Manhattan rents cross $5k threshold for first time

Re:Manhattan rents cross $5k threshold for first time by m_ke on Thursday July 14, 2022 @11:39AM (#32097467)

Because I grew up in Brooklyn and Queens and saw what all of the new development did to the demand. The street that my grandmother used to rent an apartment for in the early 2000s for under $1k/month now only has units that go for $5K/month.

Here's greenpoint as an example: https://www.zumper.com/rent-research/new-york-ny/greenpoint. Same goes for LIC.

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Re:Manhattan rents cross $5k threshold for first time by truffdog on Thursday July 14, 2022 @07:01PM (#32102414)

As a Californian, if the demand is there, it will eventually bid up trash fire apartments to 2k a month, even if they're still colocated with violence and bad schools, you don't need to induce any demand with development.

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Re:Manhattan rents cross $5k threshold for first time by pgodzin on Thursday July 14, 2022 @05:31PM (#32101696)

Maybe because Greenpoint and LIC became a lot more in-demand in those 20 years and development followed the demand?

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Re:Manhattan rents cross $5k threshold for first time by m_ke on Thursday July 14, 2022 @05:49PM (#32101866)

You have that backwards. Bloomberg rezoned the queens and brooklyn waterfront for his real estate investor buddies, which gentrified the shit out of these neighborhoods and brought in a ton of people that would have never dared to cross the east river.

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Re:Manhattan rents cross $5k threshold for first time by pgodzin on Thursday July 14, 2022 @06:46PM (#32102308)

So they allowed housing to be built to meet the demand of living on the waterfront.

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