boxes and everything needed for our moves as well. I am older, disabled on SSI and doing the best I can. Thank God for government/low-income housing. It's a blessing for those of us barely making it. There are so many homeless here and families fighting to find places to live and it's crazy and very sad.
If a society wants housing to be "affordable" then surely we need to remove from the equation, those landlords/owners/house flippers, who are literally "in it for the money/profit". Let's just say, (thought experiment) Magic Wand waving style, suddenly ALL homes, single family residence on a land plot of its own, apartments in a low rise or a high rise, whatever, having ALL the rental places owned by "not for profit" providers. In some cases yes that might be called Govt Low Income Housing, in some cases it might be owned by a church or other religious, or non religious based charity, or a not-for-profit housing co-operative. Those people that personally owned their own home/house/apartment, could sell it whenever they wanted, but ONLY for the same price they bought it for. (Any increase in price, would be forfeited to the local housing charity or Govt Low Income housing etc). 100 odd years ago, society decided that having heaps of privatised "for profit" fire brigades competing with each other, was a bad idea, and now instead we have one single, not-for-profit Fire Brigade service. They are NOT "in business" to make a profit. Their costs are paid for from city or local taxes, and/or with a portion from Insurance premiums etc. Should Rental housing move in that direction also ?
It’s a lot easier to spend money that you didn’t have to earn. A lot of the wealthy in NYC just inherited properties worth a fortune because their families have lived there for decades. It brings them no pain to break into those piggy banks
The property belongs to the landlord snd their rights to the property they pay for should not be infringed. An open market is better for everyone. Rent control just causes rents to go up and apartments to disappear. I would personally never be a landlord in NY. Many investors are staying away from from NYc so it hurts the city as a whole. The government should just butt out.
a minimum of $220,000/year???? 🥺🥺.. wowzers.. and the places be sooo small.. i absolutely cannot believe that kind of salary!!!!!!! so many peeps be so suuper RICH 🤑 🤑🤑.. i can totally get the expansion trend though.. if I had that kinda money, or was an investment company, I’d be buying up multiples and combining, too💸💸💸💸🤑
Those landlords with empty apartments are thinking only of their investment location increasing to absorbent prices. They are sitting on it allowing it to become a renovating nightmare for whomever buys. In the wait they loose nothing in maintenance costs or costs associated with tenancy, maybe taxes ? Whatever the outcome of empty apartments someone with enough money to do whatever they wish would purchase it tomorrow If it was up for sale .😊
This is what always happens in desirable areas with rent control. With the new eviction protections and the restriction on rent increases in some cases at less than CPI and actual costs, many can't justify taking the risk to rent the unit.
that's why when you have a limited resource the government should be in charge I agree that's the only way to avoid speculation. They need to add a empty tax and they will return to market fast.
@@Ghoxtfire That's a good way to ensure that the owner himself vacates, and if no one is taking care of the building, then it is not suitable to live in. Scrape your boots on the doorframe when you leave New York, you will probably be arrested if you ever return.
@@Ghoxtfire Yet many Americans leave areas with rent control to find affordable housing in areas without rent control. Many wealthy tenants hold on to rent-controlled units as pied-à-terres while they own a home in another location. Housing is limited in NYC largely due to these policies and NIMBYs.If landlord greed is the root cause of the problem, NYCHA housing could self-fund the solution, yet NYCHA struggles to maintain its current inventory. Massive numbers of units could be added to NYC if rent control units weren't blocking investors from building taller buildings. NYC, Santa Monica, and Berkeley all have had rent control for decades and the housing crisis got worse for most.
@@mwatercress I see more people coming to NYC not leaving you need to check your data before posting The problem right now is that there is too many people looking for a place to live.
Cash, you should compare markets with Tokyo Japan to show why rent control, zoning laws, and red tape make rents more expensive. Tokyo is a city of 40 million people vs NYC’s 8 million , but their rents are half the cost or cheaper! 😑
Tokyo and New York are two different places. People in Tokyo are kind and have a code of ethics. The greed is what’s tearing New York apart. The laws you speak of been in place for years and rents used to be affordable.
Japanese wages have been stagnant for decades. Making that comparison without factoring in the cost of living (including the fact they have functioning public transit compared to New York) is ridiculous. Also, many companies in Japan will have dorms built specifically for their employees to live. So pricing would factor in the wages that the company is paying overall to their workers. New York City seems more focused on protecting landlord's ability to increase rent for their market units, rent control be damned.
@@jasonhall3693 Rents are affordable for a lot of NY'ers. The ones with low rent-stabilized, rent-controlled, Section 8, NYCHA Public Housing, or Mitchell-Lama rents. Those programs are over 50% of NYC rentals, all lower than market rate. That is what Cash should do a video on.
@@WahalawayowayoI'd hear about that kind of work housing arrangement from my mother about other Asian countries as well. I saw that just a little while ago when NY was attempting to keep renters afloat, you have small landlords that were basically being bled dry as they couldn't evict current renters but had no income coming in to pay for maintenance, property tax and mortgages...that's really unfair for them as well. 😬
@@Wahalawayowayo Simple supply and demand. You double the number of housing and apts tomorrow, home prices and rents will drop. Anything that impedes the supply like NIMBYism and rent control only makes things worse and enrich the few. If you think it’s simply a function of greed, then by all means goto a communist country and see what the end result is. Government setting prices is a disaster in the end. Japan does not allow NIMBYism and their zoning laws encourage housing. Please educate yourself on the many informative videos on the Tokyo’s housing market here on RUclips. Only with people understanding these basic facts can we see progress. 🙏
Yeah, it sounds like NYC just doesn't have the money to subsidize renovations to increase viability and quantity of affordable units. But that's what they need to do because prohibiting gentrification is backfiring.
1) Since when is a sink sprayer a luxury? 2) Did you ever mention, at any point, the number of years involved in regards to losing 100K apartments? It was spread scross several decades, if I'm remembering correctly. I absolutely have sympathy for service and industry New Yorkers and others who struggle, but I also have sympathy for expanding families that did this decades ago.
Vancouver solved the vacant property problem by enacting a vacancy property tax. Live in it, rent it out, or pay huge tax. We also changed our purchasing laws and requirements to eliminate slumlords. We too, have a mix of market and subsidized housing here. The provincial and federal governments prop up the subsidized system. Some places are better managed than others.
Really interesting episode. I live in Sydney Australia and Rent Controlled flats are not common. Rental prices are rising everywhere due to greedy Real Estate multinationals. They bully owners into increasing rents and they way they advertise rentals profits the agents not the owners or the renters. Real Estate people also buy flats/apartments at a loser prise than is right and they profit from this activity too. Bonds are a whole income source for agents who keep bonds illegally and get away with it due to their known loopholes in contracts.
A little context first, those row homes, sometimes called brownstones were single family houses from the beginning. They became apartments when regular folks brought the buildings and converted some units into apartments. People forget that in the past, Americans had large families including the wealthy.
Thank you.
not just americans who had large families, in europe too.
