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Strategic? David, I can barely afford my yoga pants after paying rent! Maybe winning the lottery is the only way to become a millionaire in NYC anymore.
Yeah, easy for you to say, Mr. Fancy Finance Guy. Real estate? In this market? You need a million bucks just for a down payment on a shoebox apartment.
In the DC area. 16 mile radius from the white house Property tax, 5k, utilities, 8k, 13k for housing, for 4 bathroom house on a quarter acre Then groceries, 2k x 7 people, is 14k for groceries Plus a used car for groceries and emergencies, 7k yearly Basic needs for 2 parents and 5 kids, under 35k yearly Easy living, with access to plenty of high income hybrid jobs, teleworking options for the whole family.
@@cib3r_ That close to the White House in DC is a ghetto neighborhood. I drove through there in April, and I was shocked at how "rough" it was, that close to the White House.
I left NY in 2004. I was born there. I loved Long Island where I grew up. And could & did rent a cheap (crappie but decent) apartment in Manhattan. It was on the lower east side in around 1980 - not a good neighborhood, but cool & affordable. Ended up in Westchester with family life - middle to upper middle class. When I sold our house in 2004, I couldn't have afforded to buy it! I don't know how all the rich people are going to find anyone to do any of the work for them now. Police, firefighters, sanitation workers, maids, cooks, nannies etc simply can't afford it anymore. It began with gentrifying every neighborhood to the point that it forced out so many. I barely recognize the gritty but beautiful and exciting city I lived in & around for 40 years. It's sad really.
What's wrong with LES? i'm living in NYC this summer and i got a place in LES, i pay 1950 a month for the bigger room in the unit... a lot more than the 1000 rent i pay back in the city i'm from
I live in an expensive neighborhood in Manhattan and this is definitely true. The rents don’t stop going up. My goal is to buy a co-op with my partner in about 3-5 years. I’d rather pay co-op fees than rent increases.
I lived in Brooklyn for 25 yrs until Yuppies came in and continued to price everyone out. Moved to Bronx for the next 14, but the landlords got greedy n wanted high rent for the ghetto. So I purchased a COOP in Mount Vernon, and I'm 30 min from Manhattan. Now I have grass rabbits n clean air in a 98 yr old well kept building
Media and young intellectuals live there, so it will always be portrayed as a huge problem. Why can't other cities be made to have the same advantages of NYC? The real reason people want to live there is that it's the only escape in America from the endless stretch of highway, parking lot, suburban subdivision, and strip mall. The only place you can walk around rather than being stuck in a car. Yes, there are areas of Boston, DC, etc., but NYC is the only real city.
Echoing this! I live in Manhattan, don’t drive, and I’m very solidly New York middle class (salary of $100k). I could move to DC, Boston, San Francisco, or Philadelphia, but…they all feel stifling in different ways. It’s NYC or choices abroad if you want a real, walkable, large city
@robinhood6077 If you live in an ok area of Manhattan in an ok apartment, you have probably been spending half of your gross salary on rent; how on Earth this makes you "middle class"?
@@robinhood6077 I agree with you about NYC. I live in Queens - I cannot afford Manhattan - but I don't want to live anywhere else but NY. I was raised in Los Angeles and lived there for decades, visited San Francisco often, and Boston occasionally - but there is NOWHERE like NYC! I am here until I die.
Hong Kong housing prices got a bit down but are still insanely priced, but as least we have public housing unlike America, also other expenses are probably cheaper than in New York
Who knew that not building housing to meet demand where people want to live woumd cause prices to rise. Specifically state constructed affordable housing to keep housing prices in check in meaningful quantities is the big problem due to not being built in sufficient numbers to meet demand.
Ah yes, the key to New York’s housing crisis is to give more power to property owners and housing developers, this definitely isn’t a continuous psyop by landlords and investors online.
Sounds like NYC is becoming something like Doha in Qatar. Where you have a lot of wealth concentrated in the major parts of the city. While immigrants make up the working class that handle the labor jobs.
