They need to accept that the market determines the prices for those, and not the amount of money they've invested into it, even Long Island is well into over-valuing their properties to the point that they can hardly support the businesses and population, they've been artificially inflating all of these values for years, COVID and remote work only pulled the veil back by allowing people and businesses to operate cheaper and make more money
It's hilarious. I normally watch 5 minutes of his repair videos. That being said it's good of him to make the repair videos for the shops that need them, good guy
@@gwentarinokripperinolkjdsf683 Oh definitely. I've been here for a few years so I've watched a bunch of em. I've long accepted for me to truly follow along, it'll require more knowledge on my end. There's only so much you can do to make those a casual watch. I hope the users that do get value from them continue to. Hell, references like these are straight gifts for those that need em.
I honestly know him because of the repair videos so I find it funny when people come in after he makes a couple videos on another topic expecting that to be his norm, though people tend to do that all the time with people on here which kinda stinks.
@@Iron_Hawk Not the worse thing. Sure there's a few complaints, but it does expose people who otherwise couldn't give less of a damn if they tried to things such as right to repair. Same goes for some of the older videos that taught people not to fall for brand loyalty.
Louis, this is why you're $90k+ behind on your rent. Your hobby repairing Macs is taking too much time away from your real profession of lower NYC real estate reporting. LOL!
Sometimes, I think my family was right when they said I should stop fixing things and get a "real" job. If I had a *REAL* job, trading derivatives & debt based securities for vacant, abandoned properties, I'd be a millionaire by now. Unfortunately, I waste time on the peasantry hobby of recovering data, repairing circuit boards, and teaching electronics repair.
Screw the landlords. Louis rented his space with the expectation that the storefront and location would bring in a certain amount of business to cover costs and to make a profit. Unfortunately, leases aren't signed based on expectations. I have an idea. I think Louis needs to pick up the Bernie Sander's torch and run with it.
Commenting from Germany: I know nothing about NYC, never went to NYC, don't plan to ever go to NYC. But for some reasons I watched ALL of your NYC real estate videos! It's now my favorite TH-cam content, so please don't stop :)
NYC was amazing in the 80s. Particularly the WTC that I explored with my friend for hours without security saying anything. We bought fake IDs on 42nd Street in a video arcade and fireworks in Chinatown. Good times. I flew there by myself when I was 16 wandered around NY nothing bad happened.
I'm only watching because for some reason my country South Africa seems to emulate all the western problems. So Watching this is like watching a weather forecast in this case Economic forecast.
I work for the largest real estate services company in the world (+100k employees) and I feel more informed about real estate than when listening our top management communication.
It's the same in your state/town with a different network of people calling the shots and writing checks to them, and their personal interests physically look different than these buildings. But if you plug your local area's specifics into the system instead of NYC's specifics it will be structured and operate nearly the same.
New York city sucks at managing contractors and key stakeholders and has for a long time. Witness the 2nd Ave subway, the crap streets and public transport, and the extremely high costs of the above. Compare to e.g. Spain which could build an entire country wide high speed rail network for a couple years worth of NYC budget.
Graft and corruption disguised as overpaying for incompetent contractors, who only got their contracts because their friends/relatives with high-ranking people in the city government. It happens in midwest small towns too by overpaying for incompetently done road repairs. The local governments hire contractors who can't fix a pothole correctly, they're broken again within several months...and need another repair...
Or change its nickname to the "Big leased space", not "big apple." Several big box retailers have packed up and left simply because rent is one of the highest in the world.
That foot traffic could not support 1 buck per square foot, maybe the pubs but thats about it , its laughable that that tourist shop was open, how many tourists did you see
@@skeetorkiftwon Standard price of coke has been $100K a Kilo for years. It is the global price. Oddly, $100K in $100 bills weighs 1kg and packs to 1000 cc in volume. loser to the street it will be higher,
Best Rossman quote of all-time: "Selling bricks of coke wouldn't be profitable at $600/square foot!" I almost choked on my food laughing 🤣😂 at that. Lou for Mayor or Gov?
If Escobar taught us anything, you buy $600/ft2 real estate to *launder* cocaine brick money lol. He had hundreds of houses purchased just to store cash in, and supposedly at one point he was spending over $2500USD/month just in rubber bands to roll up counted cash.
I live in a rural town in England, we have a small shopping centre (mall) which died about 10 years ago because the rents were inflated then, nowadays the only stores there are essentially charity shops (thrift stores) and that's because they get a minimum of 80% business rate relief. What's needed is a penalty or tax for unoccupied retail property, so that the rental rate reflects the true worth rather than the inflated asset value of the property.
And just like New York, London has a lot of politicians and rich people pushing the values of their property up so that the city looks like it's worth more, while hundreds of thousands of people are made to rent rooms and apartments upwards of an hour away from their place of work.
They weren't. The entire system is designed to be used by the wealthy. They wait for a multinational chain to rent it, while writing off the empty real estate as a loss. It benefits them if they rent it out. It benefits them if they don't rent it out. Our tax code is need a serious overhall to stop the government from susbsidizing loss. As it is anti-capitalistic to protect capital at the cost of the governmenet via the taxpayers.
@@totallynottrademarked5279 it's not like the write-off is taking from the government or tax-payers, they're just taking LESS from that individual. I certainly don't want losses to not be tax write-offs if I ever open a business or take a loss as an individual with investments. Wouldn't make any sense. Plus as soon as you start profiting again, all the back taxes become due. It's not really an issue imo. The issue is that somehow NYC has collectively decided the price of their space, and government and banks keep rolling with it. If you wanna solve the problem, crack down on debt. That will never happen because debt is what the rich rely on to make money.
back of the envelope math of a basic restaurant: rent is usually around 30% of expenses so revenue should be around 55/30% = 180k. Average restaurant expense per person will be around 25-30$, which is 6000-7500 customers a month or 200-250 customers a day on average (including take out). It's possible, it's just razor thin margins, with a bad couple of months putting you out of business. It's also partially why a lot of the most successful places in NYC own there own place. They bought before everything became insane and can afford to operate with lower volume from time to time.
While I'm sure the owners spent much less than 55k on their inventory, I'd bet if you added up the price tags on those items the total would be well into the trillions.
Hm. I wonder. So 55k per month for 1100sqf of space; a figure that whole space is stocked with merchandise, minus let's say 100sqf for a bathroom or office/desk or something. So let's figure 1000sqf of merch, I'd say maybe 150-200 items per shelf (generous) with a price averaging... what, maybe $30? Could be a little more, let's say $40 per item. So that's $8000 per shelf, generously. Not bad. Figure 8 or something of those big shelves, ~~~$64k, shirts lining the wall, let's say another $25,000 for 3 walls of ~10x12x3 shirts, ~1000ish shirts selling at $25 a shirt. Okay, that's about 65+25k = ~$90k for everything in there, very roughly and probably generous. Margins on those goods are at least really good, let's say 80% of the sale price is profit; ~~72k. So, it's feasible that if you sold every item in that store once a month, they could probably cover most costs, but definitely wouldn't be making a whole lot of net revenue.
I went to High School and worked around that area. That 2-5pm rush hour had all those streets and subway stations packed, it's crazy to see those streets so empty now.
The funniest thing about this is that in Culver City, LA there's an actual sign printing company that, apart from a dispensary and luxury car rental lot, is the only non-shuttered building on the block
@@Bri-bn5kt I don't know I don't live in NY or NYC. I'm were the cost is reasonable. Not these ridiculous prices. I mean who can make a living with this type of rent?
1980: I remember when this urban jungle was all lush green pastures. 2021: I remember when this desolate wasteland was a bustling city center. Ashes to ashes, my friend.
A few years ago, there was a facebook group dedicated to the New York of the '70s and '80s, and everyone there was like, "I remember when you couldn't walk down this street in broad daylight without getting mugged. The New York of today is so bland and antispetic and corporate. I wish it could be more like it was in the '70s!" Well, hey, you're getting your wish!
When you ended with the statement, 'Even Chase Bank cant afford to stay in Manhattan" well,,, that is the gut punch so many have been dodging for so long.
@@dev0random building is happening at the interstate intersections, especially within a short drive of an inland port. At the dock on Monday, stocked in Amazon warehouse on Tuesday and delivered to your house on Wednesday. This is until worldwide shipping gets disrupted by tariffs and politics. Yeah it was in trouble before the hospitals filled up. Now the dentist that only buys supplies through Amazon finds himself with no supplies. The brick and mortar store he used before was put out of business by the same Amazon. Just in time merchandise management is profitable but has an Achilles heel. It also does not like traffic, so sorry New York and LA, it's been nice knowing ya!
Shame his narrative is fact free. There are over 20 Chase Bank locations in Manhattan alone, and going nowhere. With over 1.6 million subscribers, Rossmann makes around $275,000 a year from his TH-cam income, alone. His business must make more income than that, or he'd sell it. So, why doesn't he stick to easy money via selling outrage videos, and sell his 'profit-less' business? Easy answer.
"If a price isn't listed, that means I probably can't afford it". Same goes for those looking for employment. If an employer doesn't advertise how much they pay, you probably can't afford to live on it.
I don't advertise it because it depends on their capability. Ideally I would get someone who has top notch ability on day 1, but the reality is often far from that. I don't do job interviews, I give them a sample of the work they'll be doing and see how they perform and pay according to that.
Its bank fraud, No one really talks about it but if they actually had to write down property value it would cause an underwriting nightmare with how leveraged these people are. It is legit fraud.
@@Right-Is-Right bcs It Will make the Building "worth less", increasing loan exposure for the bank making It more riskous on paper and creating a margin call to rebalance equity on the mortage to appease bank risk tolerance. Many owners are too leveraged
@@prunabluepepper I have seen them and he was repeating something he read by someone on reddit, something like"securities backed morgages don't allow lsndlords to reduce rent" which is complet BS, the reason he is not saying it anymore. Nice to know that you believe something because of what you are told, instead of knowing how to research things, or even hold your own opinions.
