How do people afford New York City?

Sunkist said:
I asked another person this question but didn't see if the person answered- what is a co-op????
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From what I understand, owning a condo means you actually own that unit and the use of the common areas (pool, gym, etc).

In a co-op situation, you own "shares" in the "corporation", which gives you the right to live in your unit. You own, maybe 3% of the building ("corporation"). The guy next door, who has a bigger apartment, might own 5%.

The really ritzy buildings in New York, I think, are mostly co-ops because in a co-op you have to have the "approval" of the other owners to get into ownership. That way, they can keep out the "riff-raff", however rich they might be (as in "we don't want 'that sort' to live here", 'that sort' being rock musicians, Saudi oil barons, Euro-trash, porn stars, etc). In books I've read, the other owners can vote to let you buy in or can black-ball you. In a condo, the unit can be sold to anyone who has the moolah and if you don't like it, tough.
 
jujube said:
From what I understand, owning a condo means you actually own that unit and the use of the common areas (pool, gym, etc).

In a co-op situation, you own "shares" in the "corporation", which gives you the right to live in your unit. You own, maybe 3% of the building ("corporation"). The guy next door, who has a bigger apartment, might own 5%.

The really ritzy buildings in New York, I think, are mostly co-ops because in a co-op you have to have the "approval" of the other owners to get into ownership. That way, they can keep out the "riff-raff", however rich they might be (as in "we don't want 'that sort' to live here", 'that sort' being rock musicians, Saudi oil barons, Euro-trash, porn stars, etc). In books I've read, the other owners can vote to let you buy in or can black-ball you. In a condo, the unit can be sold to anyone who has the moolah and if you don't like it, tough.
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That's interesting! Thanks for the info!
 
Years ago I read a book titled “Getting by on $100,000 a Year”. I was about a guy who made $100 grand a year in salary and was struggling to live a fun life in NY city. I think that was in the 1980’s. Today, I suppose it would be “Getty by on a lousy half million dollars a year.”
 
Sunkist said:
I asked another person this question but didn't see if the person answered- what is a co-op????
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You asked me and actually I did reply, but it must've been in another thread. Either that or I typed the reply, forgot to hit post and it went away. But that seems unlikely since SF saves our drafts...so I don't know. I do know that sometimes people do not get notifications that they've been tagged or replied to. @jujube answered correctly except for in our co-op, prospective stockholders no longer have to get approval of the shareholders. People rarely sell their units and I think now, potential buyers do not get screened. The transaction is strictly between the seller and buyer.

I remember decades ago, I was on a committee that went to prospective buyers homes to see how they lived. I don't remember the outcomes from those committee visits. That practice also stopped decades ago after the units were all filled.
 
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Brookswood said:
Years ago I read a book titled “Getting by on $100,000 a Year”. I was about a guy who made $100 grand a year in salary and was struggling to live a fun life in NY city. I think that was in the 1980’s. Today, I suppose it would be “Getty by on a lousy half million dollars a year.”
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I once saw a girl on a forum say that she only wanted a man who made at least 50k cause she lived in New York. I thought: What a ....
But lol apparently she's low maintenance there.
 
Messy said:
I once saw a girl on a forum say that she only wanted a man who made at least 50k cause she lived in New York. I thought: What a ....
But lol apparently she's low maintenance there.
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I once dated a gal who on our second date wore a hat that said High Maintenance. I never saw her again, which was surely a good thing for both of us.
 
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