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Re: 22% Increase, VVP section
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Home away from home
 
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On the one hand, a 22% increase is a pain.
On the other hand, I think it looks as if the inventory of frowzy brownstone apartments, at least, has gone up downtown, and maybe Brian could get a pretty good deal. Maybe even the landlord who asked for the 22% increase is open to some dickering. On the left foot: the real reason that it's hard for a rent increase downtown to be truly unconscionable is that, for all of the trash, for all of the crime, for all of the other annoying stuff here, this is really a great place to live. We have genuine historic sites, we have a giant science museum, we have marinas, and we have just about every kind of grocery store that there is. We even have some pretty good regular zone public schools. The very, very worst thing about living here is that, unless someday I move to a really great part of a Brooklyn or Manhattan, or the equivalent in some city like San Francisco, there's no way I can imagine any home I ever have being as beautiful or as convenient as the crumbling hulk that I now live in.
Posted on: 2008/3/17 21:16
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Re: 22% Increase, VVP section
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Just can't stay away
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Dear Landlord,
15%. Y? - Soon to be X-tenant
Posted on: 2008/3/17 17:17
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Re: 22% Increase, VVP section
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Home away from home
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I would suggest sending a rebuttal to your landlord by certified letter basically making a counter offer of under 10%. Something along the lines of:
Dear Landlord, X dollars is an unconscionable increase in rent and exceeds 15% of the current lease. I am willing to pay an increase of Y dollars.
Posted on: 2008/3/17 17:11
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Re: 22% Increase, VVP section
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Just can't stay away
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Less than 22% of this thread actually has any relevance to the topic at hand, and I'm reporting several of you douchebags to the Office of Poster/Reader Relations.
Anyway, there was a call for anecdotal evidence of successful rent increase reversals here somewhere around page 2 that I'd like to ask for again. I see the 10% number thrown around a lot, but does anyone actually have anything to back that up? My rent just got increased about 15% with no obvious improvements to the building that I'm aware of (and landlord is doing a good job dodging all of my calls requesting an explanation). I spoke to Henry Perez down at the Office of Landlord/Tenant Relations and he said judges have ruled in favor of tenants for even less than that. Surely, someone here has to have gone through this process. And don't get all butthurt because I called you a douchebag, douchebag. 
Posted on: 2008/3/17 16:56
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Re: 22% Increase, VVP section
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Home away from home
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Sefzi.
I have to say, I'm ready to agree to disagree, lol. Because I'm simply getting tired of all the back and forth. Im not just bringing this issue up because it is personally effecting me now, I've been posting about this problem for awhile on other threads, so don't make the assumption that this issue just dawned on me last week. But it IS my home, and I'm going to fight for it. That's just the kind of person i am. I'm not dis'ing on other neighborhoods, but looking toward the future, it would suck to have to keep moving every few years because the next apt goes up, then the next, then the next, know what i mean. Where does it end? And this problem will effect so many people in many neighborhoods. I hope it all settles fast, so the number of people displaced isn't that big. And yeah, to be honest, i grew up in a bad neighborhood, I work my ass off, and really don't want all that hard work to put me back into that. I'm not one of those white guys who grew up in ohio and feels guilty about my upbringing, and then moves to a rough neighborhood to prove something. But for real, my main concern is commuting time. And yeah, in VVP the commute into NY is cake. I understand your points, and where you're coming from, and i think you feel the same about my position. I think you are somewhat missing my intentions, but that's alright, it's only JC list. What would the fun be if everyone agreed with you? I'm going to try and stick it out in JC for as long as I can. I have so much invested here, besides giving a lot back to JC, I have a ton of friends and family here. I'm jersey through and through, I'm sure i'll figure something out. Honestly I think the next few years might be tough on many people in JC, but really thinking about it, it should flatten out, as I agree with thriftyt. Start doing your homework, because I'm sure we'll have some nice exchanges when the election grows closer. lol.
Posted on: 2007/12/5 6:06
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Re: 22% Increase, VVP section
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Home away from home
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Quote:
Possibly, but a market in perfect equilibrium like that between supply & demand would be pretty novel, no? On the other hand there always seems to be more market friction preventing a slide than keeping prices down, so there might be a range of stability, kinda like a seesaw on top of a 6 x 6 instead of a pipe. What do I know, I thought we'd see a market drop after Y2K! Fun to watch though huh?