@@moneyobsessed The bond price drops, this does not effect the people with loans, obviously finance is not youir thing but soooo many people are like you, can't fully explain something, but think they do because they know some terms used, eve though understanding the terms is a completely different thing. LMFAO. i will get into where you went wrong. Margin call:A margin call refers specifically to a broker's demand that an investor deposit additional money or securities into the account so that it is brought up to the minimum value, known as the maintenance margin. these only happen when the stock is bought on credit, not when the bond is a mortgage, you were close but completely wrong. Loan exposure: a measurement of the maximum potential loss to a lender if the borrower defaults on payment. Ths does not increase the exposure at all. Maybe try copying the terms you use and search the internet for definitions, because you are a clown to people that know what you think you are talking about.
Yes, while property taxes may play a role, the larger/stronger force is the valuation on all the schemes that have been used to "pay" for these buildings. There is a complex network of hedges in place to protect loans and if the valuations go down significantly, that will trigger mandatory equity and other capital requirements that will knock over the financial house of cards that wall street has built as our economy. This is what we get for having politicians from both parties let banks and corporations get so big that the only thing they have left to feed off of is their own tails.
@@Adamroable Yeah, it's more profitable for them to keep those buildings empty and get bailouts for the infinite future rather than re-valuate those properties.
This is what happens when you replace culture with marketing, and what's left is hype-based pseudoculture, in which price gets more and more detached from value.
"OMG THIS PLACE IS SO FAB,SO DIVERSE,SO CUTE." Except its not, and once they have consumed that place and killed it with hype they move like locusts to another place drinking their 20 dollar coffes talking about "omg we have to help the world"
Manhattan looks like those smaller malls that got put on life support when e-commerce blew up. The only stores opened are probably a front for some type of illegal activity. (The gift shop paying 60k for rent 🤣🤣)
@S L The thing is they could be laundering money as well. How many t shirts to pay $55K per month I have no idea what a t sells for but lets say $40 if you pay $10 profit is $30 so you only need to sell 1834 Ts to pay rent. Add wage for 2 people of (9 to9 times 7 days * 4 wks =672Hrs times $10. =$6720 = 224 more shirts total 2058 shirts. That is 6.125 shirts sold per hr just to pay rent and wages at $10 add in utilities plus others it seems like a stretch. The owner would like to make some money as well. Managment would be more than minimum wage I would think.This also Implies you never close the store so overtime for holidays. I have always wanted to ask the staff how much they actually sell per hour.
You need to be bringing in lots of legitimate money to launder money. If the IRS looked at your books and saw you were claiming massive profits on a shop that they could easily see had no customers, do you really think they wouldn't figure it out?
Sitting her on my lunch break, watching this and popping Doritos into my mouth like I'm at the movie theater eating popcorn. I used to come for the repair videos and now I have no idea why I am so invested in your "new" real estate channel when I live in Pittsburgh, but its fascinating and I keep coming back.
@@wurm6635 I would normally tell people who have never been to NYC that they must do it. Now granted it might still be worth a trip if you like art and central park and a tall building it really won't be the same if the streets are empty downtown and so many businesses are closed. And I could never suggest anyone move here if the rents are so high you have to be a millionaire to afford it.
@@whichgodofthousandsmeansno5306 I've always been scared to even think about going to a city that has that many people living in it. My girlfriend has been there and I showed this video too here and she was baffled at how empty the streets were.
The thing is, people can now work remotely from those houses for companies based anywhere in the country. I think there are big changes coming from remote work, and it can't be good for big cities, but I would guess prices will rise in rural or suburban areas.
@@BorkDoggo I live in the middle of nowhere in NY (Western area), we're seeing a little bump in housing costs but not as huge as smaller cities like Olean. As people flock from the large cities, they still want something familiar, with a Walmart and a handful of niche grocers. So I feel that each small city will get some increases in population in the next two years.
@@reallynotbob6 that makes sense. I can't see a lot of people moving across the country but people will probably move within the state to somewhere a few hours away from a company office, just in case they absolutely need to go in for something.
@@BorkDoggo Like I think for the NYC area, Binghamton might get a lot of the population drift because it's still within 2-3 hours of NYC and populated enough for small business owners to make some sort of income.
you have to ask yourself when making money- DO you want to go fishing on the weekend? or do you want your landlord to go fishing, in the Yacht you bought?
A little thought : Financial crisis throughout history came from over-estimating the value of goods and services. Disconnecting the value from reality had a lot of bad consequences, social, business, obviously financial... etc... consequences. Respect for defending small businesses.
@@devolio5152 In the case of NYC, speculation may very well kill the speculator. If the landlords refuse to face reality and lower rents to a market sustainable level, the lack of income and high GP taxes will bleed them dry, and the market value of the property may very well not recover in the foreseeable future.
The whole "I Love New York" campaign was a reaction to how dismal New York City had become in the '60s and '70s, as people and businesses fled. The Democrat trifecta government is quickly dragging New York to the same place.
@@DeflatingAtheism first you complain the real estate is too expensive and then we bring it down and you complain that realestate is worthless. tf is wrong with you people? Or do you want them to adjust real estate prices such that you can buy desirable real estate for cheap? Too many snowflakes living in primetime emmy award winning fantasy land.
@@dmo848 If you spend a few hundred on a vacuum, why not repair it? Its built to last decades and will long outlive the cheaper plastic ones. Decades ago there was a repair shop for almost everything, because they were made here and cost a good bit. You wanted to get your money's worth out of them!
No one is admitting shit here, but 55k a month is just bullshit ... if u got that kind of cash, u better move a nicer town in usa ... sorry, but fuck nyc.
@@nerdicusdorkum2923 Even with free unlimited BJ's I'd be a bit nervous to sign up for a multi-year lease for $55k / month.. Better go pay people for BJ's, you could have chicks attached down there 24/7 all year round for less.
@@alexanders.170 a two room flat in the city centre is around $700 a month, and i outright bought my 40 kvm apartment in the center for ~$35 000, so not terribly far off i would guess. dont know how much more expensive a business place is compared to housing though
I remember being in Manhattan about 4 years ago and those streets were packed, it was impossible to walk slow there (not that I hate that) and the stores would open from 8 am to midnight because you had so many people out there willing to spend their time on the streets.
My sister lives in Oslo, Norway, one of the most expensive cities in the world. Yes, the rich pay higher taxes but everyone has cradle to grave health care, job training, education, min wage is probably close to 25 bucks an hour.. now that is an example of a "quality of life" based system where as the USA is a "greed based" system. Who is doing better overall? Seems obvious Norway is consistently voted happiest country. USA.. a divided miserable bunch of knuckleheads and a handful of multi- billionaires.
"Normal fuckin suckkkked" has been my motto the entire pandemic, its like people were always completely blind and just wish to continue the illusion at any cost. NYTimes is trash, and most likely will remain that way forever forward :(
Can I be the contrarian and say that I really liked the last video. I'm not a computer guy, just like learning something new and your a pretty decent dude to explain things out like ya do. Cheers from Canada.
This sounds similar to what happened to the NYC yellow cab drivers when Uber and Lyft moved in to town. Those services devalued the cab medallions so much that it bankrupted many cab drivers.
@@trevorcorey7910 America, where all the Rich people keep buying up all the housing and raising the prices to live so nobody can get an apartment or home to themselves. Welcome to the wonder world of Capitalism that everyone keeps saying is the greatest thing ever in the world. Now it's getting so bad they are moving out to the sticks because of the virus and causing rent to rise in areas where the rising price makes no sense.
@@LukaDonesnitch That's called corporatism, socialism for the rich. That's what happens when you give the Government too much power. One in six working people work for the government. That's called a socialistic ruling class. Capitalism has nothing to do with it.
@@spuriouseffect False, the govt isn’t raising the prices on apartments and homes, greedy landlords and people who use real estate as an investment to make more money are hiking up prices everywhere, for as much shit as you Americans love to give socialist (especially the conservatives) places like France still has regulations on people gobbling up all the land like hoarders. This has absolutely little to do with the govt other than their lax regulations on the rich.
@@LukaDonesnitch Um, lax regulation on the rich is a result of corporatism, which is when conservatives and liberals alike give special treatment to them through loopholes, targeted tax breaks, subsidies, bailout, and help them to run their competition out of business with other targeted high regulations and taxes that only the rich can afford, don't have to pay, or get reimbursed. When you raise property taxes, B&O taxes, income taxes, etc. etc. does that make the prices of things go up or down?
The image I have in my head of NYC is Crocodile Dundee, those scenes where the sidewalks are just giant seas of shoulder to shoulder people. This scene: th-cam.com/video/2AoNuz1gjQo/w-d-xo.html
"... due to the lack of technology, you are unable to smell [the piss] " anyone that grew up in a city could smell piss on concrete during your zoom in
Reminds me of the late 1990z when I worked numerous thankless contract temp jobs assisting high level execs with "special projects". I discovered the firms were renting properties that were mostly devoid of employees as the companies engineered downsizing and off shoring of their operations, if not just out and out planning the shuttering of the companies. They called the floors that were vacant of employees and furniture "empty boxes" and were rented merely to make the company look like they were doing great when in actuality they were practically ghost operations.
I find it fascinating I learn more watching your channel about things you do not claim to be an expert in than I have in years watching self proclaimed “experts” cover the same issues. Thank you for making it all so simple to understand.
Louis, I'm still watching your board repairs and learning. There are a shit ton of us that are watching and applying your knowledge to our own computers. Please! keep making them. Thanks!.
These are global problems that Louis is talking about, hence the common resonance we all feel where ever we (those who comment and watch) are living. Excellent work Louis - stating the obvious clearly - very Emperor's new clothes vibe. Take care.
$55;000/mo for a gift shop. I’ve always thought these gift shops were some type of money laundering places. How could anyone possibly afford those rents selling sunglasses, souvenirs, and other junk?
I always wonder how the IRS is not auditing the hell out of these places. I mean a real audit of actually seeing how many sales are done in a day not just taking owners say for how much was sold. It seems that maybe the owners of said businesses have some political clout to keep IRS off their backs
I asked the same question about some of these mall stores, which no doubt pay high rent prices, just to sell that sort of crap. Some simply don't have a realistic expectation of how well such a business is going to do. They apparently don't bother to honestly ask themselves a basic question. Is what I have to offer realistically capable of generating the level of income needed to pay for such expenses?
