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Bubble_Bowl_MVP t1_j202qxp wrote

Reply to comment by mdervin in Opinion: New York finally has momentum on housing and it’s time for a breakthrough by King-of-New-York

Why is an apartment in Harlem 4k/mo? My goal would be for most housing to be under 2k/mo and the average rent in Manhattan is 5k.

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mdervin t1_j203lyd wrote

An apartment in Harlem is 4K a month because there are a bunch of people who can afford 4K for a Harlem apartment, but they can't afford 6K for a midtown apartment.

Between 2010 & 2020 NYC's population increased by 800,000, between 2010 & 2020 about 80,000 apartments were built.

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Bubble_Bowl_MVP t1_j204hj7 wrote

The increase was about 600,000, and then we lost almost 400,000 during the pandemic. The population had been around 8M for over 20 years.

EDIT: Actually we hit 8M in the mid 1950s.

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mdervin t1_j20ewcb wrote

and what happened to rents during the pandemic?

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Bubble_Bowl_MVP t1_j20gw32 wrote

Literally nothing, they're higher than ever.

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mdervin t1_j20h6og wrote

because the pandemic is over and those 400,000 moved back into the city and some brought friends.

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Brambleshire t1_j210ay8 wrote

it's just the free market, nothing we can do about it 🤷🏻‍♂️

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