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I'm not understanding, can you elaborate on your thought here? What makes you think these people were considering buying a home in 1995? They clearly were talki

I'm not understanding, can you elaborate on your thought here? What makes you think these people were considering buying a home in 1995? They clearly were talking about their 2% interest rate loan they got during the pandemic. Just because they're in their mid-50s doesn't mean they were trying to buy a home in the 90s. Also, in the 90s in Brooklyn you could get a condo for quite a lot cheaper -- the building I live in in Williamsburg was built a couple years before 1995 and the condos sold for $40k then (about $80k with inflation). Today they go for about $1.2 million. A 7.93% loan on $40k is quite a lot more affordable than on $1.2 million.

listenallyall 2y ago
What makes you think they weren't trying to buy a home when they were younger? You clearly want to own, why do you think they didn't? Williamsburg (and most of Brooklyn besides Park Slope and Brooklyn Heights) was cheap because it was pretty much a hellhole in the early 90s. Starbucks? Lol. Quality restaurants or cool nightlife? Train to Manhattan. Professional jobs? None. Murder & crime rates at their peaks. Williamsburg costs a lot because current residents benefit greatly from 30+ years of gentrification, community building and services.
- mtalantikite 2y ago
  Exactly, we can't speculate on what they did in their 20s. All we can do is go from what they said, which was basically "We can't justify moving because we'd have to get a mortgage at a much higher rate". I don't think that's uncommon. I have plenty of friends that bought with 2% interest rates, and they wouldn't be able to afford the places they got with 7% rates. It's also not uncommon for people to be in their 40s and 50s without owning a place in NYC, I have plenty of friends also in that boat. And yeah I've been in BK for almost 20 years now, I remember hanging out in Williamsburg in 2000 when I was in college, it wasn't that bad. I actually prefer the old version of it to what it is now. Sure, it wasn't the Los Sures of the 80s by the time I got here, but it was a lot more fun. I only had my life threatened once and we deescalated quickly!
  - listenallyall 2y ago
    Wait, so you're in your 40s? What was the point of mentioning that the people you overheard were in their 50s? You've spent your entire adult life, 20 years, living in one of the most "cool, hip, upscale" neighborhoods in the world, obviously that location and lifestyle comes with a high price tag. If somebody repeatedly bought brand-new Ferraris for 20 years, you'd shake your head if they started complaining about money.

listenallyall 2y ago

What makes you think they weren't trying to buy a home when they were younger? You clearly want to own, why do you think they didn't? Williamsburg (and most of Brooklyn besides Park Slope and Brooklyn Heights) was cheap because it was pretty much a hellhole in the early 90s. Starbucks? Lol. Quality restaurants or cool nightlife? Train to Manhattan. Professional jobs? None. Murder & crime rates at their peaks. Williamsburg costs a lot because current residents benefit greatly from 30+ years of gentrification, community building and services.

mtalantikite 2y ago
Exactly, we can't speculate on what they did in their 20s. All we can do is go from what they said, which was basically "We can't justify moving because we'd have to get a mortgage at a much higher rate". I don't think that's uncommon. I have plenty of friends that bought with 2% interest rates, and they wouldn't be able to afford the places they got with 7% rates. It's also not uncommon for people to be in their 40s and 50s without owning a place in NYC, I have plenty of friends also in that boat. And yeah I've been in BK for almost 20 years now, I remember hanging out in Williamsburg in 2000 when I was in college, it wasn't that bad. I actually prefer the old version of it to what it is now. Sure, it wasn't the Los Sures of the 80s by the time I got here, but it was a lot more fun. I only had my life threatened once and we deescalated quickly!
- listenallyall 2y ago
  Wait, so you're in your 40s? What was the point of mentioning that the people you overheard were in their 50s? You've spent your entire adult life, 20 years, living in one of the most "cool, hip, upscale" neighborhoods in the world, obviously that location and lifestyle comes with a high price tag. If somebody repeatedly bought brand-new Ferraris for 20 years, you'd shake your head if they started complaining about money.