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>>>and put up mid/high-rises that could house 10x more people and bring down prices. Except rent prices never go down. This is what you outsiders don't freaki
by mikecane 13y ago
>>>and put up mid/high-rises that could house 10x more people and bring down prices.
Except rent prices never go down. This is what you outsiders don't freakin understand. Even if you got rid of the rent control and stabilization laws, made it all "free" market, you'd never, ever see a decrease in rents. When people fled post-9/11 and no one was renting, rents did not go down. They side-stepped that by offering one or two or three months of "free" rent, while the registered rent remained in the city's books. Rents never decrease. And never will unless there is some catastrophe that makes the city inhospitable.
- rayiner 13y agoFirst, there is no reason to believe outsiders to NYC have a better or worse grasp of the underlying economics than insiders to NYC. Prices in NYC do go down. Rents in NYC fell 10-12% during the down turn (and of course 2-3 months of "free" rent is economically indistinguishable from a drop in rents). Moreover, rents are sticky like most prices. What increased supply does is keep the rent from going up so quickly.
- michaelochurch 13y ago(and of course 2-3 months of "free" rent is economically indistinguishable from a drop in rents). I hate the "free months" with a passion, because they carry an implicit rent-raise next year: even if rent stays the same, your effective rent rises because you're paying for 12 months instead of 11. I usually try to negotiate the "free months" into a lowered rent (e.g. $2250/month instead of $2400 with a one-month concession). It means that I pay a little more in the first year, but next year's rent will be anchored to this year's.
- danielweber 13y agoIf there are laws that limit how much rent can go up, it would be incredibly stupid to ever ever ever lower your rent. Hence the games you see being played.