Posted on: 2007/12/5 5:27
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Re: 22% Increase, VVP section
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Home away from home
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That's a good point, B. I'm well aware of that phenomenon. But another variable here in JC in addition to increased desirability is an increase in the number of units for rent. Many of the new constructions (Grove Point included) have increased the number of units for rent because they have realized that units intended for sale ain't gonna sell. Bottom line is increased desirability coupled with a (corresponding) increased availability of rental units will probably lead to flat rents and flat property values for a few years...
Posted on: 2007/12/5 5:13
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Re: 22% Increase, VVP section
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Newbie
 
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Sweetie, there'll always be statistical outliers, but the average price per square foot in downtown JC is somewhere in the $450-550 range these days. There are a select group of properties, on the waterfront, above the path stop, that are going for much more, that also have some pretty serious amenities. Comparing your bedsit rental in a chopped up brownstone to these properties is apples and zebras. P.S. - Why does the existence of "luxury" condos anger you so much? Once the reality sets in, the inventory is only going to serve to stabilize the rents in both new and old construction.
Posted on: 2007/12/5 4:02
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Re: 22% Increase, VVP section
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Home away from home
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Not to say you're actually making it up, but most condos downtown sell between 450-550/sq ft not double that, and I saw listings at G-P for $700/ft. Look at the FS ads at the unseen bottom of the JCList front page. There are 2 brownstone 1 br for 350k, and they both look to be 700+ sq ft. Fortunes are made off the "greater fool", but you'd have to be pretty foolish to pay twice the going rate just for a doorman and amenities.
Posted on: 2007/12/5 3:54
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Re: 22% Increase, VVP section
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Home away from home
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While I don't doubt you can find studios at those prices, I know for a fact that they are the exception to the rule. They do not represent the bulk of real estate in downtown JC. And let's see how long they stay vacant or for sale... i can't imagine there are people lining up to pay that at this point in the economy. It's Grove Point(e) -- the building is mostly dark. I think like three people live there. Speaking of, when will we see our first GP resident posting on JCList?
Posted on: 2007/12/5 3:54
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Re: 22% Increase, VVP section
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Not too shy to talk
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Ahhhh another unbiased viewpoint! Lovely! You and bri bri are so very quick to point out how all of my points are garbage, and you yourself claim to want to "talk" about my comments without actually referring to a single one of them. Anything I've said, please refute it, I'm happy to engage in discourse about it. Somebody might actually learn something new. I totally care about the fabric of my community. There's a difference between not caring, and understanding the history and the reality of the forces at play, which have been working their way to where we are now for decades. Pardon me if I'm not going to lose too much sleep over single people who can already afford to have lived in one-bedroom apartments in VVP for 4 years having to settle for living in the Italian Village, or Harsimus Cove, or (heavens no!) the Heights. Many, families with children, households with multiple generations, who had lived in their apartments for far longer, and were in far worse financial situations than you have gone before you. So yeah, I've got plenty of emotion, I'm just way more discerning about where I place it. All of a sudden the system has reached a breaking point because you can no longer afford to live in your apartment, and might have to walk 15 minutes to the PATH instead of 5? Get. over. your. self. I actually do feel for people who are forced out of their homes. Even you guys. What I don't take kindly to is when people in a sh*tty situation having some irrational need to place blame and speak in tautologies when they don't even know what they're talking about. Because that's really constructive. Start there if you want to talk about wasted energy that could power the rails. Something tells me newfound tenant advocate brian_em's gonna be an activist for exactly as long as he's the one he's fighting for, and as soon as the dust settles, this concern for "the people" will go right back to where it always wasn't. It sucks you guys, but you knew you were renting in a building that wasn't under rent regulations, and if you didn't, you should have. It's called constructive notice. And provided that the landlord can justify the increase as being in line with the market, no Hudson County housing court judge is going to declare it unconscionable, in the absence of another legitimate defense (like retaliatory rent increase). You don't have to like it, but them's the breaks kids. Get mad at me all you want for it, but I know what I'm talking about, as does brewster. Kill the messengers all you want.
Posted on: 2007/12/5 3:51
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Re: 22% Increase, VVP section
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Home away from home
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NO. they are 500k. Call some of the condos.
For an ex. grove pt., A studio RENTAL 500 sq ft, rents for 2100 a month. Studio condos from 480- 550k. I'm not making it, up. Sefzi, you're taking this personally, and it's not.