I have been watching you for years. And am so thankful for your plain honesty and emotional investment Blessings to you Louis Rossmann blessings to you.
Louis, I just love that you as a business owner near/in downtown had the passion to start putting all the crap that goes down in NY on blast. It's awesome to see. I truly hope that prices for downtown normalize so more people can re-populate those areas.
But it's Cleveland... The mistake by the lake. With flammable rivers and terrible weather. All the same problems with local government with less to do and worse crime. Fuck NY right now, but never Cleveland.
If he moved his business out here in Western NY even, and took on entirely mail-in repairs, might be better off noting that he could buy his own small-medium commercial building for around $100k. Going upwards around $250k he might even get a place with space to rent out to other businesses. NYC is crazy expensive when it comes to cost of living.
@@reallynotbob6 the thing is Louis could afford doing that because he's known worldwide because of his youtube channel. Most small repair business couldn't afford working only on mail-in repairs
Ask Clinton to write it. Maybe that will get the NYT’s attention. I doubt it. No one listens to a cat’s opinion about the fact nobody in NY with any common sense is ready to rent properties they can’t afford. And like Lou said, if you have to ask, you probably can’t afford it.
The third rail is all over the nation. Want to know why residential real estate is always inflated? Its because the property taxes fund the states and schools. Thats why the fed spent billions in 2008 to avoid a housing correction and banks scooped out houses just to keep empty. Home owners want space and good schools and get bent over because they have no other choice.
I found this channel years ago because im interested in electronic repair and i thought the real estate videos were a little side-line. I was so happy when i saw you making repair videos again. Im from the UK and have no interest in economics or real estate in the US. I Make sure i watch until the end, like and watch all clickable ads to the end in the hope it shows there are people interested in your experience and repair videos👍
@@Stephengirty then what you do is find a cheaper location and then sell your stuff cheaper amazon started in the garage of bezos parents house he did not start rich had to work his business to the size its today thats capitalism, most of the biggest companies started out small and through struggle and hard work they made it work that is the american way dont expect to just start a business and make a million right away
@@GodwynDi they will find your prices in an area and undercut those businesses'. It happens in more places than just NYC. I remember reading a story about how a local paintball store got fucked out of things through their practices.. fuck bezos.. (but amazon do be convenient right?)
Just to give you an idea, I used to work down there in the early '70's, and it was packed. I shopped J&R Music World on Park Row off B'way (about 5 blocks from where he is now) after 9/11 and it was still packed. The assholes running this city have killed my home. In '73 I could get a stein of beer on tap for 60 cents, just to give you an idea. My first apartment in Brooklyn cost me $175 a month. You couldn't rent a ROOM for that cheap now.
Adjusted for inflation, $175 in 1973 would be spending $1,076.03 today. I’m sure that very same apartment is renting for $2,000+ today even if it was a studio. The rents have outstripped inflation by a lot.
@@ClanMcDuck damn that's about how much I pay for a 3 br house in the midwest a month.. that's insane.. how do people (young like myself especially) even keep up or begin to live in that area in the first place..?
Seeing so many comments from people in other parts of the world saying they have the same issue is sad, but also comforting in a weird way. This is world-wide. Us earthlings gotta stick together 🥊
Yea the zoom H1n in the pocket with a lav mic is a killer setup, leaves the gopro completely wireless and keeps your wallet $100 fatter from not having to buy the crappy proprietary dongle.
@@lukewalker3905 he talked about it another video, its not live but synced to the video via a very good audio recorder. Gopros suck at audio in general
Louis I love your commercial real estate series and think you make great points about the high retail rents. I also agree the property values were inflated pre-covid, but I think you may be missing an important reason about why people paid $6,800 to live in a tiny apartment and shitty neighborhood - it’s because they HAD to be in their office 5 days a week, which was right down the street. Now that they don’t have to be in the office anymore, and have no incentive to live in a shittier place/pay more for it because of the benefit of a reduced commute, they decided to leave the city for better living accommodations. What are your thoughts on this? I think covid may have played a larger role than you’ve let on.
@@albundy06 of course nobody has to be that close/pay that much to have a job downtown. But pre-covid people had to be in the office every day, and thus were more likely to be pay a premium to live closer to the employment centers. I agree though that there are plenty of places to live outside the city with viable commuting/transit options.
@@albundy06 you don't need to pay that much to work there, but if your job pays 550-800k, then $80k/yr for an apartment probably doesn't matter as much to you anymore.
It's even worse when there are a series of holidays coming up, which is all the time, especially in the winter, and you end up just having walls of garbage lining the streets, it looks better in the snow Waste management gets LOTS of paid days off, and from my experience, they don't make up for those days, they just come the next time they're scheduled, and pick it all up then, so it tends to stay for a while, and pile up even more I used to work in Tribeca and Long Island City, Long Island city had the same problems, on top of also people just not picking up after their dogs, and everything constantly smelled like piss and shit
I’ve read that apparently that’s what the government is trying to do. So they and their non profit friends can buy them at a discounted price and rent and sell them to lower income peoples.
That's the thing. If a international corporation with thousands of properties all over the work has a few looses in NYC they will just take the loss for 10 or 15 years. You can't really expect market forces to work in a global monopolized environment. Its like the news networks. They really don't care if they make money. Each is living under a sugar daddy so their main goal is to keep daddy happy. Same with the land lords here.
Having an empty New York building that operates on a loss but increases in market value for 10 years can still be better than devaluing it. The day to day loss can be offset by profits from other properties and the 'value increase' to the investor. Taking a 50% or more value cut might be noticed and questioned by the investors in your real estate fund.
@@alelectric2767 That's what covid was about the great reset, just like having all the hotels removed off a monopoly board before you land on them to buy it.
My 2 bedroom with washer/dryer and a single car garage cost me 70k in Minnesota baby!! My mortgage is $300 per month! 😅🤣😂🤗 Look people......it can be done. Peace
Not anywhere near the Twin Shitties though I bet! MN real estate is ridiculous even in the inner ring suburbs...a run of the mill 2 bedroom house in Bloomington, Richfield, Eden Prairie, Apple Valley etc are still way up at around $250,000.
I used to work on Water St and walk up/down John and Fulton Streets all the time. It’s been a little over 2 years, but wow, it’s weird to see that area so vacant of business and people.
Gonna be honest I have been subscribed to this channel for over a year or two at the least and I stopped getting your Tech video's in my feed, but when you post something unrelated to Tech I get it almost every time.
I remember there being a thrift store near me in Sherman and it got closed and put for rent, for more than 4 years it got closed and then opened up as a laundromat then got closed again. The rent is ridiculous here in upper Manhattan.
I watched the board views, but I feel like I sometimes have to be in the right mindset for those. Don't let the YT analytics make you believe they are unwanted, I'm sure they have their intended niche that want them when they need them but I have to be ready to learn to watch them whereas a real estate or talking head or cat video I can chill out and listen to while at work or playing a game.
Amen. Those kind of videos are not ones I go out of my way for normally, but when I do need them, I NEED them! A good informative youtube video can save people so much headaches.
No rent, no mortgage payments. Now they are geared. When they slip into negative equity, they can't make the payments. Foreclosure and the mortgage holder has a fire sale. That resets the values down.
@I'm just a comedian Blackrock are not investing in massive cities, they are investing in suburbs and smaller cities. Because they understand how to invests, the larger cities are due to collapse and the big investors are not touching them as investments.
@I'm just a comedian It will reach an equilibrium. The key problem is the government doesn't have to behave rationally. In fact it does the opposite. The funny part, is that the players think they are going to get a massive pension, when the reality is they will lose the most. When I look at the problems in the world all roads lead to government. Turns out they are the problem not the solution
You’ll see a decent return in the next month or so. Banks and other large are basically being forced to return workers to NYC or it will implode on itself. Most of Citi will be back starting Sept 13th at least 3 days a week.
*_WOW, You really hit the nail on the head here. This is a lot of first-rate info._* _The uninformed are now informed on the real reason why NY city is dying._
We rebounded from 9/11 because we went back to work on 9/13. Americans said that would not be bullied and we went back to work pretty much the next day
I remember being right back on the train to classes the next day. It was surreal. This is crazy, never ever seen NYC like this in the middle of the day. Maybe 2 or 3 am... But not broad daylight.
@@RedefiningBodybuilding Yeah, but even during WWs you didn't just stop lol. There is literally no situation in current world where you can just not work for two weeks and expect nothing much to happen. That's why I think almost everyone should have a NBCR kit. :P COVID would stand no chance if EVERYBODY would just wear (FF)P3/gas mask properly for a few weeks when interacting with anyone but their partner or children but otherwise make everyone go normally about their day.
Well cities like these have been poisoning for decades now. It's no accident really. I really don't understand how greedy people aren't afraid to completely flush down the drain their assess or whatever by destroying the reasons they're wort anything at all. Ig greed doesn't mean smart business.
Keep in mind that in NYC downtown is distinct from midtown. Back when the Rockefellers pushed the concept of the World Trade Center, midtown was thriving and was the hub of corporate activity. Downtown was not thriving and to some extent WTC served to re-vitalize downtown (at the expense of several blocks of razed small businesses). In any case there is a lot of corporate activity in Manhattan that is not located in downtown.
Same here. I will not go the that cesspool on dare due to the hive of villa y and scum it has become. No thanks. If I’m going to feed a beast it isn’t going to be NYC.
The real problem is with people like yourself and us watching this completely understand the problems but don't want to pursue a political career to address this.
Pointless to pursue political career with tons of gatekeepers, controlled social media and institutions in a country increasingly decaying into crony Capitalism or a Fascist System with Government and corporations united to control the masses with Socialism. There is nothing uniting this country anymore. We are divided in almost every aspect while trying to just take power for the sake of not being under the boot of the other side. in other words--we are all fcked sheep.
Why put yourself into an environment that doesn't want to help itself? The people are mindless NPC's and will vote for A because B must be X Y and Z. All because A has all the lobbying and media groups behind their back. NYC deserves all it gets, they voted for it.
We would need people with morals and honest enough to not be swayed by the interests of the elite for cash or other promises to make this work. But as long as people are corruptible the cycle continues...
