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Political Discussion
Reply to "Zohran Mamdani..."
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[quote=Anonymous]The issue with NYC and all HCOL places (including our glorious suburbs) is a huge gap between price of rents and price of ownership. In NYC it is very dramatic diff prompting all the various calculators showing how you lose money owning vs. renting. In addition, competition for older rentals drives prices up because of replacement of older more affordable housing stock with new luxury housing stock built to the standards of wealthier people. This removes more affordable rentals from the market because only old LLs who bought long ago can afford to rent them out for anything close to affordable. Once old LLs sell, affordable rentals disappear. [/quote]
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