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Well, if there was any hope of me being able to afford an apartment in NYC in the next few years, that hope is now extinguished. Let the wildly speculative hou
by Nelkins 8y ago
Well, if there was any hope of me being able to afford an apartment in NYC in the next few years, that hope is now extinguished.
Let the wildly speculative house buying begin!
- bradleyjg 8y ago25k people in nyc, even very well paid, is a drop in the bucket. It’ll have a big impact in LIC. Astoria, Greenpoint, and Sunnyside will also be impacted. But beyond that the effect will fall off rather steeply.
- rajeshpant 8y agoYou are missing a point. every 1 regular job creates 3 non-regular jobs in the market. New businesses like restaurants, coffee shops etc will created which will boost local economy.
- wpietri 8y agoI would like to see the math on that. The proportion seems impossible to me.
- hyperpape 8y agoIt’s debated, of course: https://en.wikipedia.org/wiki/Local_multiplier_effect https://en.wikipedia.org/wiki/Local_multiplier_effect
- bradleyjg 8y agoHave you been to LIC recently? It’s not like it’s bereft of coffee shops right now. Posters are here are making the same posts as they would have made if this article was about Akron. But NYC is not Akron, even if it happens to be NYC across the East River.
- partiallattice 8y agoEven still, that's only 100k jobs. There's already more than 4 million jobs in the city alone. A 2.5% increase in jobs is just not going to change that much. Cyclical employment changes alone are much, much larger than that.
- Nelkins 8y agoIt may be a smaller bucket than you think. There's not more than a couple hundred (probably less) listings that are in a semi-affordable price range (400-600k; high, but affordable on low six figures) within a 30 minute commute to LIC. 10k FANG-level salaried employees will snap that up in a heartbeat.