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That's partially true. Not sure where you are from, but as opposed to places like San Francisco, NYC has a functioning real estate private sector that reacts ra
by raiflip 8y ago
That's partially true. Not sure where you are from, but as opposed to places like San Francisco, NYC has a functioning real estate private sector that reacts rationally to increases in demand by increasing supply. This is not to say gentrification is not a thing, but it's not like in San Francisco where there's basically a set housing stock and new people completely displace the old people. Instead new people displace some of the old residents, but they also rent or buy newly built housing. In the long run Amazon's choice is probably good for nyc. It could be very good if nyc manages to get its act together regarding subway and infrastructure.
- gorkemyurt 8y agoIn case you didn't know SF has been building more housing/per capita than New York City for a while now..
- magic_beans 8y agoWhere is this housing you speak of???
- gorkemyurt 8y agohttps://sf.curbed.com/2016/8/10/12430444/sf-apartment-construction-rate-high-housing https://sf.curbed.com/2016/8/10/12430444/sf-apartment-constr... And San Francisco? Our 4,100 new apartments is just one per 204 persons. Only three cities managed to do less: San Diego (225), Chicago (324), and New York City (396).
- sinker 8y agoAnd yet NYC still has some of the highest rent in the country. For someone making 60k or less it doesn't matter much if the rent is 2k or 3k a month, it's all totally unaffordable anyway and those people are either pushed further out from where they work, or if they're young they split the rent amongst 2-4 people.
- raiflip 8y agoThose are Manhattan prices. If you travel more than 10 minutes outside Manhattan the rent drops. This normally means long commutes, but with the new HQ in queens, workers could commute from the cheaper parts of queens.
- sinker 8y agoMaybe six or seven years ago. Any neighborhood close to Manhattan is already dealing with the issue of high rent.