Manhattan rents cross $5k threshold for first time

Re:Manhattan rents cross $5k threshold for first time by autaut on Thursday July 14, 2022 @08:20AM (#32094997)

Do you really think that rents in New York are because of cheap debt and not because a tiny island has been captured by billions and billions of corporate luxury development, while at the same time the supply of appartamenti is choked by there being more Airbnb places than places being rented.

Covid has been the greatest transfer of wealth upward in our lifetime, but sure it’s cheap personal debt.

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Re:Manhattan rents cross $5k threshold for first time by lumost on Thursday July 14, 2022 @08:54AM (#32095442)

I'm curious how viable permanent AirBnBs will be once interest rates rise. It's easy to make ends meet when the house rises at 20% per year, and 2 weekends pays for the mortgage. If the same house's mortgage costs 4x and doesn't sell for 6 months it's a less attractive deal.

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Re:Manhattan rents cross $5k threshold for first time by eushebdbsh on Thursday July 14, 2022 @09:15AM (#32095684)

i didn't say personal?

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