Originally Posted by archetypal_yuppie
The real underlying problem in NYC real estate is not its price as much as the low quality of the properties. They should cost as much as they do, but be much nicer.
Of course, pricing is driven by supply and demand and, as often happens when the government tries to "fix" markets, regulatory efforts to make housing cheap and nice have, in the end, made it expensive and crappy.
But to say they should cost as much as they do but be much nicer . . . well, that's the point. People living in NYC have come to accept what passes for housing stock in NYC. But people who don't live there are aghast at what you get for your money -- and I'm not just talking about in flyover country, either.
A lot of upper middle class people in NYC regularly put up with conditions that would have residents of Brazilian favelas in open revolt.
Originally Posted by patrickBOOTH
Well it depends on what you value. Most people here aren't here because of the real estate, they are buying a neighborhood and an experience. I definitely agree with you that it should
be expensive, but things like fit and finish aren't important to most middle class people who live here because it's not why
they are here. Also space. I see no reason to have a giant, pristine place because I'm pretty much only home to sleep, that's it. I'm never home so I don't really care about certain things that people value elsewhere. The City is my living room.
This is the sort of rationalization that people in terrorist-prone areas make about the threat of suicide bombers. Next up: an explanation as to why rats are an important part of a healthy urban ecosystem.
Don't get me wrong. I quite like NY and a lot of what you say is true. But New Yorkers put up with quite a lot for the privilege of living there. Hopefully, I won't have to move there until I can afford one of those 30 million dollar apartments I keep hearing about.