One other major factor that is affecting the whole of the US, Canada, & even Europe is the change in housing size demand. The demand for 4-5 Bedroom units from the Millennial/Gen Z pop is much lower while 1-2 Beds have a substantially higher demand. We dont just need to build more, but reshape the existing. Families have less people than before and many housing units were built decades ago for larger families
Well, I have a driver's license and I live in NYC - but when I lived in California I also had a driver's license. No problem having a license. Easy to get - minimal fee, easy test.
Forty nine other states are to blame? Likely not true. In most states you can live decently with 50k a year. Specific cities, maybe not. For most of the US? Definitely true
@@MbisonBalrog But many of us live without cars in Manhattan most days, and just rent a car when we want to go to the Pocono Mountains or to Bear Mountain in Upstate New York - and live without a car most of the time, just riding subways and buses. No place to park here in Manhattan - easier to taek the train.
This fucking disgusts me. It's now known as some "rich playground" despite it having a HUGE history of WORKING/LOW CLASS immigrants and populous, but then things happened and here we are. Our most culturally diverse and amazing and convenient city ruined by (from what I've heard) rich people doing fishy shit, landlords getting greedy, bad city management from the council itself, and everybody deciding to flea back into the city from their suburbs because it's now "trendy." Ruining the culture slowly, day by day.
@@AbimaelLopez-hz3qq New york is not a dangerous city. I live in chicago u cannot convince me even the most dangerous neighborhoods in new york are actually all that dangerous
Look up OER (owners equivalent rent) in NYC and you’d be surprised how much owners have to pay in HOA and property taxes. That’s why the rents can’t go down much and all the new construction is on the high end.
What will New York do without the cleaners, and cooks, and laundry workers and construction and repair people, will they also be millionaires? Where will the working class live? Is the plan to create a permanent and generational underclass? That so far as what we know of history, always fails and civilizations that go in that direction, collapse.
This is the Hunger Games movie franchise playing out right under our noses. World Economic Forum in 2016 said "You will own nothing and be happy". What they meant was THEY (the global elites) will be happy when we all own nothing.
Manhattan native here. Your rent/housing cost stats reflect only the open market. Approximately half of NYC rental units are either rent "stabilized" or rent "contolled." The price points of these units are respectively probably 50% and 90% below the free market values you cite. This creates a two-tier system that enforces a non-stop upward spiral of rising open market rents.
12:05 that’s not true. Many poor people are forced to be here. If you’re on parole or probation, you legally can not leave. Most of these people are innocent and took plea deals to avoid risky trials with unreliable public defenders, and with felony convictions, it becomes nearly impossible to secure a job or a place to live. Basically, the most vulnerable people who are hit the hardest by inflation are the only ones who literally CAN NOT leave. We need to do away with this idea that once somebody is accused of a crime, they’re a bad person who deserves to suffer. That’s just objectively evil.
A lot of people are essentially forced to live here though. This is where people's family and professional networks are. You might be a white collar professional who would love to leave but you don't have network opportunities outside of the city and moving cross country for a job is incredibly risky if it's even available. You might be a young working family, if you move there goes your family network, your child care, your social life, your safetynets etc.
It’s not only New York City it’s Los Angeles, San Francisco, San Diego, Miami, and most of Florida in that matter the state of Maine Boston practically the entire country. And it’s not just the US that has this problem when I look at all these cities and countries that have an all-time inflation with a terrible homeless situation With people sleeping on the streets, trash everywhere, piss and shit on the sidewalk and alleyways with crumbled infrastructure and disgusting living conditions and no affordable living anywhere. When you connect the dots it’s very clear that it’s not a left right issue a geographic issue or any form of government or so it’s a population issue. There are too many people on the planet and the world running out of resources. so another words we are overpopulated and there are not enough homes for everyone because if they are building more and more houses apartments, businesses and roads changing the climate and we still have a home shortage then it’s overpopulated and there aren’t enough homes for everyone and keep hearing and seeing the same topics over and over and over
Global birth rates peaked in the 1960s. The world's population is declining. And there are many affordable places to live in America. Do some research on how many vacant homes there are.
