20,000 Affordable NYC Apartments are Gone… Why?
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- เผยแพร่เมื่อ 27 ธ.ค. 2023
- Over the last 3 years, 1 out of every 10 affordable NYC apartments vanished. Where did they go?
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That teacher took over that lease from her parents who can keep that rent controlled unit in their family forever. They will never sublease it to anyone even if they move out of the city.
Parent to child once that's the law
That's sad
That Apartment is someone's Retirement, someone's legacy.
Do you think the people that had the building made, thought.
They'd be working for free?
Communism.
To find the video google CNBC 2021-03-27 inside rent stabilized 1300 month NYC apartment Hattie Kolp
This is how it works. Hold on to them or pass them along under any circumstances at the same price 💪😎👍
Facts
How much effort does he put into these videos to have so much editing and such a good upload schedule?
A lot. Appreciate you watching 👍
He’s funded by the city that’s why
He is better than any news channel! These videos make me appreciate what I have here in FL. I have a 2/1 on a 1/4 acre, mortgage below $1000. Rentals are sky high tho. Home owners ins going way up as well discouraging home buyers unless you have significant hurricane proofing.
Fr and dude said he’s got kids too, must be up editing all night
@@johnnymartinez478 Jealous? Get a life
The real problem is that no place in the world should cost as much as NYC. 3K+ per month and you have roommates. Pricing out "unskilled" labor means that eventually all those finance bros and such high earners will have to work those fast food and coffee shop jobs themselves. They'll have to work the register themselves when buying clothes. And they would also have to clean....everything. From streets to stores. Of course that won't ever happen, they would never do any of that but how do they expect to get service anywhere if those jobs can't even afford you a shithole with roommates?
That's why you go live in the area with all the unskilled people, and get the best apartment in that area. You'll pay under 3k, and you can just hire those people to do your laundry haha
2700 is under 3k 😂.
Anyway AI is the hype now so every empty suit thinks robots will do burritos so why keep all those filthy peasants around. Good luck 😅
And this is why they want the immigrants that come here illegally because they can have leverage over them for not having the same rights as the US citizens and can just pay them under-the-table with scraps.
For some reason my comment was deleted so I will say it again.
This is why they are bringing in the illegal immigrants because they can have leverage over them and can just pay them under-the-table with scraps to do the work that you are describing.
They want slaves that they can manipulate.
Cash Jordan: You are So Good at this kind of reporting. I watched you start out as a quirky real estate guy who noted whether every apartment had a sink sprayer or not, to your present expertise. You lay out all the facts, you get to the point and waste no time, you illustrate your ideas by taking us all over town via video cam. You're terribly good at this, and I applaud your hard work.
He left out the part about the current construction boom in NYC producing 61,000 new apartments this year alone.
Seems like a pretty important piece of info to forget to mention, don't you think?
@@MrRezRising Nobody is perfect. Maybe in one of his next videos....!
Yeah, but how much do they cost
@@marie_84 Nobody's asking him to be perfect, just don't be an asshole who's adding to the problem.
Not lying would be a good start, tho
@@debrahelmlinger6256 Cash seems to think the four square miles of Midtown Manhattan are where the only rentable apartments are in town.
There are literally another 296 square miles to pick from where the rents aren't insane.
this is nyc is such a shlt hole, $5000 a month is literally a mansion in some places in the country. I wouldn't pay $2500 a month for that POS let alone 5000 dollars lol
in Alabama we have decent houses for under $50,000 the cheapest I have seen is $15,000 I am talking two four bedroom houses mostly shotgun houses
@@scruf153but then you have to live in Alabama… these arguments are always silly. Housing is always going to be more expensive in places people actually want to live in. However I agree they have gotten out of control. But AL is so cheap bc most people don’t want to live there..
Cant imagine the rents, I moved out in 1982 when my rent in SOHO doubled to $656/mo and the 5 year lease in Brooklyn was to go up $100/mo each year. I moved out in 1984
I own my own 2 bedroom full basement 1930 farmhouse on 1/2 acre of rural land at the edge of a small town in Iowa, I paid $7,900 for the house in 1999, even to-day the annual property tax averages only $200, I get city water/sewer and weekly trash pickup for around $38/mo The electric runs around 9 cents a kwh- I was paying 25 cents a KWH in NYC in SOHO in 1980... $50-$60/mo for four 8' fluorescent lights in my loft and a tv set.
My workplace is 1/4 mile away...
Downside is you have to live in Iowa.
@@ksavage681 That's actually another upside.
Damn you can just walk to work. That’s a whole blessing
Who would want to live now in New York City anyway? The place isn’t open sewer, Reynold with crime overcrowding and it’s just filthy.
How much that house would sell for today is the problem. Probably around $200,000 or possibly higher.
Yes I told you NYCHA was sitting on empty apartments and I bet it is more than they are reporting. Now NYCHA has or had a program that NYCHA residents that were not working could be trained to do the maintenance on the buildings they live in or are close by, thus getting them employment with NYCHA but in 2008 I obtained a list of all the NYCHA properties in NYC and noticed that every development had a date next to it. After a few questions found out that those were dates that NYCHA had earmarked to sell the developments to private developer's, but then the housing bubble burst so I am guessing they have had to put it on the back burner. And yes NYCHA has been named the biggest slumlord in NYC if not NYS. Thanks Cash.
