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There's no such law, it's a general guideline that it be between 42-52 times the rent. Which makes a ton of sense to me. While rent is "extreme" for people wh
by jawngee 18y ago
There's no such law, it's a general guideline that it be between 42-52 times the rent. Which makes a ton of sense to me.
While rent is "extreme" for people who don't live here, you should also consider that we generally don't have the same expenses as people in the burbs or elsewhere. We don't own cars, we don't buy gas, etc. That right there knocks $500-750 off your living expenses. Furthermore, you need to consider rent in NYC as a culture tax because no where else in the world will you find anything remotely similar in terms of fashion, design, art, food, etc. You might think you're approximating it with the Olive Garden in suburbia, but you aren't even close.
PS. I pay $2550 for a 3 bedroom with a backyard in the second nicest neighborhood in Brooklyn.
- wallflower 18y agoThanks. Good to hear 52x is not a law. But it is a very good rule of thumb for rent affordability. I think NYC is also much more diverse than other cosmopolitan cities because of their successful rent stabilization policies. Re: Olive Garden - I escaped the suburbs to live in a major city but it doesn't compare to NYC of course. Where else will you have 5k restaurants and night-life at 3am (Paris, maybe..) I go up to NYC quite often because I have family there. I was in Brooklyn recently. Nice to hear that there is a startup scene there. Saw lots of new loft construction going up everywhere near Grand. Sadly the Brooklyn Brewery was closed. BTW - Highly recommend Lily Thai (restaurant) "The Housing Virgins of NYC" http://www.nytimes.com/2006/08/24/garden/24new.html?_r=1&n=Top/Reference/Times%20Topics/People/G/Green,%20Penelope&pagewanted=all&oref=slogin http://www.nytimes.com/2006/08/24/garden/24new.html?_r=1&... Rent-stabilization on the UWS [http://en.wikipedia.org/wiki/Mitchell-Lama http://en.wikipedia.org/wiki/Mitchell-Lama].