New York’s Wealthiest Cut Losses as Manhattan Real Estate Falters

Re:New York’s Wealthiest Cut Losses as Manhattan Real Estate... by ummonk on Thursday November 29, 2018 @04:54PM (#18564456)

I mean it's not just in NYC and SF. There is a housing affordability crisis in basically every cosmopolitan city in the world. And it's clearly generational - people who grow up in these cities are unable to afford to purchase there, despite being in the same socioeconomic class as their parents who did purchase there.

There seems to be a global undersupply of housing development in the largest cities.

My guess would be that the growing information economy has meant a much denser concentration of well-paying jobs in a small fraction of cities (farming was obviously very spread out, and industrialization somewhat spread out as well, since factories naturally require space), coupled with the double populaton bulge from baby boomers and their children, the millennials. Additionally, outside East Asia, communities seem to have become increasingly unable to dream big and invest in large scale development.

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Re:New York’s Wealthiest Cut Losses as Manhattan Real Estate... by toasterlovin on Friday November 30, 2018 @12:08AM (#18566865)

And the dual income, no kids phenomena really fucks with real estate prices, since those couples need less real estate and can pay for it with two incomes.

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Re:New York’s Wealthiest Cut Losses as Manhattan Real Estate... by downrightmike on Friday November 30, 2018 @12:48PM (#18570842)

A lot of the issue is how did we anticipate going from 1 billion people to over 7 billion? We didn't There are a lot of people that need somewhere to live and the supply doesn't keep up with the population that is always growing. If a couple raised kids in an area and those kids want to stay there and have their own homes, while their parents also stay and have their own homes, the demand multiplies per every kid.

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