U do realize the average person is stupid. I just bought an old mansion n Bolton Hill, Baltimore. The original owner from 1920 converted the house n2 4 apts. He did a gr8 job. I've been considering returning it back 2 its original state n the next 5 yrs. Renting 2 tenants is cool, but comes with a lot of nonsense no matter how much screening u do. There r a lot of ungrateful & entitled people out here.
Some of the large houses were a social thing as well amongst the elite.
I was thinking the same thing. Decades ago the trend was to take a large home and chop it up into smaller apartments. Now it’s going in the other direction.
At one time, families in America built their own homes or paid cash for them. Mortgages appeared in the late 1800s. A homebuyer typically made a 50% down payment, interest payments for 5 years, then a balloon payment for the principle. When the Great Depression hit, lenders severely restricted loans. So, the FHA was created to provide them protection and reduce risk. Downpayments were dropped to 10%-20% and mortgages were stretched to 15 or 30 years to allow the middle class to buy a home. To increase the supply of money later on, Fannie Mae then VA-guaranteed loans then Freddie Mac were created.
I think it was the 1970s when a small number started converting houses into apartments. The early 1980s is when home flipping appeared. This was the point when people started viewing homes as investments rather than a place that should be affordable enough for everyone to buy and live in.
many of those building started out as single family units and many larger apartments were subdivided to make a lot of tiny weirdly shaped apartments
Someone finally said it!👍🏼
wierd
? would you rather one person live in a 1400 sqft 3 bed Luxury apartment Probably A Nepo baby, when that same space can be repurposed to house 3 smaller studio units, that houses 3-6 people
@@danielmankinde1706 There is no way I would live in a 500 or 700 sqft box from your example.
It's not your decision to make. Your bitterness is so evident. When those luxury apartments are being paid for by your taxes and given to "nepo babies" for free, then you can complain.@@danielmankinde1706
Yes. About 20-30 years ago the trend was to take large homes and convert them to smaller units. Now it’s going back in the other direction!
If work from home is causing apartments to be expanded and thus reduced, then industrial office buildings should be converted to apartments, at least partially.
Exactly
If you work from home, move away from NYC.
That’s exactly what’s been happening. I live in White Plains, New York and during the past couple of years many malls, stores and offices have been demolished and reconstructed into apartments.
And it would seem like the economics should SUPPORT THAT, given that supposedly office real estate is a catastrophe, to hear many REIT commenters on the internet tell it.
But hell, if you can't afford crazy high rent in NYC, then MOVE. Improve your life AND your finances.
Too hard to convert office to apartments. Thus it's not done
Acting as if NYC would do something in its citizen's self-interest is like banging your head repeatedly against a steel fence and expecting it to fall down
Yeah the city government sounds like it has a huge corruption issue from everything I hear about it. Louis Rossman's experiences are proof enough
Steal fence rusts, they do fall down
@@AlmaVasquezjr yeah after standing for 100 years, id imagine we'll all be dead by then
Tell me how long it takes for you to fell a rusty fence with your face and get back us 😂
😂🤣
I just purchased a co-op in Queens and my dad is a contractor so he’s helping me fix it up because it’s in bad shape and took hours to clean. It has a spacious layout for a one bedroom so I would never consider combining it since I could only afford one unit. It’s taking everything I have left over to replace appliances and get plumbing work done, but I’m just so thankful my dad is licensed to do a lot of the work too! I am just trying to contribute to having less shitty apartments in NYC!
I dunno how people could live in new york u guys have no garages theres no where to fuckin park and yea ny is a fuckin mess 🤣🤣
I think climate change worsening will have most apartments constantly in bad shape.ppl just choose to ignore. It's all a matter of time.
How hard was the process to purchase?
I just sold my property in Throggs Neck. We'll miss it but NYC is squeezing the finances out of us. You're going to take on the tax burden that will occur from these horrible policies that the city keeps passing that are not in the public's interest. Good luck to you on your journey.
What did you have to put down?
Many 19th century townhouses were originally single family homes, later chopped up into apartments. Combining apartments is often an act of restoration.
Which I 100 percent support going back to its original form! Its not the owners problem that its raising rents, that is the cities problem, which needs to allow more building of apartments, which is being held back by so many regulations and red tape.
@amandagreen4332: Yes, exactly!
Can confirm. My old place was turned back to a single family home, five floors, twenty tiny apartments, LES .
Best wishes, Cash !!!
And in the 19th century most New Yorker lived in slums. They called them tenements, but basically 20 people crambed into one tiny 2 bedroom apartment with no windows. I don't think 21st people will put up with that, but they will move out if they can, which hurts the city economically.
Terrific video, Cash.Your channel has gone from not only apartments available, but to news and information that provides a real service. Outstanding work. And I'm already looking forward to our next trip with you to Japan!
Me too 😅
I appreciate that!
@CashJordan did buddy hit you with the door
Didn’t people drown in their basement apartments in NYC during a recent rainstorm? Those window bars do work at keeping out the criminals but also can act as a barrier for getting out during an emergency ‼️
If they are illegally renting a place, and a place you can't escape in a flood is illegal for habitation, you'd need to increase the police force dramatically to drag them all out and keep them all out. Then what? Homeless on the street where they could die some other way?
Yeah, actual windows to egress from, or fit a firefighter in thru, cannot be used for sleeping (or called a bedroom) in most states.
Doesn't burglar bars have a safety mechanism to allow for emergency evacuation yet prevent burglary?
@@delanorrosey4730 They are supposed to have a release mechanism inside.
The law that cut off the loophole to get apartments out of rent stabilization if an apartment was renovated enough just showed there is no legal band aid for the housing shortage. All it did was create unpredictable knock on effects. Not that the city would ever admit it enough to roll it back.
Imagine owning 10s of millions of dollars worth of property and whining about how little money you're making
@@gg-gamers Imagine having to pay $350k to own a one bedroom co-op with a $1000 a month maintenance fee.
@@sn5806 Wrong. Real socialists don't think that these people should be allowed to own this property to begin with. They should be stripped of their ownership since it hurts so many people.
@@gg-gamers
That would be because you are ignorant of how anything actually works.
@@scottandrews947
Their ownership harms no one. Your desire to live there is what causes the harm.
Average wage earners or "middle class" are basically low income now. Most of them won't be able to afford a conversation like this. Really unfortunate since it's the middle class who pay for everyone else.
you meant "conversion" but "CONVERSATION" is absolutely the correct word. We can't even discuss a decent sized apartment.
@@jaynycha1705can’t even bother just thinking about it. NYC is out of control, especially with the crime. Almost everyone who lives there acts like NYC isn’t going down the gutter even with demand.
Some people in NYC are using camping trailer sized kitchens....I swear, they build an apartment...realize they forgot a kitchen, and wedge it into a corner or a hallway.
You're expected to eat out or order in....not to cook....like, ever.
yeah that kitchen was ridiculous. No way could I chop and prep several ingredients without having an inane headache, sink is too small for cleaning up too
Just having a kitchen or bathroom to yourself could be a luxury in some cases. Some tenants have to share.
tbf i feel like thats a big reason some people want to live there. kitchen is for when ur snowed in and u can heat up cans of soup and hot pockets lmao.
