Comment by reactordev
1 day ago
Ever since sex and the city of the 90s, rent in NYC has skyrocketed more than anywhere else in the world. $6k is cheap. There’s places that are $20k…
(no correlation with the show, just ironic)
1 day ago
Ever since sex and the city of the 90s, rent in NYC has skyrocketed more than anywhere else in the world. $6k is cheap. There’s places that are $20k…
(no correlation with the show, just ironic)
Not sure why you are dating it there. For one thing, housing prices in NY fell from 2007-2012 so it hasn't been monotonic since the 90s to today. Secondly, housing costs in NY tripled from 1980-1988, which is the same ratio as 2000-2025, but in a third the time.
I know, I’m joking about the tv series having anything to do with it. In reality, it’s because NYC is a city that never sleeps, financial markets call home, immigrants land there, it’s a city of opportunity and the rents reflect that. It’s been going up and up since 1900s.
My tongue in cheek joke was because most of the audience here doesn’t really know NYC history (they should, it’s fascinating) and doesn’t understand that a young quant hedge fund person has no problems paying $10k/mo in rent for a shoebox they’ll never be in. Just to have the NYC address, to be able to work within NYC. Any sane person would look towards Staten Island or Jersey, but even then the rent prices along the transit lines are double what’s available further out.
But I could be wrong and all the history buffs will rebuke me with facts about how commissioners in the 50s did this or that, or that some policy in the 70s created it.
>Secondly, housing costs in NY tripled from 1980-1988
Doesn't this correlate with the steep drop in crime around that same time period?
No, crime rose dramatically to a peak in 1990. Housing costs in NYC were stable throughout the 1990s while crime fell by 90%. Pretty much the opposite of what you just suggested.