Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Corporate footprint has been shrinking for one or two decades now. Largely has much to do with fact thanks to technology places can get same or more work done with fewer employees. This and or you don't need to keep certain back office staff in a HCL area like NYC. Those jobs can now (again thanks to tech) can be done in Podunk, USA, India, China, Philippines, etc....
Small armies of secretaries, clerks, administrative assistants, assistants in general, the lot including entire departments have been eliminated. These are the huge reasons why corporate footprints are shrinking in NYC area, and more is going to happen thanks to WFH movement.
Quote:
Small armies of secretaries, clerks, administrative assistants, assistants in general, the lot including entire departments have been eliminated.
They've just been replaced by other useless, (and in many cases) higher paid people. Technology doesn't change human nature. This is a wider discussion but where many claim technology improves productivity, the truth is that's not the correct way to look at it because productivity is relative. It's like those that love to argue that a poor person today lives better then a King 500 years ago because the King never had indoor plumbing.ir an Iphone..
How many of them chose to live in RS/RC units instead of buying something in the 80/90s and seeing their equity 10x+?
There aren't enough RC units to even care anymore and RS isn't all its cracked up to be. It's only great for those that like to abuse the system.
NYC is so tenant friendly that market rate tenants can abuse the system too.
The real winners in today's NYC are NYCHA, affordable housing lottery (<80% AMI units), section8 /rent . assistance programs. These people practically pay nothing for rent.
Know several people who passed when their RS building went co-op back in 1980's or 1990's, IMHO they were fools, but to each his/her own.
Main reason many didn't buy was couldn't scrape up down payment and otherwise couldn't afford things even at insider price.
Fast forward to 2000's yes, plenty of those who did buy back in day sold for nice tidy sums.
In fact know of several persons who didn't buy and live in UES high rise co-op buildings who routinely dumpster dive. See them in front of local shops, supermarkets, etc... Yeah they wear baseball caps, hoodies, or whatever but when you know looks of someone....
Market-rate renting is a losing proposition. I know because I did it for decades in NYC. You get nowhere until you can save up the down payment, closing costs, and liquidity requirements for a co-op or condo in this city.
Market-rate renting is a losing proposition. I know because I did it for decades in NYC. You get nowhere until you can save up the down payment, closing costs, and liquidity requirements for a co-op or condo in this city.
Renting in general is a losing proposition, especially those who aren't saving and investing for retirement.
It just so happens NYS and NYC treat renters as if they own the property so they get mostly all same rights of owners, but none of the responsibilities or costs.
Renters in NYC tend to be poorer and a few other things liberal democrats live for; that's behind BdeB and city council trying to bust Staten Island and other areas with high percentage of single family homeowners.
It just so happens NYS and NYC treat renters as if they own the property so they get mostly all same rights of owners, but none of the responsibilities or costs.
Yup. 60% of the NYC rental "system" (not going to call this monstrosity a market) is subsidized or otherwise government controlled. These tenants have been granted quasi property rights. Except that they didn't need to go through the normal process of saving up a down payment, having good credit, furthering their careers, and all that stuff that everyone else has to do.
The other suckers get to fight over the remaining 40% of rentals.
Yup. 60% of the NYC rental "system" (not going to call this monstrosity a market) is subsidized or otherwise government controlled. These tenants have been granted quasi property rights. Except that they didn't need to go through the normal process of saving up a down payment, having good credit, furthering their careers, and all that stuff that everyone else has to do.
The other suckers get to fight over the remaining 40% of rentals.
Those poor maroons also pay more for their apartments to carry those that don't pay market rates.
OTOH market rate renters can pick-up and move (as recent events proved), while rent regulated or whatever other housing are stuck. You aren't easily or at all going to find another below market rent regulated apartment.
During fall out from 2008 recession knew of people who gave up their RS units and moved. Most had no choice, they lost their jobs and weren't finding anything new easily. One girl depleted her savings, investments and even borrowed from her parents just to keep paying rent on her RS UES apartment. People told her to bust a move because it just wasn't happening for her, but she knew wouldn't find another RS unit at same cheap rent, which was true. But someone put it to her plainly saying she won't be in her current apartment long if cannot pay rent and is evicted for non-payment. Chick finally got message and moved out.
I don't think that's what's driving it. Why would corporates care if the Commercial RE market implodes unless they're in the commercial RE business?
It's more due to very low productivity of certain segments of workers and workers working 2 jobs (sometimes at competitors) at the same time. I think the latter scares C suites the most. Not only does it expose that many jobs aren't "full time" to begin with (aka massive overstaffing due to idiot hiring managers) but say bye-bye to having a leg up on your competitor when one of your employees is is just copy-pasting and running their mouth about whatever they do at the "better" run firm.
Corporates care when noteholders of these securitized rental streams sue them and the bankers for failing to hold up to their contractual duties. Or they sue them for failure to uphold fiduciary duties in some cases but that's a harder pitch to accomplish. Banking is a lot differe than pre 2008 wild west days. Now it's like squeezing blood from a stone.
OTOH market rate renters can pick-up and move (as recent events proved), while rent regulated or whatever other housing are stuck. You aren't easily or at all going to find another below market rent regulated apartment.
One of the downsides of sucking on the government teat for too long is that it doesn't leave a lot of other options. People lose their independence and pride. It's a sad state of affairs what has happened to many people in this area due to these public policies.
I saw this coming a mile away. I have said that landlords will be ever so selective to who they rent due to the eviction moratorium. There will be competition for the 'better apartments' as people return. Those landlords will be able to be selective and charge what they want. If there are no takers the landlords will either decide to lower their rents or take the apartment off the market.
We are house hunting. I have seen numerous properties which are completely empty. Landlords just decided to stop renting and take the apartments off the market. This in turn creates a shortage.
I have seen this trend years prior, but it is much more pronounced now. The 5 properties that we looked at last week were all empty. Over 15 apartments taken out of circulation.
How many of them chose to live in RS/RC units instead of buying something in the 80/90s and seeing their equity 10x+?
There aren't enough RC units to even care anymore and RS isn't all its cracked up to be. It's only great for those that like to abuse the system.
NYC is so tenant friendly that market rate tenants can abuse the system too.
The real winners in today's NYC are NYCHA, affordable housing lottery (<80% AMI units), section8 /rent . assistance programs. These people practically pay nothing for rent.
Rent stabilized tenants abuse what system ?
Rent stabilization never had anything to do with a tenants wealth or financial ability …it was only a program that was supposed to keep landlords from rent gouging …
If you want to claim abuse blame the politicians.
They used the tenants as political pawns to win votes as there are more renters then owners here
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