That is what I was wondering. How the hell is owning a building with nobody in it profitable? Surely making *something* on rent is better than making 0 on rent.
@@XenoFireStar I suppose a pyramid scheme of book value works out, where the capital gains differences offset the tax and loss of rent, as long as you find a sucker to sell to before it crashes. Or maybe you can use it as security on a loan, then default on the loan and use the overvalued propery to pay it off instead of stuff with real value.
@@XenoFireStar Actually not. Louis was talking about it in another video. If the landlord rents it cheaper, property value drops and insurance company could ask the landlord for a refund. The landlords don't want to risk it. They slowly bleed money and wait for up to 10 - 15 years for one sucker who will pay the high rent.
Hits the nail right on the head. IMO, the city never recovered after the crash of 2008. Since then, it's harder to get a credit card, it's harder to get better pay at a job, it's harder to pay bills, and it's harder to live on minimum wage which companies just love sticking to. I worked in downtown Manhattan in 2009. Getting $8 an hour at that century21. Now if a job is paying you that low for sure you couldn't even afford to live in the cheapest neighborhood in queens. Downtown has always been overinflated.
Just throwing it out there, but there are job openings at the DOE for custodian assistant paying 20 bucks and hour. Not great but it’s definitely a foot in the door
Comments like this makes me want to travel to NY just to ask people working minimum wage how they're able to afford to live there. Seems almost pointless to work for next to nothing.
They need to accept that the market determines the prices for those, and not the amount of money they've invested into it, even Long Island is well into over-valuing their properties to the point that they can hardly support the businesses and population, they've been artificially inflating all of these values for years, COVID and remote work only pulled the veil back by allowing people and businesses to operate cheaper and make more money
Xd. The problems are never that simple.
Actually never gonna tire of Louis reminding people his repairs content exists.
It's hilarious. I normally watch 5 minutes of his repair videos.
That being said it's good of him to make the repair videos for the shops that need them, good guy
@@gwentarinokripperinolkjdsf683 Oh definitely. I've been here for a few years so I've watched a bunch of em. I've long accepted for me to truly follow along, it'll require more knowledge on my end. There's only so much you can do to make those a casual watch.
I hope the users that do get value from them continue to. Hell, references like these are straight gifts for those that need em.
I chuck on the repair vids if I need something to listen to while doing something mind numbing
I honestly know him because of the repair videos so I find it funny when people come in after he makes a couple videos on another topic expecting that to be his norm, though people tend to do that all the time with people on here which kinda stinks.
@@Iron_Hawk Not the worse thing. Sure there's a few complaints, but it does expose people who otherwise couldn't give less of a damn if they tried to things such as right to repair. Same goes for some of the older videos that taught people not to fall for brand loyalty.
Louis, this is why you're $90k+ behind on your rent. Your hobby repairing Macs is taking too much time away from your real profession of lower NYC real estate reporting. LOL!
and Mr Clinton
Sometimes, I think my family was right when they said I should stop fixing things and get a "real" job. If I had a *REAL* job, trading derivatives & debt based securities for vacant, abandoned properties, I'd be a millionaire by now. Unfortunately, I waste time on the peasantry hobby of recovering data, repairing circuit boards, and teaching electronics repair.
@@rossmanngroup No worries, stinking cocaine and feces ridden Ponzi bux are on the way out anyway.
Screw the landlords. Louis rented his space with the expectation that the storefront and location would bring in a certain amount of business to cover costs and to make a profit. Unfortunately, leases aren't signed based on expectations. I have an idea. I think Louis needs to pick up the Bernie Sander's torch and run with it.
Yeap.
Commenting from Germany: I know nothing about NYC, never went to NYC, don't plan to ever go to NYC. But for some reasons I watched ALL of your NYC real estate videos! It's now my favorite TH-cam content, so please don't stop :)
NYC was amazing in the 80s. Particularly the WTC that I explored with my friend for hours without security saying anything. We bought fake IDs on 42nd Street in a video arcade and fireworks in Chinatown. Good times. I flew there by myself when I was 16 wandered around NY nothing bad happened.
For me it’s because it’s actual on the ground reporting. Some much needed truth being reported from someone we trust
@@Balthorium As a 7th grader, (shortly after the Civil War) we took a 'class trip" by train to NYC. 50 kids, two teachers, no problems.
Bruder du solltest auf jedenfall mal nach New York.
I'm only watching because for some reason my country South Africa seems to emulate all the western problems. So Watching this is like watching a weather forecast in this case Economic forecast.
Louis,
behind every empty store is a personal tragedy.
Greetings from Sweden.
Excellent point
and a guy taking a piss
@@maxmustsleep or a cat.
@@atom6486 Clinton?
... or maybe a personal triumph. The proprietor/owner may have relocated to somewhere more affordable and pleasant.
I live in Mississippi and feel more informed on the government and inner workings of NYC than my own state 😂😂 thanks for the videos!
I live in fucking Chihuahua and feel more informed about NYC buildings than mines.
I work for the largest real estate services company in the world (+100k employees) and I feel more informed about real estate than when listening our top management communication.
It's the same in your state/town with a different network of people calling the shots and writing checks to them, and their personal interests physically look different than these buildings. But if you plug your local area's specifics into the system instead of NYC's specifics it will be structured and operate nearly the same.
Same here, I'm in Chicago (bailing out soon) but would love to hear this info about my soon-to-be-former city!
@@debrapaulsonphotography-da4857 start your own Channel about Chi Town and the repent corruption there
One thing is for sure the scaffolding business is alive and well.
And it’s been going up for years, literally and figuratively
don't forget the repo business
And sign removal business.
I'd open a store that sells large rolls of brown paper and tape.
@@richardm3023 and maybe toilet paper. paper towels and Lysol.
Wait... 80 billion budget. How does a city with that kind of budget not manage to fix all of it's problems over the span of a decade?
That's an excellent fucking question
New York city sucks at managing contractors and key stakeholders and has for a long time. Witness the 2nd Ave subway, the crap streets and public transport, and the extremely high costs of the above. Compare to e.g. Spain which could build an entire country wide high speed rail network for a couple years worth of NYC budget.
lmfao with 80 billion they could build a problem-free new new york on mars, what a huge mismanagement of money.
Graft and corruption disguised as overpaying for incompetent contractors, who only got their contracts because their friends/relatives with high-ranking people in the city government. It happens in midwest small towns too by overpaying for incompetently done road repairs. The local governments hire contractors who can't fix a pothole correctly, they're broken again within several months...and need another repair...
NYC is ran by the mob comprised of maybe 2 or 3 crime families, do you need to ask where that money goes?
NYC should change it’s tourist tag line to “Retail Space for Lease”
Or, if you have to ask you can't afford it...
th-cam.com/video/iKoBujiJyfch/w-d-xo.htmlttps://th-cam.com/video/iKoBujiJyfc/w-d-xo.html
@@chrisguli2865 th-cam.com/video/iKoBujiJyfc/w-d-xo.html
Or change its nickname to the "Big leased space", not "big apple." Several big box retailers have packed up and left simply because rent is one of the highest in the world.
How about "Try not to step in piss!"
There is no way the traffic in that area would support the businesses you have shown.
A kilo of coke is worth $270,000. /cough I admit nothing. Declining EROEI.
Everything woke become shit
@@skeetorkiftwon You must have got that number from a friend .. 😊
That foot traffic could not support 1 buck per square foot, maybe the pubs but thats about it , its laughable that that tourist shop was open, how many tourists did you see
@@skeetorkiftwon Standard price of coke has been $100K a Kilo for years. It is the global price. Oddly, $100K in $100 bills weighs 1kg and packs to 1000 cc in volume. loser to the street it will be higher,
Does every building in NYC have scaffolding-covered sidewalks?
Because it sure seems to...
There are laws that require the exterior walls to be redone every set number of years
It’s a construction monopoly ring. All delayed permitting processes, it’s been a problem for years
They're ugly but they saved my ass whenever I forgot to take an umbrella on a rainy day.
I saw a lot of this in some European cities as well Berlin in particular.
poetically speaking, NYC is indeed on perpetual scaffolding
Best Rossman quote of all-time: "Selling bricks of coke wouldn't be profitable at $600/square foot!" I almost choked on my food laughing 🤣😂 at that. Lou for Mayor or Gov?
And I love the quick math he did in head right after too!
"Admittedly, I kind of wonder" was it for me :D
If Escobar taught us anything, you buy $600/ft2 real estate to *launder* cocaine brick money lol.
He had hundreds of houses purchased just to store cash in, and supposedly at one point he was spending over $2500USD/month just in rubber bands to roll up counted cash.
@@fkarg10 That long pause where he's doing the math was hilarious, I'm glad Louis didn't edit it out. It was very human.
I thought he said 'gold' not 'coke'. Makes more sense. Besides, if you're taking a piss on the street, you're likely doing crack, not coke.
The feeling of solidarity here is strong. Sounds just like London for residential property values
I live in a rural town in England, we have a small shopping centre (mall) which died about 10 years ago because the rents were inflated then, nowadays the only stores there are essentially charity shops (thrift stores) and that's because they get a minimum of 80% business rate relief.
What's needed is a penalty or tax for unoccupied retail property, so that the rental rate reflects the true worth rather than the inflated asset value of the property.
@@jarthurs I'm in Lincolnshire, small town; I think the biggest problem is the rates rather than the rents.
Yep
And just like New York, London has a lot of politicians and rich people pushing the values of their property up so that the city looks like it's worth more, while hundreds of thousands of people are made to rent rooms and apartments upwards of an hour away from their place of work.
Same in Amsterdam, an 8 squared meter room starts from 800 euros a month rent which takes up 90% of a max amount student loan.
Even prior to covid I just don't understand how a typical small business was able to survive when rent is $55k.
@I'm just a comedian lmao
They weren't. The entire system is designed to be used by the wealthy. They wait for a multinational chain to rent it, while writing off the empty real estate as a loss. It benefits them if they rent it out. It benefits them if they don't rent it out. Our tax code is need a serious overhall to stop the government from susbsidizing loss. As it is anti-capitalistic to protect capital at the cost of the governmenet via the taxpayers.
