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The research for this does account for pied-à-terres, which do exist in some number but are a tiny fraction of he total and mainly exist in a handful of Manhatt
by ch4s3 2y ago
The research for this does account for pied-à-terres, which do exist in some number but are a tiny fraction of he total and mainly exist in a handful of Manhattan neighborhoods. There are only about 10K of these in NYC[1] which is 0.27% of the 3,644,000 total housing units in the city. This just doesn't seem like a real problem when the rental vacancy rate is shockingly 1.4%[2] (of the 2,183,064 total rental units).
[1] https://www.brickunderground.com/buy/what-is-a-nyc-pied-a-terre-bricktionary https://www.brickunderground.com/buy/what-is-a-nyc-pied-a-te...
[2] https://www.nyc.gov/site/hpd/news/007-24/new-york-city-s-vacancy-rate-reaches-historic-low-1-4-percent-demanding-urgent-action-new#/0 https://www.nyc.gov/site/hpd/news/007-24/new-york-city-s-vac...
- hadlock 2y agoI struggle to believe that pied-a-terres are less than 1% in NYC, particularly in the post covid era. Maybe paid off condos in NYC owned by people who also live in Florida aren't counted somehow? Seems like everyone with a net worth of $2.5mm has two properties. My best friend's brother has a rent controlled manhattan apartment that sits vacant 80% of the time and is used as a crash pad for a rotating cast of ~12 people, what do you call that?
- ch4s3 2y agoWhy would you struggle to believe something that is accounted for in tax records and other city records? The median household income in NYC is about $70k almost no one relative to the population has a $2.5mm net worth. There are only 350,000 people in NYC with a net worth of more than 1mm.[1] Anecdote is clouding your understanding here, the idea that there are tons of empty units in NYC is just another luxury belief, it stands up to 0 scrutiny. [1] https://finance.yahoo.com/news/n-y-c-more-millionaires-110000587.html# https://finance.yahoo.com/news/n-y-c-more-millionaires-11000...