You are correct that the birth rate is slowing, but you have remember it is a RATE, which means is the first derivative and that means it’s second derivative it’s negative because the rate is going down, but the rate is still positive and we’re still gaining new people every second. The Population is still going up, maybe someday in our lifetime we will have a negative birth rate.
I should add the birth rate is still above the replacement value of two, so it’s still increasing. Once it drops below that more people die than are born.
Agreed. You wanna solve the climate crisis, housing crisis, water crisis, food production crisis, geopolitical crises, inflation, and even the college admission scarcity crisis, it’s pretty simple. That means lowering the overall fertility rate on a global basis with some caveats for parts of the developed world that face demographic contractions. There are simply not enough resources to satisfy the now 8 billion people on Earth. At 6 to billion we were pushing it, but it was sustainable. At 8 billion+ we have not evolved our technology, governance mechanisms, economic mechanisms, or ecosystems to support and maintain this level of people as lifespans increase. Yes, birth rates have slowed but the population stabilization effect will lag the decrease in birth rates. We need to stabilize things in the meantime.
Real question: why don't the local, state or federal government build affordable houses for people in NYC and other cities in the USA? In Brazil that's how we are tackling, albeit slowly, the home affordability crisis
Actually the drive in NYC and the US in general is to get rid of rent controlled apt and public housing. 1/2 the people who were thrown out of public housing in Newark back in the early 2000's are still homeless.
The goal of capitalism is to concentrate as much wealth as possible for as few people as possible, so I'd expect that especially Americans would see this situation as something positive rather than negative?
No, that is not the goal of capitalism. That's Democrat policy that does that. Corporations overwhelmingly support Democrats. Billionaires overwhelmingly support Democrats. Small businesses support Republicans.
Yes, it does. Private equity is the evil doing of Republicans in this country. Ronald Reagan got the ball rolling through massive deregulation and union-busting everywhere. Private equity firms are destroying the middle class and will send this country into the next Great Depression. If Trump is elected, this will become a reality. Vote out every Republican at the state and federal levels if you are eligible to do so. Republican billionaires are controlling everything in this country.
They’re not the sole reason, but their housing policies do play a huge role as to why it’s so expensive also. Obviously not pulling a “this a purely democrat issue” but this is just as much a politicians issue as well (doesn’t matter which party)
@vaishx But they are the majority reason why NYC is such a shit place rn. Like in what timeline is it normal for the city to send the national gaurd to deal with crime in the subways?
Construction is a big factor in driving NYC's economy. It's interesting seeing the unintended consequences that arose when the 421a developer tax breaks were not renewed along with the 2018 rent regulatory acts that basically prohibited landlords from increases on rent-stabilized apts. The effect being no old units could be refurbished and returned to market which inadvertently created a shortage of available affordable housing. There is screaming about greedy landlords, but there is a cost to maintaining any product and when it is artificially held back - the long term affect is quite expensive. Like any other attempted hack - it eventually catches up and creates crisis. There is an ebb and flow to economies; you cannot take from one place without affecting another.
real estate companies pricing a closet in midtown for $5 billion (i was priced out of the city into Long Island since my Appalachian wallet can afford to live there)
Random thoughts: 1) the taxes are insane. You need to make 120K to survive but that is taxed like you're a rich person. I got a raise from 120K to 130K and it was like $200 more a month after taxes. Adding SS + medicaid + NY short term disability tax + NYS + NYC tax, it is almost 50 tax rate. 2) Diversity? Not really anymore. Everyone being from Central America and speaking Spanish is not only not diversity, but making me feel like an outsider.
Agree with your 1st point about taxes being insane. But as far as your 2nd point it is still VERY diverse. Asians by % of the population have been increasing for example. I will say I’ve noticed Central Americans do a ton of the ‘hard labor’ - whether it be restaurant work, construction, etc. Maybe that’s what you were getting at.
You're right about the taxes. It's basically 33% of your income. I told a new graduate once that whatever they offered him, subtract 33% of that because that's what you'll actually be getting every month.