@@totallynottrademarked5279 it's not like the write-off is taking from the government or tax-payers, they're just taking LESS from that individual.
I certainly don't want losses to not be tax write-offs if I ever open a business or take a loss as an individual with investments. Wouldn't make any sense. Plus as soon as you start profiting again, all the back taxes become due. It's not really an issue imo. The issue is that somehow NYC has collectively decided the price of their space, and government and banks keep rolling with it. If you wanna solve the problem, crack down on debt. That will never happen because debt is what the rich rely on to make money.
They're just a front for selling drugs out the back door!
back of the envelope math of a basic restaurant: rent is usually around 30% of expenses so revenue should be around 55/30% = 180k. Average restaurant expense per person will be around 25-30$, which is 6000-7500 customers a month or 200-250 customers a day on average (including take out). It's possible, it's just razor thin margins, with a bad couple of months putting you out of business. It's also partially why a lot of the most successful places in NYC own there own place. They bought before everything became insane and can afford to operate with lower volume from time to time.
You could sell everything in that gift shop and still not make $55k.
Accept dope
@@johnathand6211 Except?
While I'm sure the owners spent much less than 55k on their inventory, I'd bet if you added up the price tags on those items the total would be well into the trillions.
I read another comment that said the store could be a front for illegal activity.
Hm. I wonder. So 55k per month for 1100sqf of space; a figure that whole space is stocked with merchandise, minus let's say 100sqf for a bathroom or office/desk or something. So let's figure 1000sqf of merch, I'd say maybe 150-200 items per shelf (generous) with a price averaging... what, maybe $30? Could be a little more, let's say $40 per item. So that's $8000 per shelf, generously. Not bad. Figure 8 or something of those big shelves, ~~~$64k, shirts lining the wall, let's say another $25,000 for 3 walls of ~10x12x3 shirts, ~1000ish shirts selling at $25 a shirt. Okay, that's about 65+25k = ~$90k for everything in there, very roughly and probably generous. Margins on those goods are at least really good, let's say 80% of the sale price is profit; ~~72k. So, it's feasible that if you sold every item in that store once a month, they could probably cover most costs, but definitely wouldn't be making a whole lot of net revenue.
I went to High School and worked around that area. That 2-5pm rush hour had all those streets and subway stations packed, it's crazy to see those streets so empty now.
Did you go to Norman Thomas?
Was he there during the week or weekend, because those streets were ghosts towns on a weekend.
Never been to nyc but I can imagine it’s sad to see a place you love dry up.
@@hammerheadcorvette4 no i went to Murry Bergtraum right next to One Police plaza
@@AkilisMusic ah the memories... I went to high school in the area, and hung out all all the others too. I remember Murry Bergtraum in the 90's
Looks like a profitable business can be done in printing up "FOR LEASE" posters.
The funniest thing about this is that in Culver City, LA there's an actual sign printing company that, apart from a dispensary and luxury car rental lot, is the only non-shuttered building on the block
Hey man, you're a good dude who covers important topics that other people don't talk about. Fuck the view count, you're doing important work
This content gets more views than his repair vids lmao
@@anupam7721 He's a good talk show host... I enjoy his content.
@@anupam7721 it's more important and interesting than the repair videos.
True true
@@anupam7721 I was talking about the repair vids....
How much for this NYC refrigerator magnet?
Gift shop owner: those are $900.
plus sales tax
But at least you don't have to worry about not finding a public "restroom".
@Rich Smith Next step: Show your voter registration card to prove you're an obedient democrat or you don't get served
@@gimcrack555 What is sales tax in NYC now? 80%?
@@Bri-bn5kt I don't know I don't live in NY or NYC. I'm were the cost is reasonable. Not these ridiculous prices. I mean who can make a living with this type of rent?
1980: I remember when this urban jungle was all lush green pastures.
2021: I remember when this desolate wasteland was a bustling city center.
Ashes to ashes, my friend.
Like a metal song
A few years ago, there was a facebook group dedicated to the New York of the '70s and '80s, and everyone there was like, "I remember when you couldn't walk down this street in broad daylight without getting mugged. The New York of today is so bland and antispetic and corporate. I wish it could be more like it was in the '70s!" Well, hey, you're getting your wish!
@@DeflatingAtheism Was that like the mobster era?
2061: I rember when this didn't look like detroit
@@seldoon_nemar That's now dude lol
When you ended with the statement, 'Even Chase Bank cant afford to stay in Manhattan" well,,, that is the gut punch so many have been dodging for so long.
Already happening.
It's so bad across the US that many big companies are opting to build brand new buildings out in the middle of no where.
@@dev0random come to Springboro Ohio!
@@dev0random building is happening at the interstate intersections, especially within a short drive of an inland port. At the dock on Monday, stocked in Amazon warehouse on Tuesday and delivered to your house on Wednesday. This is until worldwide shipping gets disrupted by tariffs and politics. Yeah it was in trouble before the hospitals filled up. Now the dentist that only buys supplies through Amazon finds himself with no supplies. The brick and mortar store he used before was put out of business by the same Amazon. Just in time merchandise management is profitable but has an Achilles heel. It also does not like traffic, so sorry New York and LA, it's been nice knowing ya!
Shame his narrative is fact free. There are over 20 Chase Bank locations in Manhattan alone, and going nowhere. With over 1.6 million subscribers, Rossmann makes around $275,000 a year from his TH-cam income, alone. His business must make more income than that, or he'd sell it.
So, why doesn't he stick to easy money via selling outrage videos, and sell his 'profit-less' business? Easy answer.
"If a price isn't listed, that means I probably can't afford it". Same goes for those looking for employment. If an employer doesn't advertise how much they pay, you probably can't afford to live on it.
I don't advertise it because it depends on their capability. Ideally I would get someone who has top notch ability on day 1, but the reality is often far from that. I don't do job interviews, I give them a sample of the work they'll be doing and see how they perform and pay according to that.
No, you pay based on value, not on a resume.
@@bassandtrebleclef "Great job on that hard day's work! Here's your 10 dollars an hour, don't spend it all in one place now."
In adverts I see where it says “Pay: neg.” I tend to read it as negligible rather than negotiable.
@@CTCTraining1 My first thought was "negative".
Its bank fraud, No one really talks about it but if they actually had to write down property value it would cause an underwriting nightmare with how leveraged these people are. It is legit fraud.
That does not even make semse, the bank's won't let the building owners lease at lower prices. How?
@@Right-Is-Right bcs It Will make the Building "worth less", increasing loan exposure for the bank making It more riskous on paper and creating a margin call to rebalance equity on the mortage to appease bank risk tolerance. Many owners are too leveraged
100% true!!! This is the reason they can't loer rents!
@@prunabluepepper I have seen them and he was repeating something he read by someone on reddit, something like"securities backed morgages don't allow lsndlords to reduce rent" which is complet BS, the reason he is not saying it anymore. Nice to know that you believe something because of what you are told, instead of knowing how to research things, or even hold your own opinions.
@@moneyobsessed The bond price drops, this does not effect the people with loans, obviously finance is not youir thing but soooo many people are like you, can't fully explain something, but think they do because they know some terms used, eve though understanding the terms is a completely different thing. LMFAO. i will get into where you went wrong.
Margin call:A margin call refers specifically to a broker's demand that an investor deposit additional money or securities into the account so that it is brought up to the minimum value, known as the maintenance margin. these only happen when the stock is bought on credit, not when the bond is a mortgage, you were close but completely wrong.
Loan exposure: a measurement of the maximum potential loss to a lender if the borrower defaults on payment. Ths does not increase the exposure at all.
Maybe try copying the terms you use and search the internet for definitions, because you are a clown to people that know what you think you are talking about.
This is why so many CEOs want their staff to come back in the office. Because besides being CEO they lease the property to their company.
Yes, while property taxes may play a role, the larger/stronger force is the valuation on all the schemes that have been used to "pay" for these buildings. There is a complex network of hedges in place to protect loans and if the valuations go down significantly, that will trigger mandatory equity and other capital requirements that will knock over the financial house of cards that wall street has built as our economy. This is what we get for having politicians from both parties let banks and corporations get so big that the only thing they have left to feed off of is their own tails.
@@Adamroable Yeah, it's more profitable for them to keep those buildings empty and get bailouts for the infinite future rather than re-valuate those properties.
Dang that’s pretty messed up
This is what happens when you replace culture with marketing, and what's left is hype-based pseudoculture, in which price gets more and more detached from value.
Very good.
And that is how NFTs came to be.
Pretty much at the risk of over simplifying.
toronto where i am is same way. killed everything that was interesting
"OMG THIS PLACE IS SO FAB,SO DIVERSE,SO CUTE."
Except its not, and once they have consumed that place and killed it with hype they move like locusts to another place drinking their 20 dollar coffes talking about "omg we have to help the world"
Manhattan looks like those smaller malls that got put on life support when e-commerce blew up.
The only stores opened are probably a front for some type of illegal activity. (The gift shop paying 60k for rent 🤣🤣)
That assumption is all it takes for civil asset forfeiture to be imposed.
And an Orange Julius.
Either that or the landlord is money laundering
@@he1ar1 Wait, isn't that illegal too? :-)
There's always the Foot Locker and Lenscrafters keeping the lights on.
This isn't a money laundering business.
It's a $55K a month "gift shop."
😂
ya for all those tourists especially traveling with their orwellian vaccine Passports
Lol
@S L The thing is they could be laundering money as well. How many t shirts to pay $55K per month I have no idea what a t sells for but lets say $40 if you pay $10 profit is $30 so you only need to sell 1834 Ts to pay rent. Add wage for 2 people of (9 to9 times 7 days * 4 wks =672Hrs times $10. =$6720 = 224 more shirts total 2058 shirts. That is 6.125 shirts sold per hr just to pay rent and wages at $10 add in utilities plus others it seems like a stretch. The owner would like to make some money as well. Managment would be more than minimum wage I would think.This also Implies you never close the store so overtime for holidays. I have always wanted to ask the staff how much they actually sell per hour.
You need to be bringing in lots of legitimate money to launder money. If the IRS looked at your books and saw you were claiming massive profits on a shop that they could easily see had no customers, do you really think they wouldn't figure it out?