Public housing is always the worst option available in the US.
The reporter in that news clip, Dan Krauth, was a former student of mine at the Univ of Michigan years ago! What a nice surprise to see him again! Thanks, Cash; housing is such a nightmare anywhere you go!
One important aspect that gets overlooked constantly is when we talk about salaries in NYC, that 64k is gross, after taxes she only gonna see 45k, that's gonna be like 3.3k monthly after deductions like Medicare, social security, etc.
Protip: Just move out of New York and deal with none of this mess.
It's not that simple for a lot of people. Family might be near by and you may need to take care of them. Job security may be a concern. Moving out of New York is not just the snap of your fingers.
@@TonyChan-hs8duEGGSACTLY!...once dat big ole ROTTEN NEW YORK CITAY APPLE has gotcha!....ITS GOTCHA!....😜
This is everywhere. Not just NYC.
@@ksavage681 Soooo...EVERYWHERE HAS GOTCHA!.......gotcha...
Oh please don't. Stay where you causes the problem
How does Cash only have 682k subscribers? The best NYC news and real estate info anywhere.
He should advertise as ASMR
I used to work for Section 8. Some people are still waiting and it’s been 15-20 years they’ve been waiting for an apartment.
I bet Biden's Illegals go straight to the top of the list 😅
Damn.
Omigosh
I’m so impressed that Cash can churn out these super high quality videos EVERY DAY!!
TH-cam pays $500 per 40 views
@@wileecoyote5749 😲😳
“Marble race” guy ?
what? no way@@wileecoyote5749
Great vids
Cash my man you are killing with your citizen reporting. As an outsider owning a business, living, working and just trying to survive in NYC seems like an absolute nightmare. Happy New Year to everyone 🍻
That's bc the negativity Cash spreads around TH-cam makes him more money than being positive.
Like, why no mention of the _61,000_ new apartments being built right now (Cushman & Wakefield)?
Because if he told the truth, he couldn't clickbait you with "nightmare" NYC. 😂
Yet he has promoted these horrible and grossly overpriced apartments as a rental agent. Maybe now he'll help make NYC more affordable? LOL
@@rjd3wine NYC is about 300 square miles, but according to Cash, it's really only four square miles.
14th to 59th x 1st Ave to 11th Ave.
Get out of midtown and ppl seem to live just fine.
@@MrRezRising You are spot on!
@@MrRezRising He did talk about this almost a month prior from this video but pointed out that dumb regulations as well as lack of regulations are keeping even more housing from being built for average people and he even worded it positively about a trial program.
Owning rental property is a business. Just like owning a coffee shop, department store, repair shop or anything else. In order to stay in business, there needs to be a profit made, after all expenses are paid. If the cost of upkeep on the building goes up ...taxes, insurance, utilities, labor, parts etc, then the price of the product...the rent....must go up. Idk why people feel that they have a right to live for free off of other people. Rent controlled housing is paid by taxes....so, other people are paying your housing.
If the govt would stay the hell out of housing, by relaxing zoning laws and stop making it impossible to be a good landlord, the housing crisis would correct itself. More housing would be built. That lowers the competition by increasing supply. If landlords could raise rents as needed to run their business, there would not be sky high rents for some and dirt cheap rent for others. Landlords who try to charge too high of rent will have empty apartments. As w the govt owned apts Cash talks about, they are run down and people are living in slums. The govt does not care about the buildings or the people who live there. Most landlords buy buildings as investments they want to increase in value, not rot and fall apart.
For all those tenants who want and expect free housing, good luck. The govt is doing its best to get rid of private home ownership. Soon all housing will be govt owned and run. Slums will be the new normal. Be careful what you wish for....
NYCHA has a good number of folks that are making 100k +. Some people get in there on low income status and then NEVER leave. They are straight up honest that they will never move out cause the rent has a cap. This has been going on for decades. This also makes the list to get in harder because this housing was not meant to be forever. It was meant to help people get on their feet. I am a native NYC'er.
It's not means tested? or only on the initial application and there are never follow up testing?
@@andrewscheelar9656 That is exactly how it works. You have to keep your income within a certain bracket until you move in. Once you are in that is it. Last I heard the rent is maxed at 1600. NYCHA does check your household income annually, but the law has no cap on salary, once folks are already in.
I have known plenty of school principles (120k + salary), nurses, speech pathologists all living in one household (one apartment). The mother/father being the principle, a cousin being the nurse... and the pathologist being a daughter. The household income can be very, very high. They won't leave. In fact it is very common they spent their extra money at Disney World (for weeks at time with budgets of 10-15K+) and other places.
I know I sound horrible but it is the truth.
That’s crazy, I can’t fathom making 100k and living in the projects. Like no.
@@kwbaby4297 On top of that they get FREE electricity. That is right. So they are running the grid to the bone with no regard to usage. There are plenty of people in NYCHA housing who will GO ON VACATION for weeks and leave the lights on, the AC, etc. Even to go to work they never shut anything off. I have heard directly from people s mouths, who went on vacation for a 2 to 3 weeks, tell me that they leave the AC on the whole time because they do not like to come home to a hot apartment.
