4 ms·

> because a lot of people have finally realized you do not need to be "near" work Ok, but then why are all the house, condo and apartment prices universally up

> because a lot of people have finally realized you do not need to be "near" work Ok, but then why are all the house, condo and apartment prices universally up in the HCOL cities as well? It's not just you, I see this argument everywhere. But there's something weird about the following 2 arguments which go back to back... 1) Smaller cities, suburban, and rural areas are goes up in price because people no longer need to be in large cities for work. 2) Large cities are going up in price because nobody wants to live in the rural or suburban areas. Forget housing for a second, can someone use a form of logic that isn't circular?

Irongirl1 5y ago
Well, I'm universally always deemed wrong here, but I think a few things are at play. While high earning folks were in lockdown...they got a good look at their "new bank balances" which no longer bore claw marks from gas stations, dry cleaners, Panera/Starbucks lunches, forced office parties, etcetera etcetera. The dry powder allowed them to make down payments on places in rural areas with a bit of land for the first time. On the other side of the deck, people in the Large cities-who liked living there- realized that they could work from home -with a faster internet upgrade due to the aforementioned dry powder-and work in their onesies and get uber eats to bring them avocado toast and ice cream. Plus, when the people in the previous scenario ran away to the country, larger mouse traps opened up at great terms -for a short time only- in relatively better neighborhoods. So landlords/homeowners...being the crafty folks they are...raised their selling prices...strike while the iron is hot and all that. In this scenario, an ill wind blew in and lots of folks took advantage. It just doesn't normally seem to work out that way. I've been poking around online looking at lots of class c buildings in nyc. so many of then should be apartments instead of office blocks...solves the whole wfh problem -two birds, one stone-with one shot. as an example: 37 Union Square West. it hosted a farmers market right outside its front door pre-covid. no idea if it will be back, but this place has condo conversion/apartment conversion written all over it. now of course, the issue is supplies and workers. if its not one thing its another....

Irongirl1 5y ago

Well, I'm universally always deemed wrong here, but I think a few things are at play. While high earning folks were in lockdown...they got a good look at their "new bank balances" which no longer bore claw marks from gas stations, dry cleaners, Panera/Starbucks lunches, forced office parties, etcetera etcetera. The dry powder allowed them to make down payments on places in rural areas with a bit of land for the first time. On the other side of the deck, people in the Large cities-who liked living there- realized that they could work from home -with a faster internet upgrade due to the aforementioned dry powder-and work in their onesies and get uber eats to bring them avocado toast and ice cream. Plus, when the people in the previous scenario ran away to the country, larger mouse traps opened up at great terms -for a short time only- in relatively better neighborhoods. So landlords/homeowners...being the crafty folks they are...raised their selling prices...strike while the iron is hot and all that. In this scenario, an ill wind blew in and lots of folks took advantage. It just doesn't normally seem to work out that way. I've been poking around online looking at lots of class c buildings in nyc. so many of then should be apartments instead of office blocks...solves the whole wfh problem -two birds, one stone-with one shot. as an example: 37 Union Square West. it hosted a farmers market right outside its front door pre-covid. no idea if it will be back, but this place has condo conversion/apartment conversion written all over it. now of course, the issue is supplies and workers. if its not one thing its another....