When the computer repair guy is low key an insanely impressive investigative journalist
Sitting her on my lunch break, watching this and popping Doritos into my mouth like I'm at the movie theater eating popcorn. I used to come for the repair videos and now I have no idea why I am so invested in your "new" real estate channel when I live in Pittsburgh, but its fascinating and I keep coming back.
lol I live in small town midwest and find this interesting.. ive never even been to NYC lol!
@@wurm6635 I would normally tell people who have never been to NYC that they must do it. Now granted it might still be worth a trip if you like art and central park and a tall building it really won't be the same if the streets are empty downtown and so many businesses are closed. And I could never suggest anyone move here if the rents are so high you have to be a millionaire to afford it.
@@whichgodofthousandsmeansno5306 I've always been scared to even think about going to a city that has that many people living in it. My girlfriend has been there and I showed this video too here and she was baffled at how empty the streets were.
Two square feet in NYC = a house payment in middle America.
I'm in Washington. I rented a house with a large yard and garage for 2 square feet of NYC store front.
The thing is, people can now work remotely from those houses for companies based anywhere in the country. I think there are big changes coming from remote work, and it can't be good for big cities, but I would guess prices will rise in rural or suburban areas.
@@BorkDoggo I live in the middle of nowhere in NY (Western area), we're seeing a little bump in housing costs but not as huge as smaller cities like Olean. As people flock from the large cities, they still want something familiar, with a Walmart and a handful of niche grocers. So I feel that each small city will get some increases in population in the next two years.
@@reallynotbob6 that makes sense. I can't see a lot of people moving across the country but people will probably move within the state to somewhere a few hours away from a company office, just in case they absolutely need to go in for something.
@@BorkDoggo Like I think for the NYC area, Binghamton might get a lot of the population drift because it's still within 2-3 hours of NYC and populated enough for small business owners to make some sort of income.
you have to ask yourself when making money- DO you want to go fishing on the weekend? or do you want your landlord to go fishing, in the Yacht you bought?
A little thought :
Financial crisis throughout history came from over-estimating the value of goods and services.
Disconnecting the value from reality had a lot of bad consequences, social, business, obviously financial... etc... consequences.
Respect for defending small businesses.
Speculation kills
In other words neoliberalism can’t govern
@@devolio5152 In the case of NYC, speculation may very well kill the speculator. If the landlords refuse to face reality and lower rents to a market sustainable level, the lack of income and high GP taxes will bleed them dry, and the market value of the property may very well not recover in the foreseeable future.
"selling bricks of coke wouldn't be profitable at that price..." I laughed so hard
The pause to contemplate it was even better.
Soo 25-30 a key...if you cut it, break it up ummm yeah still wont be enough
“…admittedly I wonder”
*Breaking Bad theme*
🤣🤣🤣🤣🤣🤣
you could build a house out of bricks of coke for cheaper then NY rent
All you need to do to break even is sell 10, $10,000 "I heart New York" T Shirts per month and you have it made.
Add Supreme to it and make that dream a reality.
The whole "I Love New York" campaign was a reaction to how dismal New York City had become in the '60s and '70s, as people and businesses fled. The Democrat trifecta government is quickly dragging New York to the same place.
@@DeflatingAtheism I lived in Midtown Manhattan in 1979, then it was wonderful.
@M. Patrick. Don't worry they must be pushing something else under the table that brings in $200K/day. Wink wink nudge nudge 😉.
@@DeflatingAtheism first you complain the real estate is too expensive and then we bring it down and you complain that realestate is worthless. tf is wrong with you people? Or do you want them to adjust real estate prices such that you can buy desirable real estate for cheap? Too many snowflakes living in primetime emmy award winning fantasy land.
I've always wondered how gift shops afford the monthly rent selling crap. I assume their is money laundering involved
Diffidently a front-end business. It might be a business that don't care they end up in the red every month. Big tax write off maybe.
Or they have owned the building for years.If you own a building no point in lowering rent. You can write that off
Yep, as a tourist I popped into a few and left empty handed. Over priced junk
I've said the same for years. Like vaccum shops. Who the hell gets a vaccum fixed
@@dmo848 If you spend a few hundred on a vacuum, why not repair it? Its built to last decades and will long outlive the cheaper plastic ones. Decades ago there was a repair shop for almost everything, because they were made here and cost a good bit. You wanted to get your money's worth out of them!
When they don’t list a price it’s because it’s overpriced and they need a sales person to push it
They throw in a sales person to help move your goods and services for you? Sign me up!
@@gorillaau hu?
@@Actio83 I was being sarcastic. The price is so high that they provide a salesperson to help make you make the rent.
@@gorillaau th-cam.com/video/iKoBujiJyfc/w-d-xo.html
@@Actio83 th-cam.com/video/iKoBujiJyfc/w-d-xo.html
Came for the repair videos, stayed for the social commentary. Insightful content as always, Louis.
$55,000 per month? You might as well sell drug’s out of there lmao. That’s crazy. BTW I’ve never sold drugs in my life just sounds that crazy to me.
No one is admitting shit here, but 55k a month is just bullshit ... if u got that kind of cash, u better move a nicer town in usa ... sorry, but fuck nyc.
You mean a pharmacy?
I don't even make 55k a YEAR! If I am paying that much to rent, place better come with free hot maids that give blowjobs on demand.
@@nerdicusdorkum2923 🤣🤣🤣🤣😂😂😂😂 they better 😎😎😎😎😎
@@nerdicusdorkum2923 Even with free unlimited BJ's I'd be a bit nervous to sign up for a multi-year lease for $55k / month.. Better go pay people for BJ's, you could have chicks attached down there 24/7 all year round for less.
"just looks like normal foot traffic!" - me, from a city in northern sweden with 23k people
*Where the rent is probably more like $500 bucks a month instead of $55,000.*
Probably not that low. It's Sweden nethertheless.
@@alexanders.170 a two room flat in the city centre is around $700 a month, and i outright bought my 40 kvm apartment in the center for ~$35 000, so not terribly far off i would guess. dont know how much more expensive a business place is compared to housing though
I remember being in Manhattan about 4 years ago and those streets were packed, it was impossible to walk slow there (not that I hate that) and the stores would open from 8 am to midnight because you had so many people out there willing to spend their time on the streets.
My sister lives in Oslo, Norway, one of the most expensive cities in the world. Yes, the rich pay higher taxes but everyone has cradle to grave health care, job training, education, min wage is probably close to 25 bucks an hour.. now that is an example of a "quality of life" based system where as the USA is a "greed based" system. Who is doing better overall? Seems obvious Norway is consistently voted happiest country. USA.. a divided miserable bunch of knuckleheads and a handful of multi- billionaires.
Louis you don’t need to apologize for anything. We are here because we like your channel and we love what you do. I do miss NYC but not the expense.
"Normal fuckin suckkkked" has been my motto the entire pandemic, its like people were always completely blind and just wish to continue the illusion at any cost. NYTimes is trash, and most likely will remain that way forever forward :(
Can I be the contrarian and say that I really liked the last video. I'm not a computer guy, just like learning something new and your a pretty decent dude to explain things out like ya do. Cheers from Canada.
Well there's thousands more hours of that content on the channel
Ditto
I can see NY from the top of the housing bubble here in Canada
of course you can. but youtube algos are always right, so your anecdote is irrelevant. ;)
@@dumbbellenjoyer no, no, there are dozens of us! dozens!
“We’re not going back to normal because normal fucking sucked.”
Exactly and that translates across the country.
world***
OK zoomer
@@TheCarpenterUnion get left behind, broccoli brains.
fuck normality boomers better adapt or millennials and z gen will take take over faster than they are dying of covid
@@TheCarpenterUnion Hope that old ass body still works when social security runs out 🖕
This sounds similar to what happened to the NYC yellow cab drivers when Uber and Lyft moved in to town. Those services devalued the cab medallions so much that it bankrupted many cab drivers.
"Get a job as an essential worker"
Okay, I guess I'll pay my 20k rent with a 15 dollar an hour job at McDonalds then.
20k? Where tf do you live?
@@trevorcorey7910 America, where all the Rich people keep buying up all the housing and raising the prices to live so nobody can get an apartment or home to themselves. Welcome to the wonder world of Capitalism that everyone keeps saying is the greatest thing ever in the world. Now it's getting so bad they are moving out to the sticks because of the virus and causing rent to rise in areas where the rising price makes no sense.
@@LukaDonesnitch That's called corporatism, socialism for the rich. That's what happens when you give the Government too much power. One in six working people work for the government. That's called a socialistic ruling class. Capitalism has nothing to do with it.
@@spuriouseffect False, the govt isn’t raising the prices on apartments and homes, greedy landlords and people who use real estate as an investment to make more money are hiking up prices everywhere, for as much shit as you Americans love to give socialist (especially the conservatives) places like France still has regulations on people gobbling up all the land like hoarders. This has absolutely little to do with the govt other than their lax regulations on the rich.
@@LukaDonesnitch Um, lax regulation on the rich is a result of corporatism, which is when conservatives and liberals alike give special treatment to them through loopholes, targeted tax breaks, subsidies, bailout, and help them to run their competition out of business with other targeted high regulations and taxes that only the rich can afford, don't have to pay, or get reimbursed. When you raise property taxes, B&O taxes, income taxes, etc. etc. does that make the prices of things go up or down?
The moment Louis genuinely contemplated selling bricks of coke in those over-priced buildings killed me.
You'd think the building was built out of bricks of coke.
There is not even enough people for bricks of coke either.
@@MiGujack3 if you build it, they will come...
When You Neglect The Goose, It Stops Laying Golden Eggs
Nailed it beautifully Louis. Sadly this is not just the reality of NYC. This same situation pervades many big cities across America.
Rich people didnt dissapear, they just moved somewere else. Some states are doing just fine (like Florida).
TRUE. I’m sick of hearing about NY and LA/California I’m about to puke a hotdog wrapped in a yoga mat
Just watched a few movie set in NY from the 90's and early 2000's. It's just sad the state in which it is right now.
Crime was an issue in the 90's, though.
