No quarter for the young renter
Posted by clubsodaandsalt on February 20, 2007
More bad news for those of us left out in the cold by NYC’s insane housing market:
The lower prices and negative psychology that dominated the New York City real estate market last year went “poof!” last month as the bonus-rich and others showed a renewed appetite for residential properties of all shapes and asking prices. Overall, both prices and the number of signed contracts rose more than 10% year-over-year in January.
Looks like those of us who rent because of our lack of a downpayment aren’t going to be seeing relief just yet. People are still snapping up the goods at today’s insane prices, and it’ll likely only get worse. It’s quite frustrating, especially when you come across articles like this week’s “Hunt” column:
UNWITTINGLY, Lauren Clementi got herself into an “unbearable” dorm situation. Ms. Clementi, who was then attending Marymount Manhattan College, had taken a room that she likened to a jail cell. Her parents, helping her move in last September, felt awful about leaving her there.
So they decided to use their retirement savings to invest in real estate, buying a one-bedroom apartment where their daughter would live.
Thank God for absentee owners! Without them, some of us young people who actually work for a living instead of depending on Mommy&Daddy might be able to stop wasting our rent money! But hey, they are just trying to get a piece:
“I will always be a New Yorker and loved the idea of owning a little part of New York,” said Mrs. Clementi, a Brooklyn native.
Dear Mrs. C.,
You live in Richmond, VA. I hear good things about Richmond, so feel free to wear your Richmondian status with pride, and stop buying up our precious housing because you have some kind of stupid mid-life crisis and enjoy spoiling your daughter, who already feels so entitled that she can’t live in a dorm like a normal student.
Yours in bitterness, ClubSodaAndSalt, Inc.
ADDENDUM: Two things — first, I just want to acknowledge and embrace the mild hypocrisy in this post. Those who know me personally know what I’m on about. Second, you should really, really read the Hunt column, because its mockery value is very high, even by the standards of “Hunt” columns. The subject is truly a caricature of herself.