Honestly your videos surpasses my wildest expectation with regard to info on all levels. Thank you
After NYC allowing buildings to be cut up into smaller and smaller apartments until people are paying highway robbery sums for shoeboxes, it's very nice to see that trend being reversed and smaller apartments being combined to make larger homes.
rent control never works
Very true - I have always felt bad for all the brownstones turned into eight apartments - where the parlor became two bedrooms...
Let's hope these changes as the market adjusts and maybe even crashes a bit.
BLM yo. We need to live for free
This is what makes rent 5k tho 😂 u think landlord is looking out for newyorkers? They just turned 2 $2000 apartments into 1 and raised the rent 1k and now deal with less tenants 😂😂😂😂 its the good ole double switcheroo
This video is a gem. For real. There are a number of videos across RUclips that address housing situations in Tokyo, Paris and this one explains all the aspects of real estate market in NY. And you can better understand how complex of an issue this on is. How building age or speed of new developments greatly affects the everyday market capability, that both renters and land lords have. Thank you for this one. It so cool that we are seeing new RUclipsrs how are both creative and insightful, and are able to grasp all this knowledge. Thank you for all your work!
😮 WOW I wouldn't live in NYC if they paid me. No freaking way. 5,000 for rent. GEEZ ‼️‼️
That’s manhattan g
@@benchoflemons398 I don't want to live anywhere in NYC
add $650.00 for a car spot and cameras sending tag tickets for going above sts now. Its more like 6000.00 for a 1 bdrm.
@@cg741graf5 WOW you would have to make 15,000 month just to barely scape by. That's ridiculous...🤬them illegals were given a hotel to stay for free I'm sure they have the places tore up by now. Disgusting...
Manhattan is not the only borough in NYC. I can commute to Manhattan from Brooklyn in less than 20 minutes and my rent is $1300 (stabilized), which is less than some of my friends who live in Nashville pay.
I like the way Cash does a nice interested interview with Alex. He gives him respect and doesn't "hog" the knowledge - most of which he already knows. Cash is a cool guy. Alex is super nice too !! I guess you gotta be rich to live in NY nowadays !! There goes the "dream" !!
No way could I deal with a kitchen that small.
Seriously, it's not that small. Most Studios outside of America have a similar size. I lived with kitchens similar in size already as well. Especially the fridge is way bigger than in European or Asian cities.
@@ralfzacherl9942 it is small though. Just because you don't find it small doesn't mean others can't find it small.
In the US it might be a solid kitchen just because most of them eat out or have ready-to-eat food in the big fridge, but Europeans and Asians generally like to cook their own food, which is very uncomfortable in a kitchen that small.
@ralfzacherl9942 You have accepted the life of a serf, living in substandard conditions because:
"it's not that bad, Europeans do it"- a reason to do the opposite.
Lol NY has conditioned you to think these places aren't little shoe boxes down here in Florida you get twice that space for the price and no state tax and no rats n trash everywhere
@@harrasika
No way those micro-kitchens are even close to a decent-sized, workable kitchen for Americans, it’s just that those are in NYC. Many Americans love to do home-cooking, too, btw, lol.
Many of those buildings are being converted BACK to what they were before. They were sub-divided (sometimes illegally). And frankly, some of the apartment loses are due to the fact that landlords lost big time during Covid as well as the pro-renter bias. If it takes you THREE YEARS to evict someone that is a LOT of lost income.
pro-renter bias, you mean pro regular, working-class people? that’s the correct bias. imagine being biased in favor of wealthy landlords.
@@romanovich137 So you are equating the "regular working class people" with the professional scammers who live for YEARS without paying a dime in rent by doing this? Wow, you just insulted every WORKING adult who pays their bills.
But I guess we found one of the deadbeats. Hello deadbeat.
@@romanovich137it shouldn’t take 3 years to evict someone who refuses to pay their rent lol
Landlords hate taking any kind of risk 😂
@@lopoa126 A lot of landlords only have a few houses. Those "risks" can BREAK them. And why should scammers be allowed to do this? When Covid hit there were a lot of people who went "no need to pay" even though they were still working. Oh how the tears FLOWED when the eviction moratorium was lifted.
I love how your taking it to the next level! I love the apartment tours but I love this too!
White is always better
Sad reality is most NY apartments are overpriced dungeons. That doesn’t deter me from wanting to own a brownstone/townhouse in Brooklyn or Manhattan. It would definitely be a single family home. I’m not into sharing space with strangers.
If a society wants housing to be "affordable" then surely we need to remove from the equation, those landlords/owners/house flippers, who are literally "in it for the money/profit".
Let's just say, (thought experiment) Magic Wand waving style, suddenly ALL homes, single family residence on a land plot of its own, apartments in a low rise or a high rise, whatever, having ALL the rental places owned by "not for profit" providers.
In some cases yes that might be called Govt Low Income Housing, in some cases it might be owned by a church or other religious, or non religious based charity, or a not-for-profit housing co-operative.
Those people that personally owned their own home/house/apartment, could sell it whenever they wanted, but ONLY for the same price they bought it for. (Any increase in price, would be forfeited to the local housing charity or Govt Low Income housing etc).
100 odd years ago, society decided that having heaps of privatised "for profit" fire brigades competing with each other, was a bad idea, and now instead we have one single, not-for-profit Fire Brigade service. They are NOT "in business" to make a profit. Their costs are paid for from city or local taxes, and/or with a portion from Insurance premiums etc.
Should Rental housing move in that direction also ?
People doing stuff like that is why it’s unaffordable.
I am very impressed with the quality of your reports! They're pro-level for sure.
Why can’t the country look all white like the bathroom
I used to live in an apartment off the Bowery for three hundred fifty a month maybe I should have stayed I could maybe sublet the back room for twice what I was paying. But then I moved to Paris and I payed about the equivalent for a much nicer place (the building in New York was totally filthy) and I didn't have to worry about being the victim of violent crime or the legal consquences of having to hurt someone who tried to commit a violent crime against me and I couldn't benefit from the baroque tapestry of self destructive behavior alcoiholism, prostitution, heroin addiction violence. If you can work from home then you can live anywhere in the world. Why would you choose NYC? Why not say Barcelona or Vienna or Krakow?
Why not indeed? Why not live in a big house with some land in a forest with friendly neighbors?
@@eustacemcgoodboy9702 ""Friendly"" and ""French"" is not synonymous. LOL
@@eustacemcgoodboy9702 I own a Beautiful Home in the City with Lots of Land,,, Woods,,, Parks,,, Malls,,, Shopping Centers,,, Jobs,,, Airports,,, Arena,,, Restraints,,, Schools and Much more for a heck of a lot less than those Apartment... All of it is Bought and Paid for.. Plus I Have Money,,, and own my own Car which is also Bought and Paid for... I have NO BILLS WHAT SO EVER,,, ZERO,,, NADA,,, and I can Walk my Dogs,,, Blast my Music,,, Have Parties,,, Go Swimming at the Beach,,, All within 5 Minutes from Me.... Does that sound like the Middle of Nowhere to YOU ??? My Bedroom with a Jacuzzis is bigger than Most Apartments in NY... So tell me,,, What does NY offer that I don't already have other than,,, Lots of DEBT,,, CRIME,,, Prostitution,,, Poverty,,, Homelessness and Drugs??? OH,,, did I mention I have Lots of Money to Travel also??? AND the Best thing about it is,,, I Probably make Less money than You... But I can see how living a Life of DEBT and Never owning a thing can be so Appealing...