@@p.s.shnabel3409 ok
The image I have in my head of NYC is Crocodile Dundee, those scenes where the sidewalks are just giant seas of shoulder to shoulder people.
This scene: th-cam.com/video/2AoNuz1gjQo/w-d-xo.html
@@RobertMorgan That was a nice watch
Not all neighborhoods are in bad shape, just parts of Manhattan that rely on office workers.
"... due to the lack of technology, you are unable to smell [the piss] "
anyone that grew up in a city could smell piss on concrete during your zoom in
Ah, once you smell the piss, you can always smell the piss. A quintessential NYC experience. LoL.
NYC didn't smell as bad as Bourbon Street, but it was pretty dang close!
Ride in a NY subway, the PISS smell persists for decades in your memories (like 40 years at leasr)
Reminds me of the late 1990z when I worked numerous thankless contract temp jobs assisting high level execs with "special projects". I discovered the firms were renting properties that were mostly devoid of employees as the companies engineered downsizing and off shoring of their operations, if not just out and out planning the shuttering of the companies. They called the floors that were vacant of employees and furniture "empty boxes" and were rented merely to make the company look like they were doing great when in actuality they were practically ghost operations.
I love Louis' typical rich high society person accent
I find it fascinating I learn more watching your channel about things you do not claim to be an expert in than I have in years watching self proclaimed “experts” cover the same issues. Thank you for making it all so simple to understand.
Louis, I'm still watching your board repairs and learning. There are a shit ton of us that are watching and applying your knowledge to our own computers. Please! keep making them. Thanks!.
Have you considered starting a secondary channel called "Louis Rossmann MACBOOK REPAIR"?
no!
These are global problems that Louis is talking about, hence the common resonance we all feel where ever we (those who comment and watch) are living. Excellent work Louis - stating the obvious clearly - very Emperor's new clothes vibe. Take care.
$55;000/mo for a gift shop. I’ve always thought these gift shops were some type of money laundering places. How could anyone possibly afford those rents selling sunglasses, souvenirs, and other junk?
I always wonder how the IRS is not auditing the hell out of these places. I mean a real audit of actually seeing how many sales are done in a day not just taking owners say for how much was sold. It seems that maybe the owners of said businesses have some political clout to keep IRS off their backs
@@crzy11000 Honestly, the “higher ups” in society are probably in on it.
I asked the same question about some of these mall stores, which no doubt pay high rent prices, just to sell that sort of crap. Some simply don't have a realistic expectation of how well such a business is going to do. They apparently don't bother to honestly ask themselves a basic question. Is what I have to offer realistically capable of generating the level of income needed to pay for such expenses?
Louis, I really respect the fact that you took the time to put bookmarks in your video to make it easy to see the contents of your talk. Thank you
The one time I went to NY, It was 15 years ago and I was introduced to $30 apple martinis- haha. I never went back.
That's a fifth of rye whiskey in New Hampshire.
I have been watching you for years.
And am so thankful for your plain honesty and emotional investment
Blessings to you Louis Rossmann blessings to you.
Louis, I just love that you as a business owner near/in downtown had the passion to start putting all the crap that goes down in NY on blast. It's awesome to see. I truly hope that prices for downtown normalize so more people can re-populate those areas.
To be clear: I'm not telling you to move to Cleveland, but my small office here in the suburbs is
But it's Cleveland... The mistake by the lake. With flammable rivers and terrible weather. All the same problems with local government with less to do and worse crime. Fuck NY right now, but never Cleveland.
If he moved his business out here in Western NY even, and took on entirely mail-in repairs, might be better off noting that he could buy his own small-medium commercial building for around $100k. Going upwards around $250k he might even get a place with space to rent out to other businesses. NYC is crazy expensive when it comes to cost of living.
Dude, I went to Case Western and within my first two weeks there someone smashed in my car window and stole my GPS.
Fuck. Cleveland.
@@reallynotbob6 the thing is Louis could afford doing that because he's known worldwide because of his youtube channel. Most small repair business couldn't afford working only on mail-in repairs
So you didn't conjure a floating office?
when Kurt Russell shows up wearing an eyepatch, it's probably too late to get out.
Not at all. If he shows up then your chances of leaving increases exponentially with Snake Plissken leading the way.
Hahaha..
Lol good one
20 miles outside the city rent is 20% the price and less crime and homelessness.
“Spirals out of control until even Chase can’t afford office space”, that is more true than not I’d say.
Uhh, I’m sure it’s not a matter of JPM can afford it, but that it realized it can save the massive amount of money on rent.
NYC is a 1980's supermodel now saggy and overweight still demanding $50K a 'shoot' and wondering why the phone never rings.
Chase too joining the woke.
Yep that statement best I heard in a while.
Chase has been closing branches all over the country. They are going online and all ATM branches.
Well. We knew that NYC is overrated, but now I don't even want to visit this place... Desolace.
At this point, probably most large, western cities.
Unless for a unique cultural aspect (museums, shows etc), I'd avoid them.
Louis, you should write an opinion piece for The NY Times. They just might print it.
And blow the lid off their third rail !!
You’re talking about the NYT! Do you really think they will print a letter that has not be vetted?
@@davidturk6301 Louis will have fill the article with Woke language to get published. Vetted? NYT doesn't believe in truth since they are Marxist.
Ask Clinton to write it. Maybe that will get the NYT’s attention. I doubt it. No one listens to a cat’s opinion about the fact nobody in NY with any common sense is ready to rent properties they can’t afford. And like Lou said, if you have to ask, you probably can’t afford it.
The third rail is all over the nation. Want to know why residential real estate is always inflated? Its because the property taxes fund the states and schools. Thats why the fed spent billions in 2008 to avoid a housing correction and banks scooped out houses just to keep empty. Home owners want space and good schools and get bent over because they have no other choice.
@@stud6414 What does "woke language" have to do with marxism? Do you know what marxism is? NYT is center left at most. Some people...
I found this channel years ago because im interested in electronic repair and i thought the real estate videos were a little side-line. I was so happy when i saw you making repair videos again. Im from the UK and have no interest in economics or real estate in the US. I Make sure i watch until the end, like and watch all clickable ads to the end in the hope it shows there are people interested in your experience and repair videos👍
covind didn't cause any of this, it just took the shiniest brightest highlighter and went batshit crazy on doodeling on every problem we already had.
Fair analogy!
Amazon, it is Amazon that is Killin the small stores. Why would anyone pay 25 dollars for something that you could get 10 of on Amazon for 5 bucks.
@@Stephengirty then what you do is find a cheaper location and then sell your stuff cheaper amazon started in the garage of bezos parents house he did not start rich had to work his business to the size its today thats capitalism, most of the biggest companies started out small and through struggle and hard work they made it work that is the american way dont expect to just start a business and make a million right away
@@redred222 You should look into the actual business practices of Amazon, and I'm not even talking about how they treat workers.
@@GodwynDi they will find your prices in an area and undercut those businesses'. It happens in more places than just NYC. I remember reading a story about how a local paintball store got fucked out of things through their practices.. fuck bezos.. (but amazon do be convenient right?)
TH-cam punishes people who post too many videos per day. That's just how it is.
No way Steve Lehto post like a million videos a day.
It punishes you after 3, I never post more than 3 a day.
2 is the limit , why? I didn't know
Just to give you an idea, I used to work down there in the early '70's, and it was packed. I shopped J&R Music World on Park Row off B'way (about 5 blocks from where he is now) after 9/11 and it was still packed. The assholes running this city have killed my home. In '73 I could get a stein of beer on tap for 60 cents, just to give you an idea. My first apartment in Brooklyn cost me $175 a month. You couldn't rent a ROOM for that cheap now.
Adjusted for inflation, $175 in 1973 would be spending $1,076.03 today. I’m sure that very same apartment is renting for $2,000+ today even if it was a studio. The rents have outstripped inflation by a lot.
@@ClanMcDuck damn that's about how much I pay for a 3 br house in the midwest a month.. that's insane.. how do people (young like myself especially) even keep up or begin to live in that area in the first place..?
Seeing so many comments from people in other parts of the world saying they have the same issue is sad, but also comforting in a weird way. This is world-wide. Us earthlings gotta stick together 🥊
Southern states are absolutely booming
time for fireboms
That's what happens when economic activity moves somewhere else
OMG that audio was live, you have better microphone setup than most TV channels
Yea the zoom H1n in the pocket with a lav mic is a killer setup, leaves the gopro completely wireless and keeps your wallet $100 fatter from not having to buy the crappy proprietary dongle.
@@lukewalker3905 he talked about it another video, its not live but synced to the video via a very good audio recorder. Gopros suck at audio in general
@@thatslegit I’m aware, that’s what I said.
@@thatslegit What you are saying it was live? A different recorder doesn't change it's liveness?!?!
Louis I love your commercial real estate series and think you make great points about the high retail rents. I also agree the property values were inflated pre-covid, but I think you may be missing an important reason about why people paid $6,800 to live in a tiny apartment and shitty neighborhood - it’s because they HAD to be in their office 5 days a week, which was right down the street. Now that they don’t have to be in the office anymore, and have no incentive to live in a shittier place/pay more for it because of the benefit of a reduced commute, they decided to leave the city for better living accommodations. What are your thoughts on this? I think covid may have played a larger role than you’ve let on.
@@albundy06 of course nobody has to be that close/pay that much to have a job downtown. But pre-covid people had to be in the office every day, and thus were more likely to be pay a premium to live closer to the employment centers. I agree though that there are plenty of places to live outside the city with viable commuting/transit options.
In their offices 7 days a week.
well all apartments are in big demand right now in nyc according to his previous video.
@@albundy06 you don't need to pay that much to work there, but if your job pays 550-800k, then $80k/yr for an apartment probably doesn't matter as much to you anymore.
@anchit989 even 1/3 that salary still would make the 80k apartment seem "affordable" since it's still less than 1/2 your revenue
I heard Cumo was going to buy up some property and open a breasturant that sells bagels to senior citizens.
breastaurant? That might work out
BREASTURANT.