@@borginburkes1819 why don't you think? Let me put it this way. I make enough to rent a studio apartment in an average area, if I tried to sign a lease today. I max my 401K to lower taxes and still, my total tax rate is 33%. Something like 38K last year. Surely I would have money to spend to boost the economy if I wasn't spending it on my bloated city and state, known for wasting money. I do need car repairs, dental work, and I haven't travelled due to my budget so maybe I'd go somehwere. or eat out...
The fact is that if you want to live in an exciting city, you're going to be competing with a lot of other people who also want to live there. It's going to be more expensive.That's everywhere in the country. There's still affordable housing in the midwest and south. And time goes by so much faster there. A lifetime of the same old thing goes by in the blink of an eye. You won't even notice.
I went to NYC in 2022 and it was a great but i was curious on rent prices and man my pockets hurt looking at those average places for absurb amounts of money. Im from the midwest and I think I will stay put 😂
You can’t afford a 3k apartment here if you make 130k a year. Whoever did the math is still getting allowance from daddy. To afford a 3k unit comfortably here (meaning you are saving, paying student loans, bills, having a basic nyc social life, traveling 1-2 times a year and not living paycheck to paycheck) you’d have make at least $180k
Not to mention owning property, which is something people from elsewhere traditionally aspire to. In NYC, it is something only possible for people that are very rich
@@OverEast34 the “general rule of thumb” hasn’t been accurate in at least a decade. And obviously everyone’s situation is different, that’s why I’m saying what’s generally comfortable. I know because I’ve been poor in nyc and now within the top 5%. If you are paying 3k alone and don’t make min 180k you are living beyond your means.
I am living well in NYC and am NOT rich. It is possible to find an affordable apartment and live well. Difficult, but possible. It took me five weeks to find my place, but I did it. You just need to work at it, as a full time job, until you find it.
@@carleonking1852 This is a nasty comment you made. Millions of people live here in NYC - many people love New York City. We have lots MORE people here than in YOUR town which shows how good our city is.
@@cathynewyork7918 I'm from brooklyn, NY East flatbush. Lower your tone. Bet you didn't think someone born and raised in NYC can actually not like NYC. Pure ignorance 😄You could've learned why instead of "Well we have this and that. We're better than your home town!" 😆
@@aariarose here in California, i get paid $120/hour. Meanwhile when i was still in the east coast i get paid $45/hour only and everything is expensive. Although its expensive here in california but still i can save more money here.
@@d3r3kyasmar so true. It is expensive everywhere. Personally, I think there’s more to offer in California so I rather pay to be here but to each their own.
In the DC area. 16 mile radius from the white house Property tax, 5k, utilities, 8k, 13k for housing, for 4 bathroom house on a quarter acre Then groceries, 2k x 7 people, is 14k for groceries Plus a used car for groceries and emergencies, 7k yearly Basic needs for 2 parents and 5 kids, under 35k yearly Easy living, with access to plenty of high income hybrid jobs, teleworking options for the whole family.
Thank you for pointing out population decline. During the pandemic apartment were somehow like 20% vacant (as in not rented) and all the financial demagogues railed about how NYC is done and will never recover: the next Detroit. Meanwhile 4 years later population has declined, NYC has built (not much) housing yet apparently vacacies are at 3% lol wut?
The vacancy rate is very high; over 20%. You have a lot of rich people given free apts in NYC thanks to our tax money, but they don't live in them. They just lay empty. I knew someone who was given 12 free million plus dollar co-ops just for being rich.
People talk about crime as if it was the worse thing in the world. But it did allow many people to stay. Of course some people got killed, but not on the level of those who left. So you can effectively get rid of poor people by raising rents vs being in a crime neighborhood that they have adjust themselves to coop. But at least they can live in the city vs being forced into a city where they must drive everywhere.
First the city, state, or feds should build. There are many places in Queens, Bronx, and Brooklyn to do so. The “millionaire” apartments are not like you showed but tiny average apartments that would go for cheap elsewhere. Brooklyn is a way, way, better place to live. Queen is getting there too. Manhattan is like I said dull in even what you used to be lively fun areas.