Posted on: 2007/12/5 3:06
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Re: 22% Increase, VVP section
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Newbie
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Hi folks I want to talk about some of SefZi comments,
Straight up, You're swimming so far up stream against the basic human wiring of common sense, If we could just capture the contrary energy going on inside your tiny brain-washed judgmental little skull, We could power the very Path trains that carry us into the city every morning. Give us something to work with, I'm predisposed to like most people because it makes the day go smoother. But help us out, I even voted for Gore and Kerry, and I'll be the first admit that rent increases in Jersey City has nothing to do with democrats or republicans. And really, If you've lived here all your life, I truly don't understand how you could talk about this topic so unemotionally as a big grown-up? Shouldn't you care about the fabric of your community somewhat? And listen, nobody here are "martyrs and crusaders" We just don't want to lose or our home. Hey, come on guys, displace us if you must but don't take for chumps.
Posted on: 2007/12/5 3:05
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Re: 22% Increase, VVP section
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Not too shy to talk
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Quote:
Nope. brian_em's just being hyperbolic and making up facts to feed the chip on his shoulder.
Posted on: 2007/12/5 3:03
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Re: 22% Increase, VVP section
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Just can't stay away
Joined:
2005/8/10 0:53 Last Login : 2018/10/4 14:20 From Hamilton Park
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Is the new construction really selling for $1,000/sf?
Posted on: 2007/12/5 2:51
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Myth: Pancakes are for breakfast.
Fact: There are no rules when it comes to pancakes. |
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Re: 22% Increase, VVP section
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Not too shy to talk
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Being able to recognize and articulate how the free market works is hardly a "defense" of it. I'm not actually the one that invented the system, and neither are the lowly mouth-breathing Jersey City realtors. We're stuck with it, so all we can do is learn it and try to understand it. Which economic system would be more to your liking?
You could live in any number of places in Jersey City, probably even in your own neighborhood, if you could get that gigantic chip on your shoulder through a doorway. But you don't want to, and somehow your sense of entitlement is everybody's fault but your own. I pity people like you, who think of themselves as martyrs and crusaders when they are dragged kicking and screaming angrily into the real world that other people have been facing for decades. And now all of a sudden it's a problem? What a f*cking insult to people in far worse economic situations than yourself who were priced out of your quaint, edgy brownstone apartment back while you were still in art school. But hey, who gives a rat's ass about them, right? They were probably immigrants or drug dealers or something. Nobody likes prices going up on anything, man. PATH fare increase will suck, gas prices suck, utility bills suck. But grown ups don't stomp their feet like pouty little children and manipulate the reality of the situation to maximize the pity-party. They grow a set, swallow their pride, and move on.
Posted on: 2007/12/5 2:49
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Re: 22% Increase, VVP section
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Home away from home
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Sefzi.
I make the real estate joke, and yes, it's a joke, because you seemed to lash out so passionately about something that will soon effect your rent prices, eventhough I don't actually believe you when you say you rent. Because I'm sorry, no one wants to pay more for something. It's just human nature. Yes, people all over the country commute more than 45 minutes. But it's for other reasons. I'm sure if I had a wife and two kids, my priorities with housing would be different. Yes, it is happening fast, how can you possibly disagree? Look around at the construction in Jersey City...The JC skyline is changing by the day...I'm not making this up. And yes, my rent, personally has gone up almost 45% in less than 5 years. That's moving quickly... Yes, Real estate companies are driving pricing changes. Are they 100% to blame, no, but they are a major part of it. They are building this community up with publicity and lifestyle ads that are attracting buyers not familiar with the community and pushing what i belive is a "fake" jersey city. Just as people love to hate on walmart for their expansion, and what it does to local communities, the real estate companies in jersey city are doing the same thing, except, they are offering higher prices instead of lower ones. All these new condos are not working off jersey city prices, they are working off NYC ones, and they are trying very hard to sell JC as an area that it hasn't developed into yet. They are the ones setting prices, all following each other. And no, people aren't buying them as fast as they thought. Some places are not even %40 full, when they've been open for a few months, and