6 ms·

For an $1,100/month apartment in NYC, a $15k fee is worth it, even if you have to take out debt for it.

zeroCalories 3y ago
For real. That's almost free by NYC standards. Even if I wanted to move out I would keep renting so that I could let family use it or something. Plus, if historical trends on rent stabilized units are anything to go by, it will only get better. Honestly, I don't mind brokers. I think many people feel wronged by them because of huge bills for little perceived work, but they're not exploiting any monopolies or regulations to exist, like say for example a lot of trade workers do. If you're concerned about NYC housing you should be advocating for ways to make more housing, not killing the market with rent stabilized units and regulations.
- deleted 3y ago
  [deleted]
- SnorkelTan 3y ago
  > Even if I wanted to move out I would keep renting so that I could let family use it or something Example of why price controls on goods always seem to produce shortages of that good. Solving issues on the supply side is generally a better idea than fiddling with market prices.
zoover2020 3y ago
I think the article isn't about whether or not this is a good deal — rather it argues that people who actually need it have to pay extraordinary fees (for the average Joe, not tech folks on HN) in order to join the market. Most people don't have 15$k laying around.
nemothekid 3y ago
A 15k personal loan at 12% (no idea what loan rates are now, but 12% seems high enough) with a payback period of 3 years would be an extra $600/mo. Heck at 1 year its an extra 1,332.73/mo - you would still come in under median.
- jrockway 3y ago
  Personal loans are like 7% right now. Or at least that's what Amex quotes me every time I log in.
  - asadotzler 3y ago
    Because everyone's rich enough to have an Amex account, and no one ever turns over their car title or uses a payday lender to make rent. Everyone is exactly like me, a rich white guy living a casually luxurious lifestyle, so how could they not have access to easy and cheap capital.
    - jrockway 3y ago
      I mean, the 12% figure quoted isn't what you get at a payday loan place.

For real. That's almost free by NYC standards. Even if I wanted to move out I would keep renting so that I could let family use it or something. Plus, if historical trends on rent stabilized units are anything to go by, it will only get better. Honestly, I don't mind brokers. I think many people feel wronged by them because of huge bills for little perceived work, but they're not exploiting any monopolies or regulations to exist, like say for example a lot of trade workers do. If you're concerned about NYC housing you should be advocating for ways to make more housing, not killing the market with rent stabilized units and regulations.

deleted 3y ago
[deleted]
SnorkelTan 3y ago
> Even if I wanted to move out I would keep renting so that I could let family use it or something Example of why price controls on goods always seem to produce shortages of that good. Solving issues on the supply side is generally a better idea than fiddling with market prices.

zoover2020 3y ago

I think the article isn't about whether or not this is a good deal — rather it argues that people who actually need it have to pay extraordinary fees (for the average Joe, not tech folks on HN) in order to join the market. Most people don't have 15$k laying around.

nemothekid 3y ago

A 15k personal loan at 12% (no idea what loan rates are now, but 12% seems high enough) with a payback period of 3 years would be an extra $600/mo. Heck at 1 year its an extra 1,332.73/mo - you would still come in under median.

jrockway 3y ago
Personal loans are like 7% right now. Or at least that's what Amex quotes me every time I log in.
- asadotzler 3y ago
  Because everyone's rich enough to have an Amex account, and no one ever turns over their car title or uses a payday lender to make rent. Everyone is exactly like me, a rich white guy living a casually luxurious lifestyle, so how could they not have access to easy and cheap capital.
  - jrockway 3y ago
    I mean, the 12% figure quoted isn't what you get at a payday loan place.