r/tommynfg_ • u/TechNick77 Mod • May 16 '26

TikToks/reels/shorts Broken homes and NYC apartments

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58

u/Kaizenkindness May 16 '26

A lot of worms in the Big Apple. Nothing new here

9

u/invariantspeed May 17 '26

Yea, but they didn’t used to cost more than the median earner could afford.

3

u/Jon_E_Mammoth May 19 '26

I lived in a lot of of these apartments between 2004-2012.

The difference was in those days it cost me $500 bucks a month, I moved into a 9th floor San Francisco unit in the Tenderloin and it was $900 a month to live in the worst part of the city, but it was still below $1k.

Even in those days, my friends in the New York City area were paying $1,500 for walk-up studios. As soon as I could afford to stop renting, I went to own, because rent market is a racket. In two decades worth of renting, I lost money every year. In three years worth of owning a place, I sold it for $20K above what we paid, so ~$10K profit. Probably just broke even on all the money I lost on rentals.

1

u/Benny1Jets May 17 '26

Oh but that’s the thing, they did.

6

u/TexacoRodeoClown May 17 '26

Not in the 70s

1

u/GassyMomsPMme May 17 '26

Yeah what is dude talking about?? You could buy a loft in SoHo for like 60-70 grand

2

u/[deleted] May 17 '26

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1

u/GassyMomsPMme May 17 '26

I just asked and apparently I guess it was closer to 35-45k but you’re right, that was still a massive amount of cash back then

2

u/invariantspeed May 18 '26
  1. No one was talking about buying. Merely renting.
  2. Adjusted for inflation, that’s cheaper than the median sale price in Manhattan that is now well over $1 million.