@@debbieharry4452 that’s crazy. I guess they aren’t afraid of something happening. Well different strokes for different folks 🤷🏾♀️
Money is ALWAYS an issue. It's vulgar and gross the way it makes people act, think and feel. Between the ones who have it to the ones who don't.
ありがとうキャッシュ！I went to a trial recently to fight with my landlord because of they did not provide a heat thru the night for most of the tenants in Lower East Side for 6years in this NYC winter with horrible harassments.
I leaned so much about this issues and am able to help other people who's going thru some same issues. Please keep up with these contents! Arigato^^
I can't imagine not being able to control the temperature in your own home...
NYC is making it harder for anyone to stay there. And I would never put myself through the hassle of waiting for YEARS for an affordable apartment. That's insane.
NYC is easy to live in. You just need to have the money. The problem is that you have a lot people who can't afford to live there.
there's a housing lottery. The ones I won were new luxury apts in the hood rife with serious issues. ALL THAT GLITTERS....
I love that almost every problem comes down to: but I wanted more for myself.
Did you watch the video?
People who say the government should be in charge of housing. Look at what they've touched in other sections of our society.
There are some things they need to not always have control of.
the average person doesn't that the problem.
Government shouldn't touch anything let alone exist.
Just let people run their own lives and economy.
Jeez man 240 thousand on a waiting list and took that lady 8 years to get an apartment is insane, this is why i stay at a small town some rent is $ 400 granted they aren't the nicest houses but even rent for apartments are $ 700-1000 minimum in central texas.
Not only that, but there is a tier system. If you are on a lower tier such as N 0(chronically homeless) you have a much better chance at getting a NYCHA apartment than if you are classified as N4. Even if you are in the N zero category, you can still wait many years because it takes over a year to evict a tenant, and most tenants, once they get in, stay there for the rest of their lives.
That's citizens. They are taking these houses and filling them with illegals, cutting the line.
Hi. Shoot. I'm in a small town of 3000 and my 3 bedroom 2 bath 2 car garage rental is 1650.
Cash, Brother: market rates ballooned by the wave of Millionaire Visas which have overinflated property value and destroyed day to day life in all major cities throughout the US and Europe and is now crashing under a leveraged economy and immigrants fleeing countries we messed with. I'm sure most landlords have been "excited" for a while. Thanks for the continued reporting! 👊🏽
Im in a suburb of Charlotte and during Covid they (whoever they are black stone whatever..maybe China Russia money? I still don’t know) were offering bags of cash to buy our houses. Lots of my asshole neighbors sold and they were all turned into rentals. Coincidentally a Russian family moved into one. With a Russian realtor for the rental. Idk.
It's hard to even get a 2 bedroom rental in Oregon for $1300 these days... And prices continue to rise and availability of even somewhat affordable housing is becoming scarce. We threw in the towel, moved into an RV and left to live in central Mexico where we live on a fraction of the price we were (even living frugally) in Oregon.
Sounds great!
In my part of Oregon, out of state buyers have jacked up the prices to amounts way above what people here can afford. Example: Some yahoo from NY purchased a small row of run down studios (used to be a motel in the 70s-90s) for 'cash' that rented for 400. A week after the new owner closed they sent out a notice stating that they were raising the rent to 3k a month - everyone moved out and it's sat vacant ever since.
Which is probably what the NY owners wanted, because, in addition to using them for loans to fund their life style, they can use the vacant property for tax write offs.
This is the fallout from the California invasion. They are locust
Yup.. Saving for an rv while homeless.. I'm not renting again here in California 😂... Also not buying.. Maybe in the future somewhere but not anytime soon
@@mjlh7079and money laundering
In my country you register on a waiting list for social housing as soon as you’re 18 years old (sooner is prohibited). If you’re lucky, you’ll have an apartment of 50m2 in about 10 years. I was on the waiting list for 9 years when I ran into bad luck, I earned too much money for a social rent apartment. I had also registered (at 18) to buy a new build house or apartment, we have a waiting list for those also. When I was 29 years old, I finally got the message that I was eligible to buy an apartment of 90m2. It had to be build first so that took another 18 months, so at age 30 and a half I could finally leave my parents house. The mortgage took up a third of my wages, the utilities, HOA service costs, insurances and groceries costs another half of my wages. I had one sixth of my wages left for clothing, subscriptions, and necessary savings. I had to sell my car, couldn’t afford it and the first 10 years I couldn’t afford a vacation. After that, life got better, my wages grew, mortgage payments stayed the same of course (that’s the advantage it has over renting), so I could afford a car again and a vacation. And I don’t live in an expensive city like NYC, I live in a town of 20,000 in a rural area of an European country. The housing market of NYC is extreme but it is limited to the city. On the other hand my whole country is in a housing crises, not only the big cities. It was like this thirty years ago and it still is today. People are still living in their thirties at their parents house or student room. It is ridiculous.
The sacrifice was well worth it to own your home. Good job! The housing crisis in the US is not limited to NY big cities. Many other rental markets are pricing native residents out. Short term rental competition is hurting the market as well. The rental crisis seems to be everywhere.
