Sunday, March 29, 2009
Tales from the rent-is-falling front
“Probably somebody who’s relocating would still be surprised today: ‘This is the size of apartment I get for this price?’ ” said Caroline Bass, an associate broker with Citi Habitats. “But New Yorkers think this is great right now. Maybe you appreciate it more if you spend more time here.” (The New York Times)
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Rent decreases are short lived, and as soon as things rebound, those people who get them will be very upset to see their rents rising astronomically every year without any protections whatsoever because it will be unlikely their salaries will rise as steeply. Our problem with transient tenants will not be solved by this short term relief (if $2900 is really a relief from $3000) without rent regulations in place to protect tenants and allow people to settle down for more than a year or two.
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