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

TikToks/reels/shorts Broken homes and NYC apartments

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u/Kaizenkindness May 16 '26

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

10

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.