If a society wants housing to be "affordable" then surely we need to remove from the equation, those landlords/owners/house flippers, who are literally "in it for the money/profit".
Let's just say, (thought experiment) Magic Wand waving style, suddenly ALL homes, single family residence on a land plot of its own, apartments in a low rise or a high rise, whatever, having ALL the rental places owned by "not for profit" providers.
In some cases yes that might be called Govt Low Income Housing, in some cases it might be owned by a church or other religious, or non religious based charity, or a not-for-profit housing co-operative.
Those people that personally owned their own home/house/apartment, could sell it whenever they wanted, but ONLY for the same price they bought it for. (Any increase in price, would be forfeited to the local housing charity or Govt Low Income housing etc).
100 odd years ago, society decided that having heaps of privatised "for profit" fire brigades competing with each other, was a bad idea, and now instead we have one single, not-for-profit Fire Brigade service. They are NOT "in business" to make a profit. Their costs are paid for from city or local taxes, and/or with a portion from Insurance premiums etc.
Should Rental housing move in that direction also ?
@@eustacemcgoodboy9702 Probably because that house and property would cost about $1 million, give or take $500 grand? I mean, sure a smaller one if it's cheaper... Yeah. The last 30 years for housing prices haven't been great for the buyer without a house has it? (I know renting isn't ANY better. I remember about my parents complaining about (and promptly moving to a new place) after they found out that the apartments rent (2 bad 2 bath) was going up to around $800 to $900! This was about a decade and a half ago, maybe a little less....)
4:59 - The accentuation - "You Gotta Be So Rich" - Nailed it!
+1 to Alex. The solution is to get more apartments in the market (i.e., build more, convert unused office buildings, etc.)
If a society wants housing to be "affordable" then surely we need to remove from the equation, those landlords/owners/house flippers, who are literally "in it for the money/profit".
Let's just say, (thought experiment) Magic Wand waving style, suddenly ALL homes, single family residence on a land plot of its own, apartments in a low rise or a high rise, whatever, having ALL the rental places owned by "not for profit" providers.
In some cases yes that might be called Govt Low Income Housing, in some cases it might be owned by a church or other religious, or non religious based charity, or a not-for-profit housing co-operative.
Those people that personally owned their own home/house/apartment, could sell it whenever they wanted, but ONLY for the same price they bought it for. (Any increase in price, would be forfeited to the local housing charity or Govt Low Income housing etc).
100 odd years ago, society decided that having heaps of privatised "for profit" fire brigades competing with each other, was a bad idea, and now instead we have one single, not-for-profit Fire Brigade service. They are NOT "in business" to make a profit. Their costs are paid for from city or local taxes, and/or with a portion from Insurance premiums etc.
Should Rental housing move in that direction also ?
Bring back 500 dollar apartments
Moving businesses out of Manhattan would lower apartment rents considerably.
@@roundtwo3321 … and trigger an urban doom loop.
@@chriswright8074there are too many people in nyc for that to function
I think the fact that so many people are moving out of NYC and other large cities, that’s a reason so many apartments are available. In addition, most of these “apartments “ shown were once single family homes from the 19th century. I had two friends whose families each owned a brownstone in Brooklyn. That’s how they were originally meant to be. They were purchased for several thousand dollars back in the 1960s.
That's... Frankly insane to think about. I know that $10,000 from 1960 comes out to around $100,000 to $104,000, but wow. I wish I could get a house for that now adays.
I pay $1,000 a month here in Bethlehem Pennsylvania for a studio efficiency apartment it is actually like 938 a month and my electric is included I have really great landlords and it we may be outgrowing it because you know we've been here for years and we've accumulated quite a bit of stuff but mind you I came from homeless with just the clothes on my back to an apartment with a brand new twin size mattress a futon and like a set of mirrors which I still have the mirrors that's all I have left in my apartment from when I first moved in but like I have a queen size bed in here a little kitchenette my studio or my efficiency apartment is probably what they would pay probably $2,000 a month for if not more because I actually have a bathroom in my place I don't have to share it with the entire apartment floor which is absolutely disgusting like I couldn't even imagine that is so gross could you imagine having to share a bathroom in a building in New York or anywhere during covid oh no oh hell naahhh' oh my God I love my apartment my landlords my neighbors when you have something good be grateful for it don't be greedy don't be gluttonous,BE HUMBLY GRATEFUL
Well said.
People moving to NYC typically aren’t the “humbly grateful” type. Lol.
liberal city tucson arizona the new apartments are 3000 a month. all reserved for collage kids.
A suggestion for your next post wherever it may be. Punctuation is your friend, don't be afraid to use it.
Great American cities like New York City and Chicago are just plagued with bad policies and corruption.
blame apartment bans, minimum lot sizes, rent control and required parking. a truly free market solution would fix this
@@erikawwad7653 The market used to be totally free and it was a mess. Big city bosses took over.
This happens all over the world. Here in the netherlands you have to pay like 25K for subtracting a housing unit from the market. However, the fine for not doing so is 30K so most people keep it on the down low and inspection isn't really a thing anyways. I've done some of these jobs myself.
@@jennifermarlow. The Netherlands has been all bark and no bite for a while now. We pretend we've got it all sorted out but the scandals upon scandals weve had internally have left swaths of the population and public trust in shambles. We do have a bit of a farming problem though, as we don't have anywhere near the space as you do in Canada. We export like 75% of our meat produce abroad and it's honestly badly degrading our environment in some areas. We are the global kingpins of intensive agriculture but in some areas we've gone a little overboard.
Reminds me how the film West Side Story features all apartments that no longer exist as they were all torn down
... and were held up from demo - until the movie was finished filming - and from all that rubble - Lincoln Center arose. Aren't "urban renewal" programs for low income communities grand? They "renewed" the tenants right out of there.
My family is from NY. I spent my summers in Queens. For the life of me, I can't figure out why anyone still lives in NYC.
I’m from Queens too. I didn’t understand why everyone wanted to live in NYC until I started watching City Planning youtubers, especially Not Just Bikes. It seems like it’s a combination of Brain Drain and the middle/upper class getting tired of living in the suburbs. People want to live in more walkable cities, and since NYC is the most walkable city in the US, everyone is just moving here instead. Living within walking distance of stores and shopping districts is apparently not the norm in most US cities, and in some ways, suburbia is more isolating than actual more rural areas. It certainly surprised me, to say the least.