have been advertising for over 2 years. I'm pretty sure it's because their prices are too high. They aren't market prices, they are trying to inflate the market price themselves. I'm pretty sure that when these places go a few years of being half capacity, the prices will fall, But it doesn't help the situation now. Yes, who are the people buying 500 sq ft. condos for 500k? It's not even the case of being able to afford it or not. If I hit the lottery tomorrow, and had 500k cash in hand, I WOULD NEVER buy a 500 sq ft studio apt in JERSEY CITY for that price. I ask the question because i have yet to hear from or meet someone who has. I'd be curious to hear their reasoning. Read the rest of the thread. Read the article brewster posted. I'm not making up the fact that middle class home are vanishing from the NY area. I'm not too lazy to find them, and like I've mentioned before, the prices are getting so high in JC, they are coming too close to manhattan prices. This is only going to hurt Jersey City. If someone has the choice to live in jersey city, 30 minutes from their job, or pay $100 more and live in manhattan, most people will choose manhattan. That's why I'm saying I think JC is getting ahead of itself. And yes, middleclass people should be entitled to live close to their jobs in affordable housing. Yes, it is wrong that an entire city, and surrounding area is priced that just the wealthy can live there. And it IS destroying the fabric and history of the area. The only luxury condos going up are on the waterfront??? NO. look at the beacon, look at the new condos in bayonne and on the west side. Of course I'm going to look at this problem with an emotional attachment. I have an emotional attachment to Jersey City. It's where my family is from. I like how you just had to throw in the BUSH administration. Like he is responsible for rising prices in JC. And you think I'm detached? You think things would be different if John Kerry was president? Please. Save your garbage liberal agenda for you conspiracy websites. For as much as you pat yourself on the back for raging against the machine, you seem to defend the "capitalist pigs" with an army of quotes sticking up for them. And in no way does my republican vote mean that i support kicking people out of their homes and destroying the middle class. Stop believing all that liberal propaganda. It's just their way of trying to make republicans look bad, and it's total BS. That's great you think golf is for "A$$hole republicans". It shows how screwed up your thinking is. Like people who vote democrat don't play golf. And how everyone who doesn't vote the way you do is an a$$hole. You are a snob. You're a snob for thinking that you know more about economics than i do when your political agenda clouds your thinking. When you think you are smarter than someone just because they look at a problem from a different perspective. Your an idiot for thinking it's weird that I'm complaining about my rent going up 22% in one year. I love the fact that you think it's strange that I'm an artist and I vote republican. I wonder what you'd think if you found out i was in the army as well. You need to get over the weird, perverted propaganda from your liberal constituents and lose the romantic idea that all liberals are creatives, and vice versa. But if you believe so strongly that the pricing should go up in JC, why not contact your landlord tomorrow and ask he or she increase your rent 22%.
Posted on: 2007/12/5 1:46
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Re: 22% Increase, VVP section
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Home away from home
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Quote:
Rent's may decline with RE values, then again they may not. A frequent phenomena is that as less people buy because of high prices and/or rates, and rent instead, rents go up from increased demand. The added variable here is that rents have risen considerably simply because the desirability of the area has gone up, and that is unlikely to go away soon, Downtown is past the tipping point that is often the challenge for a gentrifying area facing a downturn market.
Posted on: 2007/12/5 0:28
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Re: 22% Increase, VVP section
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Home away from home
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This does suck. If the landlord thinks that there is someone out there willing to pay this rent, then he may be entitled to charge it. From a practical standpoint, it may be worth it to offer the landlord a counter offer less than the proposed rent increase. This could beneift both parties: you get to stay in the apt. that you like and the landlord maintains steady tenancy.
If you're not willing to pay the rent increase, and the landlord won't take the counter offer then you may consider moving... There are many 1 br apts. within 4 blocks renting for less than $1300 and many 2br apts renting for less than $1900. Moving sucks, but that is what renters have to do sometimes. In today's real estate market, many tenants are being forced out of their homes because the owner has defaulted on a mortgage. That truly sucks because the renters haven't done anything wrong... As for market conditions in JC...don't worry too much. The bubble is about to deflate and prices/rents should stabilize or decline modestly IMHO. This is simply the market at work. There simply aren't that many wealthy individuals to buy up all the new condo stock around here. Again, IMO.