Sweeden?
@@dpg227 Not Sweden, The Netherlands. Sweden is more than ten times bigger in landmass, but The Netherlands has almost twice the amount of citizens. So Sweden has space to build new homes almost everywhere. We don’t, we’re very densely populated, so everything needs to be planned out and thought over for years, before a town or city can expand.
@RealConstructor That sucks. But mad respect for planning ahead and thinking things through. We don't do too much of that.
Owner's cant charge market rates, but NYC can charge market taxes as well, all utilities companies
Living in New York seems to be a Lose Lose situation. Thanks Cash your videos are amazing!
I had a rent stabilized (rent controlled?) apartment in downtown Brooklyn. I paid $750 a month and stayed for seven years. It was not paradise - rats and roaches, drug dealers and many leaks from the apartment above. Eventually I couldn’t take it anymore and moved out.
Was it worth it to you? With those probs I'd rather live in a less fancy area with roommates, paying up to $300 more
@@sleepnomore6065 it was worth it for sure. Paid off all my debt and ended up saving enough to buy a small place in the same neighborhood. This was in 2011.
Maybe the city should make it easier for developers to build more affordable housing rather than trying to control how much a landlord can charge. Folks will find a way to profit from a product that's in demand. So, lower demand by making the product more common. 🤔
Are you dense? Developers don't build affordable housing anyhow because it's way more profitable to build multi-million properties that rich foreign nationals can use to money launder.
It's not profitable to build affordable housing unless the city / federal gov subsidizes the construction, and we were broke af before the migrant crisis. Affordable housing means that rents would typically anywhere from low triple digits to low quad digits. There is no way to profit off something that cheap. At this point the only way they're making profits is by refurbishing old buildings with crumbling infrastructure that they don't update or building new towers out of chewing gum and paper maché, and charging asinine prices for both.
Affordable housing is the same thing as trying to control how much a landlord can charge
@Bash70 That's a much smaller pool of buyers...genius. Every car on the road isn't a Ferrari. There's a larger pool of buyers for a Corolla than a Testarossa.
There's obviously a high demand for affordable housing, aka larger pool of potential buyers, but NYC is unwilling or incapable of creating an economic environment where that can happen.
@saulgoodman2018 How is making it easier for developers to build cheaper housing, the same as forcing property owners to limit what they can charge is the same thing? One involves coercion the other does not.
For a person to afford a $5K per month apartment they would no doubt have to make 3Xs that much per month, something like $15K, or $180K per year. Where does the average income person live in NYC? 🧚♀
On the streets
Or roommates which is almost as bad. @@tashahall1855
They don't. They commute from Queens and Long Island or elsewhere
Most NYC apartments require that your annual income be 40 to 45 times the monthly rent so that $5k a month apartment needs a $200k to $225k annual income.
I lived in Queens and commuted, hated every minute of it, now I live in Colorado!
To those people that want the government to run housing/renting… they need to come onto a military base and see what’s up. Half of the barracks (or more) should be deemed uninhabitable. Not only do you share some rooms with several people (varies) there’s often mold and/or rats. And then we’ll have no say and truly own nothing. Careful what you wish for.
why is this a brag? I make great money and don't live in government run housing, but I still think your statement is ridiculous. That's outrageous that the military is living in such conditions. Why would you WANT that for others? The goal should be to improve both. Don't bring others down with you.
Freeloaders bro
They want the government to provide them with housing,in other words they want tax payers to pay for their apartment.
I wonder if the rats..when they conversating...mention the crap THEY hafta put up with...mold and people..." THOSE TWO-LEGGED BASTERDS FINISHED OFF ALLLLL..THE VELVEETA!!!"....🐀🧀
@@jessigirlrae1688 Name one thing the government does well.
@@havenzhai5187over spend other people’s money.
Hey, can you talk about how private institutions, NYU and Columbia, don’t pay property taxes because they’ve invested in education. Or how Madison Sq Garden, since 1982, ALSO don’t pay property taxes.
Like, we have so many budget cuts in NYC because our city lets these big companies get away with murder…crazy
Your logic assumes that landlords aren't already minimizing costs as much as possible. I would argue the landlords are always incentivized to go as cheap as possible on appliances and furnishings for an apartment while charging the top dollar for an apartment. In any case, I love watching your videos. 👏🏾
There is some truth to that but not completely. An apartment with cheap stuff and shawty workmanship is a cheaper apartment. There is incentive for a landlord to make the space as nice as possible that way they can charge as much as possible. You gonna rent the apartment with nasty carpet and broken appliances that are 20 years old or the one with nice hardwood and new appliances?
@@cynic5581
*Shoddy
I would love to see a video made from the owners point of view… If you’re an owner and you’re making ridiculously low monthly rent on an apartment then why would you want to rent it out… In some cases when you have to replace a refrigerator or an oven that comes out to be more than this person pays a monthly rent sometimes
But over the years, they'll make they money back.
im in the industry- while i understand the train of thought you used here it doesnt make sense still. If you have 0$ coming in from a property you knew had affordable housing in then it almost always will be worse than "only" making 1500 for example. Most people would want to max the profit but tbh that is what is wrong with the real estate market right now.. owners will always push to make more and charge more and almsot never will make a moral choice. At a certain point the gov will have to make it impossible for these big companies to own as they ruin it for everyone else. there has to be a affordable rent or affordable housing prices but when both are unrealistic for 70%+ of the population then you MUST regulate more, not less.