I'm a native NYer from Queens. I hated that place my whole life growing up there. That was decades ago. I left when I was 17 and NEVER went back even to visit. Everywhere else in the world is better than Queens. Nasty nasty place. I won't even get into it but in short the pollution, ugliness, bad weather, high costs and enormous social problems are unequaled anywhere else.
People who live in rent stabilized and rent controlled apartments, public housing and the wealthy.
What I was always told essentially adds up to some native new yorkers being afraid of change. Not knowing what's out there when everything is in reach in NYC. I was told dozens of times not to leave NYC because I wouldn't be able to get my job or apartment back if things didn't work out. Some things didn't work out, but I had better alternative options here than returning back home
@@cammilunaI was told the same baloney. So much brainwashing that NYC is the center of the universe! I am soo happy I got out asap. NYC is definitely a trap! Most of my friends stayed and endured the horribleness. One committed suicide. Another had her son kill himself. Some did okay but only with their nose constantly at the grindstone. None of them know much about the beautiful world outside of NYC.
People don’t understand how property taxes affect rent. If you remove the corporate speculation/greed of the last few years in rental properties; the number one reason for landlords raising rent is probably property taxes increasing. Urban areas in the mid to late 20th century saw dramatic decline in property value which made rents affordable. Now there are huge increases in property values in urban areas. A place that would have sold for $20,000 in the 90’s where I live is now worth $300-400k. And the property taxes get reevaluated every 2 years. Property taxes are the reason poor people get pushed out of neighborhoods their families have owned property for generations. Property taxes drive rent increases.
MANHATTAN IS OVERPRICED AND OVERHYPED.
Then the people that lived there move to the outter boroughs and they become overpriced and overhyped. It’s a never ending cycle because after the outer boroughs are to overpriced and overhyped, PA and other states better get ready for the influx of New Yorkers 😳
I do not know how I found your channel but I am so glad I did. I do not subscribe to much of anything at all but your investigative journalism was on point so......SUBSCRIBED!
🙈This might be off topic BUT the guy you featured in this video is SO cute! And his voice is so dreamy too.😍
So expensive and look what you get for it , not much . Rake the turf. Man I’m so glad I live in the south, cool video thank you
I wish there was a way for landlords and residents (not just the rich ones but a good mix of all renters) as well as companies responsible for providing energy could come together in NY and have a compromise.
Prices in NY are extremely overpriced and its just a matter of time before this bubble pops and it'll pop hard
There's no bubble, it's real demand to live in the place in the US with the best amenities and the only place you really don't need a car at all.
Unless something makes less people want to live there, or they build more housing, prices will stay high.
@@FriendlyFireYT The only thing that would make less people want to live there is if the rest of NA suddenly stopped building everything around the car. Sadly, I don't see that happening. As much as I hate car-centric infrastructure I don't see America suddenly realizing how much it sucks. Instead of making everywhere a place we want to live, we'll just keep piling into the one place we got kind of right.
@@FriendlyFireYT Bs, half of Billionaire's Row is empty. Apartments are being bought every day with no intention of ever living there or renting out the space. The term "business" is thrown around a lot in this video. If something is more valuable staying empty and not generating revenue, then it's not a business, it's purely an investment.
Real estate is so expensive because the people who can afford to buy properties at large scale have so much money that they don't know what to do with it. The demand is not for real estate as a place to live, the demand is for real estate as an investment.
@@FriendlyFireYTwell, with the crime rate going up, NYC could end up like San Francisco even with the demand.
@@FriendlyFireYT after paying 5k for rent, you cant afford a car
New cash video loving the informative culture content!
Let's go!
Good morning, Cash
Morning!
Loved seeing those young New Zealand Cabbage Trees (Cordyline australis, the purple/bronze type) around the 4m55sec mark. A whole line of them in those little window-sill box, flower planters. Might be a bit of a worry, once they grow to become full size shrubs/trees of 5 to 10 metres tall (15 to 30 feet etc).
It's the shared bathrooms that get me. I can live with just a microwave and mini fridge but not without my own bathroom. I'm not sharing a bathroom with a like 20 or 100 people. That's just nasty. In St. Louis (which is overly high on rent too) I pay 1025 a month for a 3 bedroom house with family room and yard and 4 car driveway plus basement. My utilities run about another few hundred a month. My condo was little less but I had a crazy neighbor and had a dog so I moved to the house. If I rented my house it would likely cost me about 1300 a month a little more or less maybe. Still cheaper to buy in my town.
I'll go a step further, I don't even share a bathroom with family members.😂
well thats you. people who want to take the sacrifice of cheaper rent will be willing to share bathrooms. the law says max 8 rooms for one bath, @@janish3059
yea, can you get to 42nd street in 10 mins? thats the whole point
The last time I had to share a bathroom was in the Army. Hell no I won't do that either
@@kaymandy1 We shared a bathroom in college about 40 years ago. At least the grout mites kept the shower somewhat clean!
Dont know why ANYONE would want to live in NYC, paying $5,000 a MONTH for an apartment is insane, youd have to make $200,000 a year to even pay that, that eliminates pretty much all blue collar type workers- delivery, factory production, services, restaurant, store workers.
I moved out in 1984 after my rent doubled from $331 to $656, and after a move to Brooklyn and paying $550/mo with $100/mo increases each year bringing it to $1050 by the end of the lease made it totally unviable. I was working a full time job @ $5/hour and FOUR part time jobs.
I moved to Vermont where I found a place for $100/mo, and 25 years ago I moved to Iowa where I bought my 2 bedroom, full basement 1930 farmhouse on 1/2 acre of rural land by a small town of 1,700 people for $7,900. I owned it outright since, my annual property tax has never been more than $250, one year it went down to $99. I get city water/sewer/trash pickup for an average of $40/mo
I'm 1/4 mile from my workplace.
There's WAY cheaper places to live and buy houses in than people are! Even to-day, houses here go for the mid 20s and 30s, there's no way I'd pay $500,000 and more for a house in some subburb with 2 houses 10 feet away on both sides!
I can't believe there is an entire city lying to themselves that they like living like this?
A lot of people (especially foreigners) still want that NY city experience that they see in so many Hollywood movies.
Also, as a Gay man with a few gay friends in NY, the hookup culture is INSANE. I would say Gays make anywhere between 5-10% of NYC’s population precisely for that reason.
I assume that other Communities (Dominicans, Jamaicans, Chinese, Puertoricans, etc.) would have a hard time finding similar Communities outside of NYC.
Yeah, it’s borderline a character flaw. My uncle owns a very nice condo in NYC that he bought after 2008 and I cannot believe how small it is for the price. I’ve asked why doesn’t just sell and move to a similar priced mansion with beautiful nature and he says he couldn’t imagine living anywhere else. It truly is a status thing in their minds, like going to the fanciest restaurant yet it serves mediocre food. They’re obsessed with the idea that they’re in the largest city with the “most variety” despite the fact that they only use about 1/100th of the city.
@@laptv2144 I knew a lot of artists years ago. Lived like dogs in the city, instead of the countryside with fresh air, and affordable housing, food, etc.
