One of the reasons home prices in the US are so high is...
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Building more housing isn't a "non-starter" in NYC. We are NOT SF.
In fact, over the past two decades we have built tons and tons of housing, it's why the city is thriving. Tons of "in-fill" and "80-20" development. It has not been very focused on ordinary people, so much has been built strictly to rent, but that could change as we keep building. (And even building rentals is better than not building.)
We love to increase density.
Now the transit part.
People who live in NYC are very pro-transit. That's because we all depend on it to ... live. Transit obviously needs massive funding increases, modernization and new lines and that is harder, but I would not call it a "non-starter" just difficult.
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F myrmepropagandist shared this topic
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Building more housing isn't a "non-starter" in NYC. We are NOT SF.
In fact, over the past two decades we have built tons and tons of housing, it's why the city is thriving. Tons of "in-fill" and "80-20" development. It has not been very focused on ordinary people, so much has been built strictly to rent, but that could change as we keep building. (And even building rentals is better than not building.)
We love to increase density.
Now the transit part.
@futurebird fair! It's been a long time since I "lived" in New York. (I couldn't afford housing them)
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@futurebird this can be helped by building housing and expanding public transit, but that's kind of a political non-stater in New York. Heck, most of America right now, but it does work.
I want to point out one other thing. In a primate city like NYC increasing density and building more housing has an "induced demand" effect just like when you try to widen a highway. Building more housing has made the city a more desirable place to live and increased housing prices even as the supply has increased.
Now with a highway? I say, don't bother. With housing I think the induced demand just means you need to be more aggressive in increasing the supply.
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People who live in NYC are very pro-transit. That's because we all depend on it to ... live. Transit obviously needs massive funding increases, modernization and new lines and that is harder, but I would not call it a "non-starter" just difficult.
@futurebird but it is one of those situations with transit improvement that everyone wants it in general, but not to be locally inconvenienced by someone actually coming in and doing it. Which is a hard problem no doubt! But you can't build new infrastructure in a city like NY without pissing off the locals
(it's understandable given how disruptive it can be, buuut) -
@futurebird but it is one of those situations with transit improvement that everyone wants it in general, but not to be locally inconvenienced by someone actually coming in and doing it. Which is a hard problem no doubt! But you can't build new infrastructure in a city like NY without pissing off the locals
(it's understandable given how disruptive it can be, buuut)One of the benefits of NYC is the locals are already pissed off so we can't really be pissed off more.
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Of course fixing the housing market also means addressing the fact that a lot of Americans want to live in cities but cities have not been planned for long-term living. You rent in the city in your 20s then you are supposed to move to a suburb. But not everyone wants to do that. So you have a lot of people renting into their 40s and beyond. This is NOT their fault.
I'm a little obsessed with property and real estate so I found a way to buy in NYC, but this took a manic focus.
I also think that the country needs more dense and walkable cities.
There is NYC and then Chicago but otherwise living without a car takes a lot of effort and inconvenience
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I also think that the country needs more dense and walkable cities.
There is NYC and then Chicago but otherwise living without a car takes a lot of effort and inconvenience
Living without a car is WHY I'm here. And it's true for so many people that I know. It's this massive benefit and attraction of the city, but US car culture means that we don't talk about it directly.
Living car-free is very luxurious but implying this would make car manufactures and many people angry. So, we pretend that the half of NYC residents without cars are sad and poor about it.
This is a lie.
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@futurebird fair! It's been a long time since I "lived" in New York. (I couldn't afford housing them)
No one can afford the housing in NYC. It's even worse than ever!
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Living without a car is WHY I'm here. And it's true for so many people that I know. It's this massive benefit and attraction of the city, but US car culture means that we don't talk about it directly.
Living car-free is very luxurious but implying this would make car manufactures and many people angry. So, we pretend that the half of NYC residents without cars are sad and poor about it.
This is a lie.
I wonder how many people who move to NYC from all over the country would still do so if they could live car free with everything they need at their fingertips within a short commuter train ride to where their family lives instead
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I wonder how many people who move to NYC from all over the country would still do so if they could live car free with everything they need at their fingertips within a short commuter train ride to where their family lives instead
Like half I bet.
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Around 50 percent of people own their home or are paying a mortgage. It's fairly common, but the reality of renting for life needs to stop being treated like an anomaly or a mistake.
Everything about the US is set up to advantage home owners. It's kind of disgusting.
@futurebird @llewelly I don't agree, mortgage deductions mean that renters are effectively subsidizing home owners, which is sucky.
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@futurebird @llewelly I don't agree, mortgage deductions mean that renters are effectively subsidizing home owners, which is sucky.
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Like half I bet.
@futurebird @gbargoud I've been thinking of this too! Driving is objectively incredibly dangerous and stressful yet it's still held up as a luxury to a staggering number of suburbanites.
It's also a huge waste of time compared to pub trans- I don't care how many audiobooks you listen to in a car, most of your brain is focused on not dying, so your ability to actually take in that information, synthesize it, be changed by it, interact with it, enjoy it, etc. is very low, especially compared to someone listening to or reading the same thing on a train.
This all from a lifetime unhappy suburbanite who drives for my job a lot now.
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One of the reasons home prices in the US are so high is... the 30 year mortgage. For sanity, and the future we ought to be planning to slowly transition to 20 and 15 year mortgages as the default. This would increase middle class wealth, cool down the housing market and frankly, it might make buying a home less daunting.
Older Americans have most of their wealth in their home. Hence, the "slow" part. We won't be done till they are all dead. Not to be impolite about it.
@futurebird The recent construction in my neighborhood will probably last 30 years. Not sure those houses will make it to 50.
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@futurebird The recent construction in my neighborhood will probably last 30 years. Not sure those houses will make it to 50.
Ugh. The cheap McMansion construction is going to look so bad as it ages. They are disposable buildings with little to justify maintaining them past 40 years.
I guess that's a positive for cities... the construction we've gotten has been generally very well done in terms of durability. With the exception of those pencil towers which may not last except as curiosities. (The pencil towers are not really that numerous. Most construction has been more practical)
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Increasing supply is also important. I just hate the idea of people paying that much interest over their lives.
@futurebird @keefeglise pfft, interests in USA are tiny like Pica, we got a 30 year mortgage with 12% p.a. when we were 23-24 (in Russia)!
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@futurebird @keefeglise pfft, interests in USA are tiny like Pica, we got a 30 year mortgage with 12% p.a. when we were 23-24 (in Russia)!
Interest over 7 percent is evil and wrong.
