Quote:
Originally Posted by Obadno
Probably due to less people moving in to replace the standard bleed of retirees and snowbirds.
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This, along with crushing taxes and lack of housing. $2000/rent use to get one places in NYC, now... its the norm. $2k in rent will get you garbage. $3.5k/mo, now we are talking.
Most places go by the 40x rule, if you make 120k a year, your max rent will be $3000. A lot of places go by this, although there may be exceptions. Some places might even require 50x.
Much easier with roommates, or just having a lucrative job.
UNLESS one gets an affordable unit, which are fantastic, but its like winning the probability lottery to get those.
STICK TO NJ GOLD COAST. Much better than NYC, and you'll get a view and not get raped in costs.
A friend of mine bought about a year ago, a unit on the UWS. Some Boards require letters from friends and other paperwork. In a nutshell, this is a way to discriminate. They don't say it, but its exactly what they do, especially on the UWS.