Some other costs that Cash neglected to mention in the video, besides taxes, maintenance and upkeep, are mortgage payments, if the landlord borrowed the money to buy the property in the first place (the normal scenario), and insurance.
@@km55111 The landlord's MUST make their properties affordable or no one will rent them in which case they will not receive income from them and will make no profit from them, nor will they be able to pay the mortgage, taxes, insurance, maintenance and upkeep of the buildings. You apparently have no idea how a free market works. The "stabilized" apartments that are destabilizing the housing economy in NYC are purely the result of political pandering. The government should not be allowed to impede upon the free market in this way in a free country.
i do and again i am in the real estate market as an investor and a consultant so i know better than you most likely. i intimately know that most of the time the owner can ban together with other owners and raise rents together because they know people will not have a choice but to pay. just because people will and can pay (out of necessity, doesnt mean it is right. companies are going under right now because the gov is calling this a monopoly like it is. not everyone needs to be a real estate investor. if this isnt regulated people will be spending 70+% of their checks on rent/housing which will collapse the market as a whole- not just the real estate market. The governments MUST step in or things will only get worse for average people. AGAIN , all of this coming form a landlord himself who makes money from the system@@vulpo
As a person living in a 1 bedroom in Brooklyn for $972, I'm grateful knowing how bad it is out here.
That was the going rate when I left BK in 2009
Videos like this will bring light to this situation. It is almost impossible to get a place to live.
You’re a cool guy, Cash.. I like the videos bc they remind me of why I left. Being raised during the early 00s was terrible. Gangs left & right, living, & environment weren’t great. Living in a building with rival gangs a block away isn’t what you want to live around. Now I love being in North Carolina paying a fraction of the price of rent for a big house with acres. In NY the most land I saw was a front yard.
Yes, and in rest of NY is not much better as people have no jobs, all taken up or places like Rite Aid closing/big business factories leaving so people would sell drugs even in small towns. It is so bad people seem to work for cities/state government and his has nothing to do with being Liberal/Democrat but being authoritarian in some cases or too restrictive/paperwork. Similar issue in California combined with too many people in entire state where a small town is 25,000 to 30,000 people.
Cash, Thanks for presenting the nuances of NYC rentals. I think we always want to blame someone for the problems when there are real practical issues in this city. I’d love for the city to begin to talk and think with tenants, community leaders, landlords, etc…about these nuances so we/they/us can dream about practical, thoughtful solutions.
You don't understand. It doesn't actually take the city 14 months to fix up an apartment in-between tenants. The city is getting out of the low income housing business and going into the luxury housing business because they get property tax from the private landlords, and they have to pay for public housing. They are no longer interested in your business there in the city. They are counting on you continuing to be a Blue No Matter Who democrat, and know they can completely displace you like this because you are easy to fool and lie to.
@@Vercusgamessimply supply and demand. House prices increase because some people can afford them. If you can’t, you’re just gonna have to make way for people who are more economically productive than you.
Cash, you do a great job with explaining the issues of living in New York.
In my neighborhood, there was a big fight because the city was allowing new developers to erect buildings over 6 stories. The fight went on for more than a year but the neighborhood ultimately lost.
look at the big picture nyc only want the worlds rich to live there. the middle class are rats. get out.
round of applause. These neighbors are the cause of sky high living.
Which neighborhood?
Did the developers trade low income housing for more floors/space? That's pretty common.
Only a year?
There are developers in my neighborhood that have been fighting the zoning board for over ten years to get their project built.
Ah yes, people who care more about the view from their backyards over the possibly hundred of homes for others
@@purplejakman The new housing is (almost)always "Luxury Apartments" in my experience over the last 30 years
Cash i have 2 say you are doing a great job and making sure that people never move 2 NYC😂
I really love the work you do on these videos. Your rental vids are great, but these city interest stories are so informative and interesting. And you do a fantastic job of keeping them balanced. You really are talented!
I love how "affordable" in NY means twice as much as I rake in every month. Even the poor much be rich in NY! 😮
Wait, what? There are people who think the government should provide housing? The city and county can even balance their budget and you're actually thinking they should provide housing? Not living in reality.
The government can and should provide housing. You think if we the government was not involved we’d have affordable housing? The profit of the owners is to max out what they can get for the apartments squeezing the population.
@@Daveyjonesvi And you know this as a fact, because you have your own business, renting apartments to other people....... i guess.....!!!!!!!!!!!!!!!!!!!!!
@@bogdan78pop no because that’s how capitalism works. The goal is to extract what you can and reduce expenses to maximize profit. That is what every business that prioritizes profit does. You think these hedge funds and slum lords care if their tenants are using 50 percent of their income on housing… the answer is no as long as the rent gets paid.
