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Because the needs of renters are pretty much the needs of young working people and the needs of landlords are the needs of the entrenched? 70's line of thinking

Because the needs of renters are pretty much the needs of young working people and the needs of landlords are the needs of the entrenched? 70's line of thinking doesn't work anymore, the world's vastly changed.

CoolGuySteve 8y ago
What a backhanded dismissal. The cost to buy is not much more than the cost to rent in NYC for most property. NYC's regulations around coop and condo ownership are also fairly progressive. The only real barrier is the traditional down payment size, which is typically 20% here. We should be encouraging more young people to buy and build their wealth.
- goldfeld 8y ago
  We should be encouraging more people to be born into wealth because then everyone would be happier! Since you think I'm flippant, let me elaborate. The real barrier is financial security and knowing you'll keep making those payments. Renting is not the same (you can always, maybe, go live somewhere much cheaper than the current, even it's way across the country.) The way you think shows a lack of familiarity with actual hardship, or just, you know, normal life for most people nowadays.
- tropdrop 8y ago
  There's nothing wrong with encouraging young people to build wealth. However, as we saw in '08, the housing market is a less sure bet of wealth than was previously thought - not to mention changing climates make the value of some properties highly questionable (rising coastlines - maybe? How fast?) Further, young working people frequently move from city to city to even a new country every couple of years, and quite casually (the kind who could, in theory, afford to purchase a property in New York, who are a very small percentage indeed). So OK, I purchase a property in New York. But my job now calls me to San Francisco. I have to manage that condo (Maybe I'll Airbnb?) in addition to paying a new equally pricey payment of rent in SF. And because of my demanding work schedule at a tech company, I won't be able to physically check on my property very often. I might have to hire someone to do it for me. Oh no - I now also have to have both home owner's AND renter's insurance. And next year I have to work for 6 months in Berlin, so I'm going to have to find someone to sublet from my 1-year lease in San Francisco... I'm now spending all my free time just trying to manage 3 properties instead of trying to build my own company/find a mate/obtain a higher degree.
- opencl 8y ago
  Ah yes, the only barrier to building wealth is already having enough wealth to make a downpayment. Which most people in NYC do not have because they're spending so much of their income on rent. How are you supposed to encourage people to buy things that they don't have any money to buy?

CoolGuySteve 8y ago

What a backhanded dismissal. The cost to buy is not much more than the cost to rent in NYC for most property. NYC's regulations around coop and condo ownership are also fairly progressive. The only real barrier is the traditional down payment size, which is typically 20% here. We should be encouraging more young people to buy and build their wealth.

goldfeld 8y ago
We should be encouraging more people to be born into wealth because then everyone would be happier! Since you think I'm flippant, let me elaborate. The real barrier is financial security and knowing you'll keep making those payments. Renting is not the same (you can always, maybe, go live somewhere much cheaper than the current, even it's way across the country.) The way you think shows a lack of familiarity with actual hardship, or just, you know, normal life for most people nowadays.
tropdrop 8y ago
There's nothing wrong with encouraging young people to build wealth. However, as we saw in '08, the housing market is a less sure bet of wealth than was previously thought - not to mention changing climates make the value of some properties highly questionable (rising coastlines - maybe? How fast?) Further, young working people frequently move from city to city to even a new country every couple of years, and quite casually (the kind who could, in theory, afford to purchase a property in New York, who are a very small percentage indeed). So OK, I purchase a property in New York. But my job now calls me to San Francisco. I have to manage that condo (Maybe I'll Airbnb?) in addition to paying a new equally pricey payment of rent in SF. And because of my demanding work schedule at a tech company, I won't be able to physically check on my property very often. I might have to hire someone to do it for me. Oh no - I now also have to have both home owner's AND renter's insurance. And next year I have to work for 6 months in Berlin, so I'm going to have to find someone to sublet from my 1-year lease in San Francisco... I'm now spending all my free time just trying to manage 3 properties instead of trying to build my own company/find a mate/obtain a higher degree.
opencl 8y ago
Ah yes, the only barrier to building wealth is already having enough wealth to make a downpayment. Which most people in NYC do not have because they're spending so much of their income on rent. How are you supposed to encourage people to buy things that they don't have any money to buy?