It wasn't always this bad. 20 years ago, it wasn't impossible to find a 2 bedroom apartment for under $1000 a month even in Manhattan. Thirty and you could get one for less than $500. Since then, the price of a house jumped 5-6 times in value. A single family townhouse with no garage can run for over 1 million now.
@@strange-universe the countryside doesn't have the same type of community and networking as the city for an artist, you gotta be chronically online to get anything similar
Ummmm... no, they are not disappearing. Also Cash should do another video on rents being affordable for a lot of NY'ers. The ones with low rent-stabilized, rent-controlled, Section 8, NYCHA Public Housing, or Mitchell-Lama rents. Those programs are over 50% of NYC rentals, all lower than market rate.
you watch this channel and you'd think NYC's working poor all live in $3500 a month studios. Meanwhile, dumb fux who've never step FOOT in NYC are screaming how we should all move. jeesiz christ.
✔️
He showed how many of the rent controlled apts are being left unrented on purpose in a video.
Rent control and rent stabilization laws are often seen as benefitting renters at the expense of landlords, and they do. But it also comes at the expense of people who are looking for an apartment to rent. Any economist should be able to tell you that price controls for a product that are set below the market price for that product invariably lead to less of that product and/or inferior versions of them. So, it is not a surprise that NYC has lost 100,000 apartments. Landlords will do whatever they can to remove their buildings from rent stabilization laws, whether that be through legal loopholes, converting the building to a co-op, or burning it down for insurance. That last option was very popular in the Bronx when I was a kid in the 1970s. Even if the apartments remain as rental units, landlords will spend less on building maintenance and upkeep. In other words, less apartments to rent, and many of those that can be rented are inferior.
The rent control board in NYC does a better job of giving landlords rental increases that allow them to maintain their buildings. Lessons were learned from all those torched buildings in the 1970s. But the board is appointed by politicians, and there are a lot more renters than landlords. The solution is to phase out rent control/stabilization by removing apartments from it when they become vacant. That will prevent people from being forced out of their homes because of massive rent increases, but the transition would be painful as it became harder to find inexpensive apartments to rent. But in the long term, a market system would do a better job of matching supply and demand.
Back in 1985, I paid $200 a month for an apartment with a kitchen that size. Of course, not in NY.
I have the exact opposite of this problem. I am a landlord in an area by a lake, where it is mostly expensive fancy houses. A good 2 bed/1 bath house goes incredibly fast, if you need that, there is no selection. Otherwise, you gotta pay 4x the rent just a few hundred yards away. Going to be building a small new 2 bed house soon, there has not been a house this size built in the area in a very long time.
Edited: I should really point out that rent for a large fancy house on the lake with a private dock is about $3500-$4500. THE ENTIRE HOUSE!
In the mid ‘80 I knew someone who lived in a rent-stabilized apartment in a Harlem Brownstone. It’s a very expensive single family house now.
And just think if they converted all the shiity apartments into single family homes those homes wouldnt be expensive. And the apartments would fall down to market rate. Lower prices more single family homes.
@@Dead_Goat I some how doubt it. Instinct in this case.
Wasnt sure what i would see clicking on the video. But a balanced, grounded and informative view on the many factors effecting the NYC housing market is what i saw. Subscription earned sir, keep up the good work.
希望市長能夠留下那些那些漂亮的古典公寓和房子....
紐約沒有這些只是一昧的蓋新式極簡主義公寓會失去與歷史的連結很不好
留下紐約人的歷史記憶對市民有很大幫助🙏🙏🙏
我們台灣曾經經歷過這個慘痛的教訓過...
Cheeeeenk
have you seen my cat?
@@DannyPlays96 🤣😂🤣😂
@@changingoftheguard7256what is a cheeenk?
Alex is awesome! Please have him back often.
It honestly seems like there are too many people who don't have any reason to be in New York City. There are no benefits to being there at all. Like why would you struggle to get by in a place just to be miserable.
Right? I just don't understand the appeal. He mentions working from home as a factor in these renovations. You know what else you can do when you work from home? You can make an NYC salary while living in a cheap southern or mid-western state, in a big, nice house, with land, and a good chunk of money left over at the end of the month.
@@kellimshaver I don't understand why anyone wants to live in the south? I spent many years living in a few of those states and I found it depressing and many of them are backwards and racist. I will take Brooklyn over any city in the south or mid west.
dude your documentary are so good plz keep making them😁😁
The way to get more apartments. Also, on the market is to allow a landlord to evict non-tenants. When you have to literally go through hell spend a shit load of money just to get somebody evicted and hasn’t paid for a year two years it’s not worth renting the apartments.
I owned a double brownstone in NYC, I sold three years ago, it had 5 apartments, he turned it into a one family, good for him. NYC will be comprised of rich and poor, no middle class.
Denver, CO is becoming “New York like.”
Rent is outlandish!
Live in 515 sq ft.
Rent now is $1650.
New lease is expected anytime soon. I am expected to bring in another $69-100 more per month once the new lease renews.
Stablized housing does NOT exist in CO.
You won’t find land out west. About 50% of the land in the western United States is owned by the federal government. A state like Colorado with land owned by the government and its natural landscape alone is enough for real estate to start building upwards with tiny apartments, rather than outwards with single-family homes. You’ll find more land and bigger homes in the Midwest or South.
@@C1K450
You nailed it! Lived in Dallas in the past. Humidity, summer, bugs, roaches, and mosquitos will kill ya.
Been there done that.
Your insight is appreciated. Thank you
@@jimgravesus
Hello not complaining, I make it work. Thank you kindly for your words.
ABQ would be the only place I would consider on your list. The others on your list. HELL NO
I grew up & lived in Queens for 45 years Most people forget, in the 70’s & 80’s EVERY apartment that could went condo Most of the apartments you see know are Sublets from someone else condo
Maybe the solution is to just add more supply? Change the air rights and let some buildings be replaced by higher density towers that have thousands of units in them? If you add enough supply, rents come down. Right now the rezoning and air rights system is pretty onerous and expensive, so only wealthy conversions and construction are done. Pure luxury units. That could change with a little government assistance.
Bro rent never comes down,, supply and demand only applies to certain industries.
@@brandonozoria4371 Certain industries, or certain locations? New York is a little bit special in that it has very little land, and rich people borrow against their assets there to prop up their empires.
I have seen places where an industry relocates, and rent will drop 30-40% in that area. Or towns that successfully build enough homes and apartments - suddenly rent won't be $2000/mo, but rather $1500 for about 5-8 years. (Usually when this happens, construction falls off and eventually supply/demand corrects the opposite direction.)
Alberta, Canada managed to get home prices and rent levels to fall from 2014 to 2020. It's only the COVID boom that sent homes right back up - although only to half the prices of other provinces. Just takes some effort to build enough.
Maybe the main problem with New York is that if rent did fall, people would flock there to live in 200sqft units and push the rent back up? Too much romanticization? People need to learn about and experience the hundreds of other great cities around North America.
Rents are out of control!
It's insane the prices of these rentals.
Somethings got to give.
How greedy landlords are these days. They are part of the problem.