@@Daveyjonesvi Myself and my wife put 90% of our combined income for the past 13 years to purchase and gut rehab a 2 flat in Chicago , and then build an additional unit in the basement , that i had to dig it out to make it the legal height , never took a vacation during that time .......we could not afford to make a kid , and now are too old to have one , we are immigrants that came here at 27 and 31 years old ....and now after all that we went through i am called a Greedy landlord..????...........NOBODY even talks about what we had suffer to become one.....!!!!
@@bogdan78pop good for you but your one experience does not invalidate anything I said.
I am a rent stabilized renter living in a building operated by a property manager (who owns several buildings), honestly it’s a unique stable of NYC, and I am grateful that I’m paying under 1500 for a 1 bed room in NYC overlooking the water would’ve been worth over 2000.
So your stealing from the owner
@@Dog.soldier1950lmfao it’s not stealing if it’s signed on paper and it’s legislated. You’re salty I’m living in a balcony apartment for under 1500 with maintenance included and you have to shell out money to do your own fixes.
Great never move out and get a roommate too
@@Dog.soldier1950you're a hater and goofy
Socialism at its finest.
Gm Cash. I really enjoy your journalism on what is going on in NY.
The big question I take away from this is how does an apartment become rent stabilized in the first place?
Also one thing to note on the public housing- renovation of those units will generally cost more than a private building would cost for the same level of fit and finish. That’s the nature of public construction and procurement laws. In the magnitude of double the cost last time I did a comparison.
It was a law passed on prewar buildings of 6 families or larger
Love these info packed videos. They are honest assessments of what is going on in NYC housing.Thanks!
Outstanding! I am loving this public service video series. So much hard work on your part and very much appreciated. Thank you
NYC looks like a dystopian hell scape to my eyes. Why on earth would people pay that much money to be there? I really just don't understand. This country is huge! Move to an actual nice place, buy a house for 1/5 of a NYC apartment and raise a family.
Conditioned to believe smart, sophisticates live in coastal cities, rubes and rednecks live in "flyover country".
Careers. Education. Access to culture- there are always free days at museums, discount tickets for theaters, all kinds of music. No need for the expense of a car.
I lived there for years without a car, was able to change jobs easily, get certifications. Wide variety of people. And after living elsewhere, New Yorkers are the friendliest.
The market is amazing. You get access to capital you couldn't in other places.
No!! don't tell them to move because they bring their rudeness where they go
@@annjames1837😂
A major problem with adding new housing/improving neighborhoods is everyone says they want more housing, more jobs, better transportation… but they don’t want to change the “character” of the neighborhood. Or have it gentrify/bring in people with more money. This doesn’t really work. Changing the neighborhood conditions means changing the neighborhood and neither the government nor other individuals are going to just give you money/spend to fix things.
Nobody cares about "gentrification"
What people care about is developers bulldozing affordable run down apartments and replacing them with luxury apartments that the people who once lived there can't afford. The OTHER people against new housing development are the existing homeowners who have an interest in maintaining their inflated home value for when they want to sell their home later as an investment.
Not wanting to change the "character" of a neighborhood should be treated as code for "not wanting people of a different racial or socioeconomic makeup."
@@TheFarix2723 The character isn't the people that live there. It's about not wanting to change from historic houses to garbage 5-over-1 apartment buildings that make every city look the same
@@TheFarix2723 not necessarily, a lot of people don’t understand the choices that are there/made and that the things they like about a neighborhood may also be causing the things they don’t like.
@@headcas620 Except there's nothing wrong with 5+1 buildings? And NYC is unique in that they allow taller buildings to only have one stairwell. Paris uses plenty of 4-6 storey buildings and fits a lot more people in it than many US cities.
Look up "About Here" on YT and his recent video "Why North America Can't Build Nice Apartments (because of one rule)" is a great explanation of why stairwell rules get in the way of densification.
Every video I see from cash ends up being the same thing, some stupid government regulation trying to "fix" a problem ends up exacerbating it and often making things worse.
You can make 5+1s look like historic recreations, they do that all the time in Europe for new builds having to match the neighbourhood criteria.
This channel has quickly become my go-to source for what the hell is going on in NYC.
the apartment business is just like any business people show be able to run the business the way they want , just like a pizzarea if they want to charge $100 a pie let them , might be bad business but let them
Cash i live in Toronto. And let me tell you the problems seem so similar. I appreciate all your content. So well put together. Big fan
So insane that Cash would highlight the NYCHA building that I grew up in. LOL. Being an immigrant child, I now look back fondly that I was able to live in the heart of Manhattan even if it was the "projects". Midtown Manhattan projects hit different than other projects.
Even more incredible , that wait timeline stated by the woman regarding her eight year waiting time is also about the same time it took to receive an apartment in the former Soviet Union .
It would be interesting to see the job opportunities available in NYC that support people living there. How difficult it is to find gain full employment? Key words being gain full.
Quick search will solve that equation
Depends on what you mean by support them living there. Vast majority of folks require multiple incomes to afford living here, meaning they can find a job that supports their portion of the rent but not the whole thing. So if you lower the bar, it's a bit easier.
That being said, after the tech layoffs and resulting no-mans-land... it's a lot harder than it used to be.
