Gothamist: Manhattan Rents Down, Inventory Up This Month

NannyState

Tue, 28 Oct 2008 19:39:32 -0500

Rents in NYC went up how many percentage points in the last 10 years? That's how far things need to drop. Right now, it's business as usual.

Novanglus

Tue, 28 Oct 2008 12:41:31 -0500

Does this mean brokers will start reducing their ridiculous fees?

kissel

Tue, 28 Oct 2008 11:39:39 -0500

everyone has obama tunnel vision. i think the poster may also be talking about Bloomquin talking about significantly raising property and income taxes which both affect renters and owners - something renters don't think about,but is baked into their cost.

everyAframe

Tue, 28 Oct 2008 11:28:53 -0500

^ ah, even better still! yeah, it kind of amazes me how folks making 50k a year in red states are afraid of Obama hiking their taxes. Its like they're saying if I walked up to them and offered them a check for 325 thousand dollars, but would ask a 3% agent commission, they would refuse my offer.

Politburo

Tue, 28 Oct 2008 11:01:12 -0500

everyAframe: Actually the extra 3 points doesn't kick in until ~$375k (in 2009, individual). If you're in the $200k-$375k range (individual) your taxes will still go up, but only by 1 point. And let's not forget these are marginal rates and they only apply to the income in that bracket. Although I shouldn't be, I'm surprised at how few people understand how our income tax actually works.

everyAframe

Tue, 28 Oct 2008 10:33:36 -0500

^ Mmmore like three moths from now...this is nyc, it'll be over in a year. Put it this way: in 2001 two 110-story buildings were flattened by terrorist attacks and that neighborhood had rent deals for about fourteen months and then it was business as usual again.

WorksInDUMBO

Tue, 28 Oct 2008 10:27:48 -0500

So what do you guys think? Next year at this time will be a good time to move?

jterry121

Tue, 28 Oct 2008 10:23:35 -0500

In 20 Years NYC will be nothing more than a Strip Mall with Empty Apartment buildings - oh wait....

everyAframe

Tue, 28 Oct 2008 10:19:31 -0500

Please, if I clock 250k in '09 and get tapped an extra three points for taxes, I am far from screwed.

Dirk

Tue, 28 Oct 2008 10:03:13 -0500

Too bad this doesn't mean my landlord will lower my rent. For once, I agree with ides...

ides_of_march

Tue, 28 Oct 2008 09:47:36 -0500

Rents slightly down, taxes going up. You're still screwed.