I don’t care about what has been happening in recent years in nyc…we are watching this happen in real time, a lot of people, middle and upper class have been and are currently fleeing in droves…and who is flooding back in? Hint hint…It’s not us citizens.
So how are these illegals expected to get jobs and pay these exorbitant rents? This is base wages we're talking about. Are the tax payers picking up the tab? Is it going to be 20 people in a two bedroom apt? There were 3 families with children living in a 3 bedroom house the Catholic church brought in. That's 6 adults and I think 5 kids. This will not be good but it will happen. Addams will ignore it. What other alternative does he have?
I know what you are trying to say. But that's been the city since inception. in fact the whole country. and those non-citizens kids will keep the city going. like NYC has ALWAYS BEEN since well before your historically ignorant self was born.
There are a lot of developments in NYC but NONE OF THEM ARE AFFORDABLE!!!! OUR SALARIES ARE STAGNANT AND WAY UNDER WHAT WE NEED TO SURVIVE THESE RENTS!! $5,500 for a tiny one bedroom....FFFFF'that shit.
You can have New York and good luck with that.
Thanks!
@@popeyetsm2750 you bet
Extra comment: WOW Cash - you are over 600,000 subs now. I started watching you at 535,000 and that was not too long ago. Way to go ! You have interesting and humorous content & people like that !!
At this point I don't think I could get paid enough to live in NYC, ever. Not even like, job wise, I mean I literally could not be paid enough to be convinced to live in NYC ever. Could make a million a year and still live in a closet and barely be able to afford that. If I made a million a year in my home state I'd have a mansion in the middle of the woods and hundreds of acres of property all around me.
If you made $1 million dollars a year, you could easily afford to live in NYC but you hold out for that 'mansion in the middle of the woods and hundreds of acres of property ...'.
Or you could just have both. Apt. in Manhattan and mansion in bumfucktown
1m in nyc isn’t luxurious living for sure
new yorkers act like everywhere that isn't new york is "bumfucktown" @@Wolves2314
@@Wolves2314: 😂😂😂 Would that be somewhere in Idaho because Kenneth Brannagh thought it might?
my family has been here since 1720. most of these building were single family then broken up. now they are going back to the original design. GOOD !
I really don't think that all of these problems are specific to NYC. My husband and I just got back in to the apartment game in DFW after a decade or so of owning our own house. It was really hard for us to find a "normal" apartment. All of the new apartments are semi to full on luxury, and all are cookie cutter at that. We ended up renting in a older building for about 200 less than the newer ones. While not the nicest building we do like our apartment. It's becoming impossible for people with an average good income to find a place. Our apartment 8 years ago would rent for about 850 a month, we pay 1,600.
Where do people go..if they don't have ..emplyment😮
Also lots of rules for landlords because sometimes a cheap dump is better than nothing at all
Why anybody would live in NY is beyond me.
If you can manage to get a rent stabilized apartment its possible
So, if you moved in 40 years ago?
no, i got into a rent stab apt in 2018@@KK-eg3em
I love the news mixture and videos like this. Great new format
Awesome job cash see you on Sunday my friend and drop like
Who is making over 5000 a month just for rent alone and still be able to afford all the other bills we pay? Ridiculous.
why would anyone invest in a city with rent control and strict eviction protections?
It wasn't like that when many first invested. The laws changed. Those who are still investing with laws like that are nuts. Many are getting out now because of it.
I personally really love these short epic documentaries, you put together. This subject is very interesting.
Why anyone in their right mind would want to live on in that pos city is way beyond me
Alex is the best! So professional and presentable!
i feel the squeeze. last week I had to stop drinking cuz i felt too drunk.
but since the incident ive built a tolerance.
New camera? The tracking definitely gives the video a more “live” feel…keep up the informative videos!
I'm not living in NY, I don't have any plan to move in and I'm not interested in NY but I have been watching whole this series of Apartments in the city and the reason is because it somehow makes me feel good to know that there are many who pay so much for such a small and miserable space and circumstances. And rats outside, perfect.
I guess, it's a New Yorker lifestyle thing, they choose to live in high renter city. They seem to enjoy living in a small size miserable space, and outside full of rats, street thug's criminals and homeless.
@jennifermarlow. They can move out of NYC but no, they love to brag about it to their relatives in other states 😂
This apartment shouldn’t rent for more than $650 per month.
We moved this year to low income government housing because some big wigs from NY bought our apartment complex from our old landlord looking to get out of the business. It was already falling in and had serious issues but the new landlord and his brothers weren't doing anything to fix our complex. They told us our apartments were last on the list. Then about 2 yrs later they redid the driveway turn in from the street and redid our trash dumpster into single rolling trash cans. When I left my foot had already gone through my daughter's bedroom in the corner. Had some people come out and look at it and take photos I tried to follow up with but the guy never contacted me back. He was saying call him to let him know before we switched off electric or switched it over but he went on vacation. He was going to lock it till the new landlords repaired stuff. The whole flooring was falling in and collapsing in. Our bathroom wall/window was literally falling into the tub. It was bad but we lived there for 10 years and it was home. We thought we would be able to switch apartments till he fixed ours but nope. He upped all our rents and mine was $455 monthly to $750 upwards to $850. It was a very small 2 BR complex with 2 buildings. He is no doubt just fixing them up to look good, getting people in there and not really fixing stuff and ours had electrical issues where we were getting shocked turning on flip switches for lights. Stood my other half up on his toes for a few minutes. It was crazy. At least the old landlord would bring us ceiling fans, lights, bulbs, filters and such and keep stuff as fixed as he could. These NY brothers are lining their pockets and are greedy as far as I'm concerned. Let them go back to NY. I also think they have been changing names as well as I found some news online and people were really saying some bad stuff about these guys. Not sure how true it was but it was bad. Not the way to run a business in my opinion. Where we live is better now, safer more well maintained, because its government housing. My rent is way less than I paid at the other place and a better deal. In 2025 we are having each building moved for a week while they redo all these apartment buildings one at a time. They are supposedly providing boxes and everything needed for our moves as well. I am older, disabled on SSI and doing the best I can. Thank God for government/low-income housing. It's a blessing for those of us barely making it. There are so many homeless here and families fighting to find places to live and it's crazy and very sad.
455$ for a two bedroom in NYC, damn.
happening EVERYWHERE not just NYC
If a society wants housing to be "affordable" then surely we need to remove from the equation, those landlords/owners/house flippers, who are literally "in it for the money/profit".
Let's just say, (thought experiment) Magic Wand waving style, suddenly ALL homes, single family residence on a land plot of its own, apartments in a low rise or a high rise, whatever, having ALL the rental places owned by "not for profit" providers.
In some cases yes that might be called Govt Low Income Housing, in some cases it might be owned by a church or other religious, or non religious based charity, or a not-for-profit housing co-operative.
Those people that personally owned their own home/house/apartment, could sell it whenever they wanted, but ONLY for the same price they bought it for. (Any increase in price, would be forfeited to the local housing charity or Govt Low Income housing etc).