Honestly, it comes down to luck, my friend. I make 68,000 a year without ot( I hate overtime anyway) but the sequence of events that led me to getting that job are straight out of a movie 😂 Ive also been looking for an apartment for almost half a year, I just decided to buy a house next year since i got excellent credit.
I was a victim of the tech layoffs and it's been brutal trying to find work over the past year (at least, anything that isn't minimum wage retail work- and even that's a pain to find nowadays, I had to get a referral from a buddy just to get a temporary job in a movie theater). So there's my anecdotal experience
For people not in some kind of subsidized or stabilized housing, its mostly a mixture of young professionals with wealthy parents, people in extremely high paying fields like finance and corporate law and a ton of people who spend over half their income on rent to share a shitty tiny apartment with 3 roommates and end up leaving a couple years later.
My jaw dropped when you showed the article about the 800 dollar apartments getting turned into 7000 dollar suites
Love these videos. keep it up!
Thank you so much for your informative video...harsh reality...and so important information to know
I cannot imagine paying $1300 a month for an apartment or even a house. I live in a small town, and a 4br house in a safe neighborhood is $650.
Wow I never heard of a place being 650 since the 1970s. 650 wont even get you a studio in most cities
@@andergarcia4953 I live in a small town in rural Alabama lol.
@maryhildreth754, yes but it IS A SMALL TOWN! Everything is less expensive in a small town and the salaries reflect that lower cost of living and lack of variety.
@@jsmith5509 that’s not necessarily true I have a friend who lives in a small town and she makes her has a very good high-paying job. It’s just the way people have to go because of the economy small towns affordable. living in a small community does not necessarily mean a low income .
Something sounds off about that...
His videos are so professional and so well done and so varied and enjoyable I can watch them all day long everyday.
Great work! I thoroughly enjoyed your point of view.
Cash i love your videos. So informative and engaging! Thanks for your time efforts and consistency💪🏾💯❤
Between convertible locations that can't be converted because of regulation and all the empty offices and whatnot I'd say that New York city has an overwhelming amount of space it just needs the regulation to get out of the way and it needs the people involved be willing to make it happen along with a government that's a willing to make it happen
Offices are not so easy to convert to livable spaces. I saw a video about conversions awhile ago, though I cannot remember if it was the same channel or not. It mentioned several reasons why there is often difficulty in doing such. The reasons stated, if i recall, weren't necessarily "regulation-based" (that could be true but I dont recall it being the focus of the video) but more "physical"/engineering reasons. Offices generally dont have several kitchens, plumbing for individual bathrooms as apartments would, etc..
I would guess also, that if the state forces a cap on rent, that depending on how much the conversion costs, the landlord or owner might not recoup their expenses.
@@paulg1759 Some of it engineering BECAUSE OF regulation, i.e. a bedroom must have an outside window. This means either only the perimeter of the office building can be apartments with the center of each floor being unusable or they have to hollow out the building to make an air shaft down the center so some apartments can face in rather than out. And of course in most office buildings the center is where all the elevators, stairwells, and utility runs are located, so building the air shaft means relocating all of that. That is the big reason for so few office conversions; plumbing and such would be much easier to address than massive structural renovation.
Great videos Cash Jordan
This is the news that New Yorkers really need. Thank you!!
great job! It's clear this took a lot of work and you did well explaining a systemic economic issue in such an easy to understand way!!
Even if the city gave developers free land to build on and gave up on all propiety tax on all apartments the owners would still charge insane prices. The only thing that lowered the price was when more people worked from home and they just left the town .
What’s insane is land is a very very minuscule part of building an apartment complex. The city would have to “gift” free raw materials, free labor, free permits, free drawings, etc so developers don’t charge “insane prices”. Matter fact, they could just do a fee development, where the city funds the entire project, keeps ownership of the property & just pays the developer a development fee, so the city can set their own prices.
Cash another informative report. Have you thought of being on one of the news channels as a real estate reporter because in my humble opinion you are doing a fantastic job! You cover all the bases and use clear and understandable language. Kudos to you.
your videos are amazing! so informative!!!
Happy New Year, Cash and Lovely Family.❤
Another fantastic vlog! Cash well done! You are better than news networks on tv! Keep up the good work- and thanks for reporting so well on the ground and keeping ppl informed! Have a great New Years!🎉
Cash, I've been to NYC twice in my life. You have a great style in telling what its like to live in NYC. When you showed all the immigrants and how most are stuck out on the streets I saw no Media cover it anywhere near how well you did. Keep up the good work.
It has been very cool watching the evolution of your channel over the past 3-4 years. Really enjoy all your content.
GREAT video Cash! I had no idea the city made negotiating for a buy out illegal in 2019!
Awesome job cash see you on Sunday thumbup
If it’s taking 412 days to renovate an apartment. Someone is getting kick backs or they have crappy workers . Fire them and get workers who can do the job!
Well, it's gub'ment work ... everybody gets their 10%.
My friend you are Top Shelf for sure. I live out west and it is so interesting to see how other folks live and the challenges they face,you present things in such a way that it is entertaining and informative .You do such a stellar job on your videos and you have a very good eye for details. .keep up the good work .🤠
This is an excellent video. Very well explained.
