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I recently discovered an interesting thing in the Brooklyn housing market. There's a new luxury apartment building that was just built in the last two years i
by VWWHFSfQ 5y ago
I recently discovered an interesting thing in the Brooklyn housing market. There's a new luxury apartment building that was just built in the last two years in Brooklyn Bridge Park. It's right on the park, has harbor and city views, and is very close to desirable neighborhoods like Brooklyn Heights and Cobble Hill. When I went to investigate renting an apartment in this building I discovered that the household can't earn more than $156,000/year gross. So that's about a junior/mid-level developer salary in NYC. Why this restriction? That's obviously not a "low income" salary, but just a "relatively" low income salary, given the location and surrounding areas.
And then when I investigated similar buildings in the same area of Brooklyn (DUMBO, Downtown BK), I found that a lot of the renters of these luxury apartment units are actually foreign university students especially from China and India. Nothing wrong with that. But now I wonder, are those students qualifying for that Brooklyn Bridge Park building because maybe they report no income and are "just college students"? And a junior web developer in NYC can't get qualified because they earn a salary that might be a little more than that? I don't understand any of this.
- wil421 5y agoAbsolutely, a junior professional can be risky based on employment opportunities and their desire to move around or even go back to their home state post college. College kids are going to more or less give you a solid year cycle and maybe up to 4 years. Major pluses if they are foreign and have rich parents. Young foreigners are more likely to stay in the same place if it’s safe and desirable, comfort is a good thing (I know I’d be this way if I was living in another country at college age).