100 odd years ago, society decided that having heaps of privatised "for profit" fire brigades competing with each other, was a bad idea, and now instead we have one single, not-for-profit Fire Brigade service. They are NOT "in business" to make a profit. Their costs are paid for from city or local taxes, and/or with a portion from Insurance premiums etc.
Should Rental housing move in that direction also ?
That kitchen is DANGEROUS!-FIRE HAZARD!
It’s a lot easier to spend money that you didn’t have to earn. A lot of the wealthy in NYC just inherited properties worth a fortune because their families have lived there for decades. It brings them no pain to break into those piggy banks
The anwser is simple. Commie blocks. Projects.
Build simple, efficient homes and just GIVE them to people.
And we wonder why there's such a glut of unaffordable apartments
gotta house a migrant somewhere too of course🤣
cus building and construction isnt affordable
The property belongs to the landlord snd their rights to the property they pay for should not be infringed. An open market is better for everyone. Rent control just causes rents to go up and apartments to disappear. I would personally never be a landlord in NY. Many investors are staying away from from NYc so it hurts the city as a whole. The government should just butt out.
a minimum of $220,000/year???? 🥺🥺.. wowzers.. and the places be sooo small.. i absolutely cannot believe that kind of salary!!!!!!! so many peeps be so suuper RICH 🤑 🤑🤑.. i can totally get the expansion trend though.. if I had that kinda money, or was an investment company, I’d be buying up multiples and combining, too💸💸💸💸🤑
Those landlords with empty apartments are thinking only of their investment location increasing to absorbent prices.
They are sitting on it allowing it to become a renovating nightmare for whomever buys.
In the wait they loose nothing in maintenance costs or costs associated with tenancy, maybe taxes ?
Whatever the outcome of empty apartments someone with enough money to do whatever they wish would purchase it tomorrow
If it was up for sale .😊
You have to be RICH to live like someone who makes 50k a year almost literally everywhere else.
life is so much different though in nyc
🎯
@@Wolves2314 it's different alright, and not desired by tens of millions.
Knocking it outta the park Cash! Keep up the good work!
love the rake for the turf🙏🙏
watching this while browsing Zillow
This is what always happens in desirable areas with rent control. With the new eviction protections and the restriction on rent increases in some cases at less than CPI and actual costs, many can't justify taking the risk to rent the unit.
that's why when you have a limited resource the government should be in charge I agree that's the only way to avoid speculation. They need to add a empty tax and they will return to market fast.
@@Ghoxtfire That's a good way to ensure that the owner himself vacates, and if no one is taking care of the building, then it is not suitable to live in. Scrape your boots on the doorframe when you leave New York, you will probably be arrested if you ever return.
@@Ghoxtfire Yet many Americans leave areas with rent control to find affordable housing in areas without rent control. Many wealthy tenants hold on to rent-controlled units as pied-à-terres while they own a home in another location. Housing is limited in NYC largely due to these policies and NIMBYs.If landlord greed is the root cause of the problem, NYCHA housing could self-fund the solution, yet NYCHA struggles to maintain its current inventory. Massive numbers of units could be added to NYC if rent control units weren't blocking investors from building taller buildings. NYC, Santa Monica, and Berkeley all have had rent control for decades and the housing crisis got worse for most.
@@shouygui4955 then the city should take over I agree with you
@@mwatercress I see more people coming to NYC not leaving you need to check your data before posting The problem right now is that there is too many people looking for a place to live.
I moved to Florida. Why the f234 would i live in a cold blue state. Come to Miami, or Sarasota, you’ll understand.
Cash, you should compare markets with Tokyo Japan to show why rent control, zoning laws, and red tape make rents more expensive. Tokyo is a city of 40 million people vs NYC’s 8 million , but their rents are half the cost or cheaper! 😑
Tokyo and New York are two different places. People in Tokyo are kind and have a code of ethics. The greed is what’s tearing New York apart. The laws you speak of been in place for years and rents used to be affordable.
Japanese wages have been stagnant for decades. Making that comparison without factoring in the cost of living (including the fact they have functioning public transit compared to New York) is ridiculous.
Also, many companies in Japan will have dorms built specifically for their employees to live. So pricing would factor in the wages that the company is paying overall to their workers.
New York City seems more focused on protecting landlord's ability to increase rent for their market units, rent control be damned.
@@jasonhall3693 Rents are affordable for a lot of NY'ers. The ones with low rent-stabilized, rent-controlled, Section 8, NYCHA Public Housing, or Mitchell-Lama rents. Those programs are over 50% of NYC rentals, all lower than market rate. That is what Cash should do a video on.
@@WahalawayowayoI'd hear about that kind of work housing arrangement from my mother about other Asian countries as well.
I saw that just a little while ago when NY was attempting to keep renters afloat, you have small landlords that were basically being bled dry as they couldn't evict current renters but had no income coming in to pay for maintenance, property tax and mortgages...that's really unfair for them as well. 😬
@@Wahalawayowayo Simple supply and demand. You double the number of housing and apts tomorrow, home prices and rents will drop. Anything that impedes the supply like NIMBYism and rent control only makes things worse and enrich the few. If you think it’s simply a function of greed, then by all means goto a communist country and see what the end result is. Government setting prices is a disaster in the end. Japan does not allow NIMBYism and their zoning laws encourage housing. Please educate yourself on the many informative videos on the Tokyo’s housing market here on RUclips. Only with people understanding these basic facts can we see progress. 🙏
Yeah, it sounds like NYC just doesn't have the money to subsidize renovations to increase viability and quantity of affordable units. But that's what they need to do because prohibiting gentrification is backfiring.
One word… Greed is the reason New York isn’t affordable anymore.
just leave
Greed? Greed is a constant. Greed in present in Houston, but yet Houston is affordable.
nope. supply. and. demand. and a lot of dumb laws making harder and less desirable to produce or offer housing.
Fabulous video breaking a very complicated and polarized subject down to easily understand as Marvin Gaye would say... what's goin on. Thank you Cash!
1) Since when is a sink sprayer a luxury?
2) Did you ever mention, at any point, the number of years involved in regards to losing 100K apartments? It was spread scross several decades, if I'm remembering correctly. I absolutely have sympathy for service and industry New Yorkers and others who struggle, but I also have sympathy for expanding families that did this decades ago.
Exactly, I Iive in a trailer home and we gotta sink sprayer
Sense of humor anyone?
Those apts below sidewalk level are death traps when it floods or snows.
Vancouver solved the vacant property problem by enacting a vacancy property tax. Live in it, rent it out, or pay huge tax. We also changed our purchasing laws and requirements to eliminate slumlords. We too, have a mix of market and subsidized housing here. The provincial and federal governments prop up the subsidized system. Some places are better managed than others.
That might not be constitutional under US law.
Really interesting episode. I live in Sydney Australia and Rent Controlled flats are not common. Rental prices are rising everywhere due to greedy Real Estate multinationals. They bully owners into increasing rents and they way they advertise rentals profits the agents not the owners or the renters. Real Estate people also buy flats/apartments at a loser prise than is right and they profit from this activity too. Bonds are a whole income source for agents who keep bonds illegally and get away with it due to their known loopholes in contracts.