St Nicks? Here in the UK, "Nick" is slang for "steal". Sounds like that housing company has an appropriate name.
They need to turn some of those office buildings that no longer are fully occupied, be turned into apartments. That might be a good question to ask the City.
I've said the same thing. And the ones that need repaired. The tenants can come together to make them, same as a roommate. Rent isn't as expensive split, repairs aren't as expensive split between the tenants. Co-op. Allows the ones whom really want a home to have it. Without roommates 😂
@susannpatton2893 You're right about the repairs. The city is probably allowed to use only union labor, which is extremely expensive. I live in a Democrat-run city, and my condo management company has begun using non-union labor to do repairs. The guys who recently painted our interior doors did not speak a word of English.
@@Gitn2itSoooooo...what YOU'RE saying is...ya' gettin' a good deal if ya' cain't understand what they is a sayin'....😲
@@Gitn2itThat’s been considered most likely. Unfortunately, it costs WAY more to renovate an office building to an apartment complex vs building regular apartments.
Cash made a video about turning office buildings into apartments, but they would have to be a lot of rooms and one big shared bathroom and kitchen area because they don’t have existing plumbing
Love the footage, Cash. You gently show us an air conditioner remote control, and what a spray faucet looks like and how it works, and so on....
excellent explanation of what happens when you have rent control impacting a housing market over decades. Keep the channel going. Thanks.
Cash, you have pretty much summed up why I could never live in a city larger than 250G people... too many people, too many problems.
And on the flip side, all those people and problems are what make large cities alluring to many other people
I been on the NYCHA waiting list for over 3 year's and most of the building's are empty 🙃
The over regulated nyc housing market and lack of creativity are shameful. Nycha has so many regulations and still incompetent management get to evade prosecution and “resign” with full benefits. (See Shola Olatoye.) Nycha is top heavy with “management” stiffled by paperwork , awards contacts to the lowest bidder then never holds them accountable for shoddy work. Perpetuating perception that nycha is an undesirable place to live. Any mom or dad who maintained a household could do a better job. Career nycha bureaucrats need to be replaced with creative real estate thinkers and doers.
@@helenm6732 well damn thank you for that information 🙏🏾
Love your videos man, always explaining shit in a way that’s easy to understand
These videos are always informative, but so often come back to the same basic premise: people who live elsewhere in the country are always wondering, why would anyone want to live in NYC?
Access to the city for career specific purposes (Theater, School, Wallstreet)
Cash I really enjoy your videos and how much work you put into them. You explain the information in an unbiased easy to understand way. Here in Charleston, SC there is public housing and within the last year there were news articles about tenants complaining. The apartments aren’t being maintained, there is mold, and rodents in these places. It’s such a shame for the people who can’t afford anything else. They shouldn’t have to live in squalor. Charleston also has a limit on how high a building can be. It’s called The Holy City because buildings can’t be taller than the tallest church steeple. I know NYC is having a problem with funding. I can imagine that cuts into government housing. That’s probably why it is taking longer to get the apartments ready. The dilemma with landlords as well is a tough situation. If all apartments were market value then more people might be homeless. It’s a tough situation with no easy solutions.
If y'all expect the govt to fix it, bad idea!
Problems will become more frequent and take longer and cost more!
Dont do it!
Cash- fabulously done kiddo. Great job!
👏👏👏👏👏👏👏
This is brilliant and so true. I don't feel so crazy any more. I've been on those lists for 25 years. Some twice.
This kid is a solid TH-camr,great work.
nice episode, from what I've understood limiting the rent prices with stabilizing rents sounds very attractive and benefit people who is able to get those, but hit hard the market and the overall damage is much higher than the benefit. Because neither private landlords nor goverment can't manage those effectively let alone make money from them
Great work, Cash!
It just goes to show you that market distortions work for a while, but eventually end up causing problems in the long run.
Low income housing leads to limited resources and high populations. Then government programs keep people in those areas. Look at no go zones, projects, hoods, ghettos, and slums. Anywhere in the world Europe included. Limited resources and high populations so people live in cheapest areas. Which kills cities and creates areas of poverty, crime, and drug use. I look at land a lot and it's slim pickings here for vacant land even. 15 minute cities are just the projects reimagined. People do better with resources and limited populations.
Doesn't help when big real-estate companies come in and buy up any affordable house and rent it out for double the price.
In 1983 my suddenly single mother of three kids (1 teen 2 pre teens) had to move back in with her parents for 4 years to be able to get into govt sub townhouses in western NY. So i'm not surprised that all this time later, the wait is 8 years.
I've lived in low income housing here in my area of NY State, 13 years ago I was able to buy a house through a PTSD program, but it took two years of me saving money and clearing up my credit for them to match my amount (and coming out of a bankruptcy).
Those apartments and townhouses now, under the new laws have gone to hell in a handbasket. Crime is through the roof, no repairs are made, one place had been fined by the state so much they had to kick everyone out to make repairs, and a year later they failed the inspection and have to do more repairs to make the place safe and livable. The government can only run things into the ground, it can run things in productivity.
Thanks Kathy😃
Wow, super video on some aspects of the NY housing crisis.