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How many (mostly) empty places do you know of in Sunnyvale or Palo Alto? I know of many in NYC, e.g. this dentist from out of state who has an apartment in the
by puzzle 8y ago
How many (mostly) empty places do you know of in Sunnyvale or Palo Alto? I know of many in NYC, e.g. this dentist from out of state who has an apartment in the UES. The markets are different at the middle and high end. (By the way, I do remember the days when Bay Area housing was quite cheaper than NYC...)
This kind of "trickle down" in NYC real estate exists, sure, but it doesn't spread very far. You could make more difference for "regular" folks if e.g. you added mixed-income restrictions on the new property, but by default the market doesn't work that way.
- taffer 8y ago> You could make more difference for "regular" folks if e.g. you added mixed-income restrictions on the new property, but by default the market doesn't work that way. Research [1] shows that these types of restrictions lead to the exact opposite: A shrinking supply of affordable housing and rapidly rising property prices. [1] http://smartgrowth.umd.edu/assets/documents/research/knaapbentolowe_2008.pdf http://smartgrowth.umd.edu/assets/documents/research/knaapbe...
- JAlexoid 8y ago+100000 - New York and Federal government fails to address the massive difference of income value between places. An annual income of 50k in Houston is equal to 100k in NYC... That also leads to lower middle class being subsidized heavily by the rest of the middle class. Which leads me to the ultimately retarded 80/20 rule in "affordable" housing in NYC. Who pays the difference between that $1200 600ft2 apartment occupied by a single New York "artist" and the market price of the rent for the same apartment occupied by a working family of two? That middle class in NYC needs 2x more money to have as much as middle class in Houston...
- Spooky23 8y agoExcept you need to live in Texas. You’d have to pay me 10x to live there.