the millionaires are able to still buy. but are renting because it'll be easier to say that their main place is in another state where the taxes are lower. the only thing the millionaires have to do is have the apartmen in another person name. this way they can come and go as they please. would not be shocked if they go for place in rent regulated buildings.
Millionaires can rent for years knowing as soon as they want they can buy. The average person cant afford starter single family home in nyc. I can’t wait for the day I move out this city. I have a friend that’s an assistant manager in Walmart in Dallas. He lives alone with his dogs and rents a 2 bedroom for about $1000 a month. Here in the city a 2 bedroom is $2500 easy. I’m trying to start my own online business so when I move it would be as hard looking for another source of income.
They must've known that the property price bubble would likely pop out soon. The prices are currently still high because the government keeps taking thousands of legal immigrants every year, but watch what would happen when fewer people want to come due to the extremely high violent crime rate and living cost in the US
@@Bart-dg6qv If my aunt thought that way (in the 1970s when brownstones were selling for $1) she'd never have come to own *28 buildings in Park Slope, Prospect Heights, Crown Heights, Boerum Hill and Manhattan.* Never say never. 🤔
Yes why get stuck in one place paying a 30 year mortgage , when you can make a 30 year payment living in 30 different places a,year. Life's too short to be stuck in one place. I would like to live in on the east, west, north, south for about a year or two each, maybe in Europe, the Far East, Africa, ..maybe in my next lifetime
There is one explanation - after 30 years you actually own property. That's something. But yes, owing property in democratic state is not smart. Better rent for some time and move to normal place.
The economics of owning don't make sense especially with interest rates over 5%. Instead of putting $1M into real estate, for which you'll have to pay for property taxes, maintenance and home insurance, you could instead be making $52K year. Multiply that by a few times for what it costs to buy a luxury apartment or home in the Tristate Area, and it just doesn't seem worth it to own.
Must be a slow news day..this story came out about a month ago..”Coming up next..NYC has had practically no snow this winter, a Fox 5 exclusive report next.”
From the second day I moved to NJ, I started counting the days until my kids finish High School. Then I'm gone. No way I can live in this socialistic utopia longer than that.
Thats the problem in america.. we are lucky here in asia we owned it not just renting it. Even though our income is way lower than you are. Hard work pays off . Where is the word of your hard work will pays off you work hard until you die. Its always good to have your own not just you rent it.
It's good idea but at least we should buy one permeant house, apartment as a backup asset in case of rents got way expensive or we face some financial struggle which prevent us from affording the rent ..
To GTFO as fast as possible without loosing tons of money. It's pretty obvious the City will bankrupt sooner than later. Insane spending, taxes and ideas. Only amount of tax payers is dropping.
Newyork is finish ish only the old timers are smart brought there house in 1960 1970 s still around 30000 old now million today my generation is screwed taxes high inflation
the millionaires are able to still buy. but are renting because it'll be easier to say that their main place is in another state where the taxes are lower. the only thing the millionaires have to do is have the apartmen in another person name. this way they can come and go as they please. would not be shocked if they go for place in rent regulated buildings.
They forgot to mention that most of these millionaire already own homes in other states like Florida and Texas
It’s in part because the city has made it practically impossible to do renovations. Why own when you can’t do any work on your own apartment?
Millionaires can rent for years knowing as soon as they want they can buy. The average person cant afford starter single family home in nyc. I can’t wait for the day I move out this city. I have a friend that’s an assistant manager in Walmart in Dallas. He lives alone with his dogs and rents a 2 bedroom for about $1000 a month. Here in the city a 2 bedroom is $2500 easy. I’m trying to start my own online business so when I move it would be as hard looking for another source of income.
They must've known that the property price bubble would likely pop out soon. The prices are currently still high because the government keeps taking thousands of legal immigrants every year, but watch what would happen when fewer people want to come due to the extremely high violent crime rate and living cost in the US
Can't wait for NYC to be called Detroit of East Coast. It is already, but we still pretend it's not true.
A mediocre house in NYC costs like $1 million. I would never buy here.
I wouldn't buy anything in NYC even if it cost $1.
@@Bart-dg6qv If my aunt thought that way (in the 1970s when brownstones were selling for $1) she'd never have come to own *28 buildings in Park Slope, Prospect Heights, Crown Heights, Boerum Hill and Manhattan.* Never say never. 🤔
Poor things. My heart simply goes out to them.
You’ll never be rich with that attitude
Why? They're millionaire's.
Yes why get stuck in one place paying a 30 year mortgage , when you can make a 30 year payment living in 30 different places a,year. Life's too short to be stuck in one place.
I would like to live in on the east, west, north, south for about a year or two each, maybe in Europe, the Far East, Africa, ..maybe in my next lifetime
There is one explanation - after 30 years you actually own property. That's something. But yes, owing property in democratic state is not smart. Better rent for some time and move to normal place.
There are no nice homes for sale near the city. Nobody wants to drive to work from Dyker Heights.
Does that mean even millionaires don't want to live here?
Buying is a ripoff is the main reason because of taxes and fees.
@@yusefkhan1752 And renters not paying rent and living for free!
The economics of owning don't make sense especially with interest rates over 5%. Instead of putting $1M into real estate, for which you'll have to pay for property taxes, maintenance and home insurance, you could instead be making $52K year. Multiply that by a few times for what it costs to buy a luxury apartment or home in the Tristate Area, and it just doesn't seem worth it to own.
Must be a slow news day..this story came out about a month ago..”Coming up next..NYC has had practically no snow this winter, a Fox 5 exclusive report next.”
How often can they say crime is "lower"...
Y do they keep building I'm here in Brooklyn and I c so many empty hi rises with rent signs and yet I c more buildings being built SMH
The land there nyc is too expensive! Move over to New Jersey or come here to Philly!
From the second day I moved to NJ, I started counting the days until my kids finish High School. Then I'm gone. No way I can live in this socialistic utopia longer than that.
You know it's getting unaffordable to live in NYC when EVEN THE RICH have to rent.
why own when u rent so when NY gets worst they just leave so easy for them.
Rich people problems.
big deal... you're talking about 2400 people in NYC up from 950...
im
supposed to care why ?
Lmfaooo fr
Thats the problem in america.. we are lucky here in asia we owned it not just renting it. Even though our income is way lower than you are. Hard work pays off . Where is the word of your hard work will pays off you work hard until you die. Its always good to have your own not just you rent it.
exactly
Owning a home is not the only way towards wealth creation
@@johngoldsworthy7135 i dont mean about wealth if thats in your mind you dont need to be rich to have your own. American ideology
Depends on where in Asia. As long as you are not working for CCP you should be fine
Yeah a million a year income,what McDonald's pays.
YEA RIGHT I ONLY MAKE 5 PERCENT OF THAT
It's good idea but at least we should buy one permeant house, apartment as a backup asset in case of rents got way expensive or we face some financial struggle which prevent us from affording the rent ..
These millionaires have so much money they deserve our sympathy.
It’s normal in nyc and La
Why would you rent a place if you're a millionaire? Pay mortgage for a place.
To GTFO as fast as possible without loosing tons of money. It's pretty obvious the City will bankrupt sooner than later. Insane spending, taxes and ideas. Only amount of tax payers is dropping.
@@Bart-dg6qv This country is in a$ 31.5 00,000 debt. So what.
Why rent or buy when we can just take everything for free?
fendi facts
Newyork is finish ish only the old timers are smart brought there house in 1960 1970 s still around 30000 old now million today my generation is screwed taxes high inflation
😂 even them