gigawort t1_j7wck16 wrote on February 9, 2023 at 9:35 PM

Reply to comment by myassholealt in Manhattan rents hit an all-time high in January by WarrenBuffetsDriver

Well, there's lots more people now, both in NY and in the USA. 630,000 people in NYC alone in the past decade. Yes, we did a lot of new construction, but not enough.

myassholealt t1_j7wquck wrote on February 9, 2023 at 11:09 PM

...so no data. Just a claim not supported by rent pricing this century or for the last almost 4 decades. Got it.

gigawort t1_j7wtf93 wrote on February 9, 2023 at 11:27 PM

Maybe you should take an economics class then.

myassholealt t1_j7wv1j0 wrote on February 9, 2023 at 11:38 PM

Ah yes, the famous economics 101 comment. Of course. Before you lot, the economics 101 theory parroted was trickle down theory. Give tax cuts to the wealthy and it'll trickle down to the middle class.

The people of your mentality supported and advocated that theory, ignoring the reality, for decades. Results: shrinking middle class cause greed is allowed unchecked. Great job.

Now, it's build more! It'll eventually turn into lower rent prices for middle income people and lower.

I'm sure the wealthy appreciates the next generation advocating for them too.

And in 30 years, people will congratulate you on your in depth understanding of economics when rents never actually go down no matter how much was built cause sUppLY aNd DeManD is not the only reason rents keep going in one direction.

But, I get it, you gotta fight for real estate investors/property owners. Cause if you don't who will.

Meanwhile I'm wasting my time screaming into the void. Kinda reminds of 2020 when everyone here was just as confident that NYC was over and would never rebound. You guys definitely know best.

leapfoot t1_j7wxsm1 wrote on February 9, 2023 at 11:58 PM

Trickle-down isn't an actual economic theory. It's bad faith politics given by conservatives to justify tax cuts for themselves.

No one is fighting for real estate owners in as much as people fighting to end hunger are also fighting for Big Agra. We're fighting for lower housing costs. If some people make money off that as a side-effect, that's what living in a capitalist society entails.

So what's your solution then Mr-Knows-better-than-everyone?