Posted on: 2007/12/4 23:08
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Re: 22% Increase, VVP section
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Not too shy to talk
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Quote:
I don't work for any facet of the real estate industry. Says a lot about your ability to articulate your position that you immediately attack those who disagree with you and make sh*t up about them. Quote:
I don't own, I rent, in a 4 unit building. And it's not in downtown. And I somehow manage to get to Manhattan every day. Not that it has anything to do with this conversation. Quote:
Or option three, I'm grown up enough to be able to talk about a complicated issue from a detached, unemotional perspective. Oh, and that I understand a lot more about business and economics than you do. Quote:
Wow, it sure sounds like it wasn't your problem, until it became your problem. Such conviction. Quote:
Or any one, apparently. Because you aren't equipped to. Quote:
By all means do so, and I'll do likewise. Quote:
Ha ha that's funny. Because i don't make even close to 150K a year. Or 100K a year. And I'm actually 30. And I think golf is for a-hole Republicans. But hey, there's something kinda fun about being called a SNOB by the artist who votes for Bush and cries wolf about capitalism, and who thinks he's too good to live in a neighboorhood in Jersey City other than Van Vorst Park, even after he can no longer afford to. Quote:
Been here my whole life, brat, but thanks for the lesson on "what Jersey City is about" - and for the record, I never said leave Jersey City, I just said suck it up and recognize you can't afford your apartment, and move to an apartment in Jersey City you can afford. Quote:
You said it better than I could. I agree with you 100% on the above quote. 
Posted on: 2007/12/4 5:06
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Re: 22% Increase, VVP section
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Home away from home
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Stefzi,
Wow, I can't disagree with you more. What Realestate Agency do you work for ? No seriously, how much property do you own in JC? No, im serious, what agency do you work for, because A post like that means one of two things, you're a total snob, or you work for a realestate agency... This whole thing isn't just about me, I'm using myself as an example to a large part of this community. There are so many things that you said in the last post that are just BS, im not going to go through every one. I don't care if this problem has been around for 100 years. It's a problem, and i'm going to voice my opinion about it. I'm sorry I don't make 150k a year. SNOB. Maybe you should tell everyone under 30 to leave to make room for all your golf buddies. I'm sorry, but that isn't what Jersey City is about. You don't tell people to leave if they complain about their rent going up. That's just being ann a$$. The hypocrites on this site....it's amazing... THank god the people that I know personally in this city are not like the people on this site.
Posted on: 2007/12/4 4:48
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Re: 22% Increase, VVP section
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Home away from home
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I wholeheartedly agree with brewster: if they are asking too much, move. I also think it's obvious that bringing a lawsuit against your landlord has resulted in them deciding to get rid of you via a large rent increase.
There are other remedies for landlords who do not provide heat and plumbing but I suspect that no landlord expects to get a 22% increase for a place with neither. Quote:
Original Post: "Since Sept my entire building has been dealing with significant issues with our heating & plumbing & and a follow-up building wide court case (Still pending). Thats the simple version. We\'ve learned that some of the tentant's leases are up in January, Landlord has actually allowed us to renew. (Much to our surprise) We\'ve been at this location for 4 years now, with little event and the standard yearly rent increases from 3%-6%. Here comes the trick part, the increase in rent this year is 22%. Is this legal?"
Posted on: 2007/12/4 3:39
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Not too shy to talk
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Quote:
Ummm, okay. But not really even close to accurate on your timeline. Quote:
Plenty of people all around the country commute 45 minutes and more to work each day. Convenience is a luxury, not an entitlement, despite how much people come to expect a short commute within our proximity to manhattan. Quote:
You say "too fast" (when you really mean too fast for you) but then refer to how this has been going on since you were in junior high? Which is it? Quote:
Realtors don't operate alone. If they price something what you consider to be "too" high, the market will determine whether or not you're right. If somebody buys it, the market was right, and you weren't. Free market can't always accomodate your personal whims for what you think your rent SHOULD be or your neighborhood preference. It's been happening for years. Quote:
Again, a sign of the market's strength, even in the face of the national real estate and lending turndown. Quote:
So wait a minute, these "people" make wild assumptions, but you don't? All we know, in the absence of empirical data to flesh out the picture better, is that the people moving into these condos that you resent so much, are people who can afford to do so. If you're not one of them, that's not the seller's problem, the buyer's problem, the realtor's problem, or your landlord's problem. Quote:
Yes there are. You're either too lazy to look for them, or deem these alternatives (yes, even in Jersey City) unworthy of your tenancy. Quote:
What you really mean to say is "look around the neighborhoods in JC i would deign to live in." Quote:
On the waterfront, absolutely. Elesewhere in Jersey City, not even close to accurate. Quote:
We already do. And have for decades. Exactly what those developer exactions translate into and the enforcement mechanism is another story altogether, for which the political forces in JC should be held fully accountable. Quote:
Umm, they couldn't do it single handedly. Sure, it's popular and easy to demonize realtors, but they couldn't manufacture something out of thin air without other complicit buyers, sellers, municipalitiies, developers, corporations, etc. Simplifying a complicated socioeconomic phenomenon might help you feel better about yourself, but it just makes you look like you have no clue what you're talking about. Quote:
Since when do capitalist for-profit players in the economy sit back and think about "the people"? Not in Bush's America that's for sure (or in anybody's america, mind you, but certainly not in this administration). Quote:
And if/when the bubble bursts, guess what happens... Prices go down (as they already are, albeit slowly), the market adjusts, and the cycle starts all over again. Regardless of where you end up. Getting priced out of your apartment is certainly unpleasant, but why is it any more the end of the world now that it's happenning to you, when it's been happening for decades?
