How do people afford New York City?

It’s a problem or challenge in many places in this country and around the world.

I’ve read about areas in the western ski resorts where they are building subsidized housing to accommodate middle income folks like school teachers, firemen, etc… because the cost of housing is so high.

It wouldn’t be worth it to me to live in such places but I’m sure that many lower income people make do with multiple roommates, public transportation, two jobs, etc…

IMO the free market system eventually sorts these things out and rents reflect the ability to pay. That’s not to say that many people will face financial hardships while that process plays out.
 

Aunt Bea said:
It’s a problem or challenge in many places in this country and around the world.

I’ve read about areas in the western ski resorts where they are building subsidized housing to accommodate middle income folks like school teachers, firemen, etc… because the cost of housing is so high.

It wouldn’t be worth it to me to live in such places but I’m sure that many lower income people make do with multiple roommates, public transportation, two jobs, etc…

IMO the free market system eventually sorts these things out and rents reflect the ability to pay. That’s not to say that many people will face financial hardships while that process plays out.
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Yes, those are the NIMBY (not in my back yard) areas. The people want the resorts, but not the low income citizens working in them.
 
Good question Lawrence. When I see the house hunting shows featuring NYC apartments, often high end, I find them to be like a sick joke. People are willing to pay exorbitant prices to live in what I call "closets". I can't get past the fact that many units are in concrete jungles, with no trees or flowers in sight. Thee are some places here in Jersey that mimic NYC prices, or are damned close...like Hoboken, Jersey City, Weehawken and Ft. Lee, mostly for units that have views of the Hudson river.
 
Oldeagle66 said:
The people want the resorts, but not the low income citizens working in them.
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Yeah, I think that explains why some are in such a hurry to get robots working; then they would no longer have to deal with the ol' ickypoo low income citizens working those jobs now. (Sometimes I wonder why the very upper classes don't realize what would happen if they really were able to get rid of all the lower-than-them classes & replace with robots: who they gonna look down on and feel superior to then?
 
What I have learned about "affordable housing" in this rural area...

The federal government, during covid, granted $500,000 to this small (pop 2100) town. Some of that had to be used for affordable housing. The house behind me (where I lived at that time) was a small 2-bedroom bungalow, sorely neglected for years, was purchased by an investor/home builder. He applied for funding assistance; did some work on that house, including building an office and small apartment for himself in the very large garage. He called it "affordable" housing.

He rented it out to two unrelated individuals; note there is one kitchen and one bathroom, which they must share. Basically, it is a roommate situation. EACH of these two people pays $1,000/month rent. And the owner now has a small apartment and office from which he can operate his business. Had this house been rented as a single family residence, the rent would probably have been around $1,200/month. He worked The System. The people who now live there are trashing the place, mostly in alcoholic stupors.

I see from the Town Hall Minutes a few months ago that he has also applied for a zoning change to build a 3-4 unit duplex on the adjoining lot, also to be called affordable housing.

As soon as I heard it was to be affordable housing, I sold my house. Three years later, the buyers have sold it. Houses all around it are now up for sale. I wonder why? I am glad I moved out of town when I did. Yes, NIMBY.
 
If rent were the only factor affecting the high price of New York living (which it is probably not), One would not need to make three times as much to live there. He would only need an additional two or three thousand a month to cover the additional cost of normal rent. Although $5,000 rent does boggle my mind and would keep me from living there. But I would rather live in the woods, anyway. For people where living in New York is worth the advantages, it might even be within my reach. But then I may not be able to afford to do the things that New York has to offer.
 
I think the whole world is out of control... rents, money, trades, everything, but I know the topic is rent...

My cousin just started to rent an apartment in Ottawa for $3300 a month, plus utilities... I have NO idea how anyone could afford that... scares the h3ll out of me.. and cannot think where it will be when I can't take care of my home anymore...

We are still on 68% of the wages we made in 2008 when we had the car accident, and lost everything. I am hoping when it comes time to retire in another year, the monies will be better... But on my 2008 salary, we won't get very far...

Just can't believe the prices of everything nowadays
 
Oldeagle66 said:
Yes, those are the NIMBY (not in my back yard) areas. The people want the resorts, but not the low income citizens working in them.
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People have to commute, sorry. Like many others do for 30 years or 40 years.

OTOH, the airbnb wave that's eliminated 90%+ of the rental properties in my area has limited opportunities for many middle class people to live "in town".
 

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