Nipple Ring Deli
@@shawnb1774 Boober Kink
I am stunned that in expensive districts in Lower Manhattan, there are piles of rubbish in bags on the street. It looks 3rd world
The lack of alleys
What gets me... There are people eating outside near the rubbish and thinking nothting of it.
america is a 3rd world country with makeup
I just went to Manhattan two weeks ago and that shit grossed me out too? Like wtf?
It's even worse when there are a series of holidays coming up, which is all the time, especially in the winter, and you end up just having walls of garbage lining the streets, it looks better in the snow
Waste management gets LOTS of paid days off, and from my experience, they don't make up for those days, they just come the next time they're scheduled, and pick it all up then, so it tends to stay for a while, and pile up even more
I used to work in Tribeca and Long Island City, Long Island city had the same problems, on top of also people just not picking up after their dogs, and everything constantly smelled like piss and shit
They're gonna have to lower the rents sooner or later. They're trying to squeeze blood from a stone.
I’ve read that apparently that’s what the government is trying to do. So they and their non profit friends can buy them at a discounted price and rent and sell them to lower income peoples.
That's the thing.
If a international corporation with thousands of properties all over the work has a few looses in NYC they will just take the loss for 10 or 15 years. You can't really expect market forces to work in a global monopolized environment.
Its like the news networks. They really don't care if they make money. Each is living under a sugar daddy so their main goal is to keep daddy happy. Same with the land lords here.
Having an empty New York building that operates on a loss but increases in market value for 10 years can still be better than devaluing it. The day to day loss can be offset by profits from other properties and the 'value increase' to the investor. Taking a 50% or more value cut might be noticed and questioned by the investors in your real estate fund.
I think it will be abandoned even further and becomes a ghost city.
@@alelectric2767 That's what covid was about the great reset, just like having all the hotels removed off a monopoly board before you land on them to buy it.
My 2 bedroom with washer/dryer and a single car garage cost me
70k in Minnesota baby!!
My mortgage is $300 per month!
😅🤣😂🤗 Look people......it can be done. Peace
But but, the amenities lol
Not anywhere near the Twin Shitties though I bet! MN real estate is ridiculous even in the inner ring suburbs...a run of the mill 2 bedroom house in Bloomington, Richfield, Eden Prairie, Apple Valley etc are still way up at around $250,000.
but you have a defunded police and 10 month winters
That's like the smallest house I've ever heard of. A one car garage? Washer/dryer is a perk?
Its a condo.
I used to work on Water St and walk up/down John and Fulton Streets all the time. It’s been a little over 2 years, but wow, it’s weird to see that area so vacant of business and people.
It looks like the video was made during a early morning Sunday. If not, N.Y.C. is in trouble. It has never been so deserted on a weekday.
Gonna be honest I have been subscribed to this channel for over a year or two at the least and I stopped getting your Tech video's in my feed, but when you post something unrelated to Tech I get it almost every time.
I remember there being a thrift store near me in Sherman and it got closed and put for rent, for more than 4 years it got closed and then opened up as a laundromat then got closed again. The rent is ridiculous here in upper Manhattan.
I love that you've kept your helmet on. You can never be too safe walking through NYC.
I know what the death of a city looks like. Overregulations, taxes and bad policy in general killed mine. NYC is way past the point of no return.
It could urn right around with the correct leadership. Need to lose all the lefty / commie BS.
@@johnnicol8598 It would need to hit rock bottom first before that happens.
Hi Louis.
I just wanted to let you know that I really enjoy your channel.
Keep up the good work.
I watched the board views, but I feel like I sometimes have to be in the right mindset for those. Don't let the YT analytics make you believe they are unwanted, I'm sure they have their intended niche that want them when they need them but I have to be ready to learn to watch them whereas a real estate or talking head or cat video I can chill out and listen to while at work or playing a game.
Amen. Those kind of videos are not ones I go out of my way for normally, but when I do need them, I NEED them! A good informative youtube video can save people so much headaches.
I like the repair vids to relax to late at night, as long as Louis keeps his mouth volume moderated which he has been doing lately.
No rent, no mortgage payments. Now they are geared. When they slip into negative equity, they can't make the payments. Foreclosure and the mortgage holder has a fire sale. That resets the values down.
@I'm just a comedian Blackrock are not investing in massive cities, they are investing in suburbs and smaller cities. Because they understand how to invests, the larger cities are due to collapse and the big investors are not touching them as investments.
@I'm just a comedian It will reach an equilibrium.
The key problem is the government doesn't have to behave rationally. In fact it does the opposite. The funny part, is that the players think they are going to get a massive pension, when the reality is they will lose the most.
When I look at the problems in the world all roads lead to government. Turns out they are the problem not the solution
As a personal trainer in the TriBeCa area I second everything you say in this video.
You’ll see a decent return in the next month or so. Banks and other large are basically being forced to return workers to NYC or it will implode on itself. Most of Citi will be back starting Sept 13th at least 3 days a week.
We love all your different content....keeps your channel fresh and relevant
So glad I left in 2016. Rural midwest is doing so much better than NYC.
The south is doing way better than NYC and New England in general (I'm from CT, now live down south)
@@GSCSTRYDER The South shall rise again!
cities are in trouble, rural America is as broke as ever, its the suburbs who are now thriving.
When you say rural do you mean suburbs?
where are you now?
*_WOW, You really hit the nail on the head here. This is a lot of first-rate info._* _The uninformed are now informed on the real reason why NY city is dying._
We rebounded from 9/11 because we went back to work on 9/13. Americans said that would not be bullied and we went back to work pretty much the next day
I remember being right back on the train to classes the next day. It was surreal. This is crazy, never ever seen NYC like this in the middle of the day. Maybe 2 or 3 am... But not broad daylight.
Because you don't just stop doing business and expect no consequences :D
@@rkan2 well in all fairness, at least here in NYC we thought WW3 literally landed on our shores. It was pretty scary. But NY never sleeps.
@@RedefiningBodybuilding Yeah, but even during WWs you didn't just stop lol. There is literally no situation in current world where you can just not work for two weeks and expect nothing much to happen. That's why I think almost everyone should have a NBCR kit. :P COVID would stand no chance if EVERYBODY would just wear (FF)P3/gas mask properly for a few weeks when interacting with anyone but their partner or children but otherwise make everyone go normally about their day.
Yup....
Historically, a city's death starts with the death and decay of its downtown. NYC is just following the long established historical pattern.
Well cities like these have been poisoning for decades now. It's no accident really.
I really don't understand how greedy people aren't afraid to completely flush down the drain their assess or whatever by destroying the reasons they're wort anything at all. Ig greed doesn't mean smart business.
Keep in mind that in NYC downtown is distinct from midtown. Back when the Rockefellers pushed the concept of the World Trade Center, midtown was thriving and was the hub of corporate activity. Downtown was not thriving and to some extent WTC served to re-vitalize downtown (at the expense of several blocks of razed small businesses). In any case there is a lot of corporate activity in Manhattan that is not located in downtown.
I freaking LOVE these videos and I don't even live in New York City. Hell I've only been there once in my life but this is FASCINATING!
Same here. I will not go the that cesspool on dare due to the hive of villa y and scum it has become. No thanks. If I’m going to feed a beast it isn’t going to be NYC.
This is perfect from an educational stand point let's see how long these businesses stand closed getting nothing the updates will be priceless
The real problem is with people like yourself and us watching this completely understand the problems but don't want to pursue a political career to address this.
All talk no play
Most likely they’d do anything in their power to keep us quiet and just be in their favor. And only let ppl hear what they want to hear.
Pointless to pursue political career with tons of gatekeepers, controlled social media and institutions in a country increasingly decaying into crony Capitalism or a Fascist System with Government and corporations united to control the masses with Socialism.
There is nothing uniting this country anymore. We are divided in almost every aspect while trying to just take power for the sake of not being under the boot of the other side.
in other words--we are all fcked sheep.
Why put yourself into an environment that doesn't want to help itself? The people are mindless NPC's and will vote for A because B must be X Y and Z. All because A has all the lobbying and media groups behind their back. NYC deserves all it gets, they voted for it.
We would need people with morals and honest enough to not be swayed by the interests of the elite for cash or other promises to make this work. But as long as people are corruptible the cycle continues...
If nobody is paying these high rents, where's the money for the property taxes coming from? Surely that's about to dry up as well.
That is what I was wondering. How the hell is owning a building with nobody in it profitable? Surely making *something* on rent is better than making 0 on rent.
@@XenoFireStar I suppose a pyramid scheme of book value works out, where the capital gains differences offset the tax and loss of rent, as long as you find a sucker to sell to before it crashes. Or maybe you can use it as security on a loan, then default on the loan and use the overvalued propery to pay it off instead of stuff with real value.
You Think!?
@@XenoFireStar Actually not. Louis was talking about it in another video. If the landlord rents it cheaper, property value drops and insurance company could ask the landlord for a refund. The landlords don't want to risk it. They slowly bleed money and wait for up to 10 - 15 years for one sucker who will pay the high rent.
lol imagine louis knocking on your door asking about life insurance, that would be a trip
I let my labdlord know I won't be paying rent this month but I'm proud to be a part of this apartment complexes legacy. Let's see how this goes.
Wow!
Please keep us posted! 🤣
I will tell my bank that I will not pay the mortgage this month then.
BRO
Hits the nail right on the head. IMO, the city never recovered after the crash of 2008. Since then, it's harder to get a credit card, it's harder to get better pay at a job, it's harder to pay bills, and it's harder to live on minimum wage which companies just love sticking to. I worked in downtown Manhattan in 2009. Getting $8 an hour at that century21. Now if a job is paying you that low for sure you couldn't even afford to live in the cheapest neighborhood in queens. Downtown has always been overinflated.
Just throwing it out there, but there are job openings at the DOE for custodian assistant paying 20 bucks and hour. Not great but it’s definitely a foot in the door
@@kennethflores93 I'm talking about something that happened more than a decade ago. I've got a better job now. Can always get better now too, however.
@@jagenigma that’s great!
@@jagenigma wow, you mean you moved on from minimum wage work?
ShOcKiNg
Comments like this makes me want to travel to NY just to ask people working minimum wage how they're able to afford to live there. Seems almost pointless to work for next to nothing.
It's the old saying: "If you have to ask, you can't afford it."