Posted on: 2007/12/4 1:41
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Home away from home
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Brewster, I totally agree with you, this is not a new thing, and wow, that article is pretty funny. It could be published today and still feel relevant. And to me, there's the problem.
But again, I raise the questions of what is the breaking point. I mean, yeah the lower east side was the new soho, then willimasburg was the new les, now parkslope is the new Willaimsburg, bushwick is the new park slope, blahblah and somehwere Jersey City fits into this mess. But when does it stop, i mean, it seems this mentality won't stop until Easton, PA is the new hotspot, and? everyone is getting priced out of rhode island. But all kidding aside, there is a zero barrier, so to speak, of how far people can go. It's sort of a numbers game; if you need to be in manhattan for your job, but there is a 45 minute cloud around the city that is unaffordable for the middle class, what do you do? And it's happening too fast. Prices are rising in NJ in some cases, not because the neighborhoods have changed, but because real estate developers are "expecting" a change or are selling the "future" of a neighborhood. Prices all over hudson county are rising drastically because of what's happening in JC, and some of those areas do not have the ease of transportation that JC boasts. And also, like I said before, who are the people moving into the 500 sq ft studios in jc that cost 500k? I can tell you now, they aren't young professionals, like people assume. Im glad in 1997 you made the move to JC, it was smart on your part, but still 11 years ago, there were close alternatives to manhattan that were affordable. I would have definitely jumped on that train except in 1997, i was a junior in highschool. Because of the real estate boom, there aren't any close alternatives anymore. And to me, that's killing the very spirit of the new york area. I think in a few years, the new york city area will be just people in their 40s, and a small amount of rich kids, because no one else will be able to afford it. Look around in JC, every new building going up is a "luxury" condo building. There is nothing going up saying affordable housing. So it brings up the point, what can we do about it? Do we lobby for government assistance for middle class citizens? Do we protest? Do we demand sanctions that require a certain amount of units designated to be "affordable". It's a shame, and I know its nothing new, but the real estate developers are to blame. They aren't thinking with the people in mind, they just want to cash in and bounce. I think that everyone buying into this gold coast idea, and purchasing 500-750k condos like lottery tickets are going to be in for a shocking surprise when that "idea" doesn't materialize.
Posted on: 2007/12/4 1:08
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Re: 22% Increase, VVP section
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Home away from home
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Interesting article and reply, everything in the article still applies except the prices have increased.
Posted on: 2007/12/3 14:37
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Re: 22% Increase, VVP section
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Home away from home
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Quote:
I previously lived in, Chelsea, Tribeca and Morningside Heights (since annexed to UWS), and the song you sing is no different than those being priced out 10 and 20 years ago. Lofts in SOHO became unaffordable to actual artists, and the world was about to end! Move to Brooklyn? they said, NO WAY, BROOKLYN IS TOTALLY UNCOOL, THE ART SCENE WILL DIE!! Hardly. Things change, and you move where you can afford if you haven't bought, or have lucked or scammed a rent protected place. Downtown JC would still be a slum if not for previous adventurous rent refugees. The battle front moves on, now the frontier is the rest of JC, Newark, N Bergen, etc. The rent protection thing is the worst in terms of "middle class entitlements". I know people in rent stabilized Manhattan apartments that could easily afford market rate, but feel "entitled" to the country home and travel the cheap rent allowed them to buy. To prove I don't sing my song simply because I heard the Ka-ching!, I had this letter on the topic published in the Times 9 years ago in response to this article: For Middle Class, New York Shrinks as Home Prices Soar, This was just after the 1997 real dollar bottom of the housing market, 1 year after moving here, and before the market took off. To the Editor: I find it curious that middle-class people are shocked to find that they want something they can't afford. I always thought of it as a fact of life for all but the most affluent. The people you profile in your April 1 front-page article on high rents desire apartments of a size, location and amenities that are now out of reach for them, but they can't conceive of a compromise other than moving to the suburbs. The exclusive neighborhoods in Manhattan are a small fraction of the habitable portions of the New York City area. Gentrification is being driven by those willing to move to an area with some, but not all, of the features we might desire. In our case, my wife and I bought a large brownstone with rental units in downtown Jersey City, which has excellent transit and car access to Manhattan, for what people are paying for one bedroom on the West Side. There are numerous potential Hobokens and Park Slopes out there. They're wanting only for those willing to rationally consider the market rather than longing for subsidies and rent control. My wife and I can be at a Broadway theater in 30 minutes and still have the money to buy tickets. Jersey City, April 1, 1998
Posted on: 2007/12/3 5:25
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Re: 22% Increase, VVP section
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Home away from home
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I feel for you -- we got priced out of Williamsburg. It sucks!!!
