Why Rent In NYC Is Out Of Control Right Now

Paying over 2k AND having a roommate is insane

I love how minimum wage increases have to be phased in to not "burden employers," but rents are allowed to double or triple overnight with zero regard for the burden on tenants.

$4,700 for rent - that's $56,000 per year for rent - no wonder that girl's mother said she needs to buy a house.

I’d love to see an episode 2 on this where you interview people working minimum wage, immigrants, or gig economy workers instead of looking at people who are working higher salary jobs. Maybe even the aspect of a student who has their parents pay for their space vs one who was born in the city and goes to college here.

This video felt hugely tone deaf to the gentrification problem caused by these same people who want to live in Manhattan and can’t. As a native New-Yorker who works $15, I find it hard to have sympathy to people making six figures who can just afford to pick up and leave to another state or country. My family has lived in the Bronx for generations and can barely afford to live here anymore because ppl who can’t live in Manhattan just move to outer boroughs and make the cost of living expensive. I understand the struggle and appreciate the perspective offered, but the video should’ve at least included native New-Yorkers and talked about the gentrification problem in NYC.

The people that romanticize NY, you're stuck in an abusive relationship. Get out before it's too late.

Now imagine the families who have lived in those communities all their lives now having to leave. This is sad 😢

I think a housing crash is happening because all those people who bought homes over asking price, although it was at a low interest rate, they are over their heads. They have no equity if the housing prices continue to go down, and if for whatever reason they cannot afford the house anymore and it goes into foreclosure because even if they try to sell, they will not make any money. I think this will happen to a lot of people especially with the massive layoff predicted for the future and the cost of living rising at a high speed.

Landlords raising rents to offset losses during the pandemic. Will they ever lower the rents once they've recouped their losses? No. Will employers increase wages to offset the higher cost of living? No. There will eventually come a breaking point.

I can only imagine how freaking scary this rent situation is for single parents

Im a Industrial engineer (specialized in catenaries and HIgh tension networks) worked in NY for 5-6 years. After a year of paying 3700$ for rent and having to walk each day for 40 minutes to work i decided to mae myself a stealth van. For less than a year of rent i bought myself a ford transit and made it a stealthvan during my month vacation. THE BEST INVERSION OF MY LIFE. I lived like a king. Parked rougly 10 minutes of my office, near a supermarket. And never had a problem (for 4 years parked in the same place). I Saved almost 60% of my income. INSANE. 5 years later i sold my stealth van and with the money i had saved i paid almost entirely a house in my hometown. Now im a Physics highschool teacher, earning less than half i did when i worked in NY, but i got a paid house, all afternoons free and summers off. Trust me, if you want to live in NY, Vancouver, Sanfrancisco etc etc. Get a stealthvan. trust me.

Greed has ultimately suffocated NYC. Such a shame. I lived in Park Slope Brooklyn in the 70’s through the mid 80’s when I was young and in my 20’s &30’s and feel lucky to have had the wonderful experience of being there and in the arts then. There’s a creative gritty spirit that is now gone forever because of the crush of the almighty buck.

I can’t imagine living in a place so actively hostile to human life

I’m a life long NY’er and still love the city. But for all the young people in this video and watching the video I’ll share one thought. Keep your housing expenses as low as possible and do not get over your head. If that means you can’t live in NYC so be it. There are endless equally good or better places to live & you don’t need to be in NYC for opportunity any more. Your 20’s are critical to setting up your life, don’t put yourself in a hole.

Even rich people are selling their homes and moving . The taxes in New York is nuts.

It's definitely affordable as long minimum wage in NYC goes up to $45 an hour

I'm a middle aged man at the top of my career and I cannot even fathom what it must be like to spend $42,000 a year to pay off someone else's mortgage. That's like buying a Tesla model 3 every single year and gifting it to someone else.

This is why people are living in cars, living with multiple roommates, or worse living in shelters or on the streets.

Born and raised here in NYC. I hate it here. Trying so hard to leave but feeling stuck. At least I'm seeing (based on this video), that I'm not the only one dealing with the increase in rent.

Great video. I almost moved from Dallas to Brooklyn with a friend who currently lives out in NYC. Purchased a one way ticket and then ultimately backed out because I did not want to struggle just to survive the ridiculous pricing. Working in the music field my entire life, NYC would've been great for the opportunities, but I ultimately said my mental health and stability is more important. I'll find other opportunities eventually.