5:10 shows that population of NewYork increase less than the number of houses. So maybe the median salary in New York is too high. The salaries need to be reduced.
@@titanicisshit1647 There are more houses now relative to population size than before. So why are New York house prices high? I am fine with higher prices but if they need to be lowered then the only option is to reduce salaries of people. After all, I repeat that there are more houses now than the earlier time periods relative to population size of NewYork.
@@firstpostcommenter8078 houses would 200 times cheaper if you go to rural afghanistan , the universe's purpose isn't to decrease nyc house prices at all costs ,reduce salaries wtf
@@titanicisshit1647 Correct. NYC house prices being high is fine. There are more houses relative to population now than ever before. If people want houses for very less prices relative to salaries then they should buy in small towns, Not in the global cities. I keep seeing people of global cities complaining that they had to leave their city due to un-affordability. Well, people in small towns and villages also have to leave their home towns because of lack of jobs. The root cause for both the issues is the same. Jobs being concentrated in one place. Either spread the jobs or let the global cities be unaffordable. No one has a right (even people who grew up there) to global city if all jobs are concentrated there.
I appreciate the quality of the composition of video and audio of this video. But as a piece of feedback the actual information in this video was incredibly shallow. In the end this video could've been a paragraph of content.
hallo millionaire here! 👋 if you cant afford to live in a penthouse in Tribeca can you really afford to live at all?? ha ha (i have 10 dollars in my bank account welp)
Please STOP talking about NYC and showing Manhattan only. There's 5 boroughs, and no most people in Queens Brooklyn Bronx(especially) Manhattan or Staten Island are not millionaires.
ehh... NYC has always been expensive. I mean yeah, in 1980 Alphabet City would have been a lot cheaper than today. That's because it was a ghetto. I'm sure you can still get an affordable apartment in Brownsville. Was the Upper East Side cheap in the 80s? Doubt it. I've read newspaper articles from the 1970s that mentioned how high rents are in NYC. That being said, cost of living has definitely gotten worse the past few years - I think that's true everywhere. But it's more problematic in NYC because NYC was already bad to begin with.
NYC is overdue to deteriorate. Why we pretend in this technological age that NYC remains a hub of finance and other attributes is some kind of collusion maintained by a fleet of landlords. technology should start decentralizing these financial meccas and as that happens all that followed that should flow to other regions. The dilemma here is these things are always initiated by a few. The same who mostly flock to NY now wouldn't have been the kind to settle it in it's farming days. We need more infrastructure built by strategic folk to meet the allure of NYC. It's a lazy population that instead of building more epicenters just clings to those they would never have founded themselves. Everybody wants to be a Yankees bench player nobody wants to create a league anymore.
It's a fools paradise, for fools caught up in the game. Enjoy it fools. I hope you all love it, you will all find happiness. You can have it.... give me the bush, kangaroos, and cerlues. You guys stay where you are and destroy each other.
You couldn't pay me to visit NYC. It has come full circle to the late 80's in being a cesspool of crime and corruption and a disgusting blight of urban decay.
This won't stop with New York city, or LA, or San Francisco. This will happen every where in the US in the coming years. The middle class will slowly disappear from the U.S. entirely.
In the DC area. 16 mile radius from the white house Property tax, 5k, utilities, 8k, 13k for housing, for 4 bathroom house on a quarter acre Then groceries, 2k x 7 people, is 14k for groceries Plus a used car for groceries and emergencies, 7k yearly Basic needs for 2 parents and 5 kids, under 35k yearly Easy living
You don't know what you are talking about. NY is in now way like the 1970s not even close. From the adult Times Sq of the past down to all of downtown nothing in Manhattan is abandon. Brooklyn, Queens, and the Bronx are all filled with new immigrants from the 3rd world and are mostly middle to lower middle class. Everything has gone down hill from the Giuliani and Bloomberg days but still nothing like the 70s. You had to be there for yourself to know what I am talking about as I was a teenager back in the 70s