What about up the hill, Journal Square or the Heights? Or if you look around Newark Avenue towards Brunswick Avenue you are bound to find much cheaper deals then near either VV or Hamilton Park. Good Luck!
Posted on: 2007/12/3 3:49
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Re: 22% Increase, VVP section
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Home away from home
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Quote:
Oops. My mistake. Somehow I had gotten the idea that there hadn't been hikes for the previous four years. Had to reread (or just read?) the first post.
Posted on: 2007/12/3 3:39
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Re: 22% Increase, VVP section
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Home away from home
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When first posting this topic, I really expected to get a response something like this... " Yeah, sorry to hear that, that really sucks, prices in this town are really getting out of control."
But instead, the majority of the posts responding seemed to stick up for the very thing most people complain about in our city, and that's rising prices. It turned into a few people taking sucker punches and trying to push their political agenda, instead of talking about a problem that can start to effect many people in the community. I enjoy debating politics, yes, and some people on this site, and myself, have gotten into some pretty heated debates, and I think that's great. But a time and a place, ya know. I understand that some of the older people in downtown JC who "got in early", and own property are loving the fact that their "investments" are sky rocketing right now. But there is a population of people in downtown JC that are having the same issues that I am. I guess you can say we are young urban professionals, but we aren't exactly "hoboken types", if you know what i mean. I'm sure that people on the street who don't know me will probably put me into the category of the people who are part of the "gentrification" of JC eventhough i don't really consider myself part of it. I do though, feel very connected to the city; have family, and a long history here. But all the huge luxury condos going up are overall effecting the pricing of all of jersey city in ways i never imagined. Mostly all of the "luxury" condos and apts going up in JC are well out of reach for people under 30 that don't have filthy rich parents. But this problem isn't only in JC; brooklyn, manhattan, and queens, the same thing is happening. It raises a big question to a lot of people my age. Where the hell are we supposed to live? What will it be like in 5 years? At the rate everything is going you'll have to be a millionaire to live here. I think the speed of everything is what the major problem is. Many people I know are in the same position. People a few years out of college who work at some big companies in ny or are people driving the ny art industry are having major problems finding places to live that are close to their jobs and the culture they are a part of or help survive. Finding rental units are becoming difficult alone, as most are turning into condos that are over 4 and 500k for a studio. I mean, how many 20 somethings have 50g's to put down on a condo??? Look up rental prices in downtown JC. Look at some of the prices of the new buildings going up. Grove Point with an "e", 2100 for a 500 sq ft studio... That's just insane. I know that this is nothing new, but I feel recently, and in the near future, the bar is being raised so high here that it will inevitably force out more people than most believe, and might come back to bite EVERYONE in the a$$. I mean, when will it all stop. Will prices ever be too high? Who is moving into these 500 square ft. condos for 500k? To the people who have "gotten in early" would you be willing or able to move here now, with the way things are priced? Or even yet, if you were, say 25, (to take an avg) and had to live close to NY, would you be able to live here?
Posted on: 2007/12/3 3:28
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Re: 22% Increase, VVP section
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Newbie
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Binky,
Sample rent increase; 2005= 5% 2006= 5% 2007= 5% 2008=22% Get it? For everyone, this building subjected to the 22% rent increase is a 4 unit brown stone like many others in the van vorst park area. I know this because I live there.
Posted on: 2007/12/2 21:30
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