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(The New York Times)   The rent is too damn high...and not just in NYC   (nytimes.com) divider line 117
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10247 clicks; posted to Main » on 14 Apr 2014 at 8:03 PM (23 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-04-15 01:39:24 AM

mafiageek1980: ElLoco: "Whatever the market will bear" economics. It won't drop as long as there are people who will pay it.

or are so desperate to find a place to live they will pay for overpriced crappy places *cough Austin, Tx cough cough*


Someone has never been to North Carolina. 30% higher than Austin's rent in a state with no semblance of walkability or public transit. You must own a car and it must work all the time. Plus every real estate agent is an asshole (won't answer the phone, won't answer email, will let you apply for places they rented yesterday, one actually told me to go drive past the house myself because he couldn't be arsed to come by and let me in) and there's an abundance of 3br/1ba but no 2/2s.

Also all the rooms are inexplicably tiny. They just love walls here. A 3 or 4 bedroom is the size of a 2 bedroom in Texas. My kitchen is the biggest room in my apartment. Pretty quiet here, though. I hated the loud music capital of the world.
 
2014-04-15 01:42:53 AM
Lived in Austin for 25 years, but when I found out about artisinal ice, I decided it was just about time to start planning my exit.   It's not my city anymore.    I'll hand the keys over to the next wave of 20 somethings.    Take care of her, she was good to me for a long time.
 
2014-04-15 01:52:25 AM

Wessoman: Old time Austinites who were born and raised here all talk nostalgia, and new Austinites do not understand the flow of the city.


"Old Austinites" have been saying that for 30 years. The centralized condos may be pricey and "lack character" and all that shiat, but they're superior to the shiatty suburban growth the city's used to. A high rise is better than another Steiner Ranch.
 
2014-04-15 01:54:42 AM
Got a deal on my house, bought when the market was at it lowest with an interest rate of 3.5 percent. New house that had never been lived in, three car garage and a pool to boot! It was the last one built in the neighborhood but both past perspective buyers financing fell through. Gobbled up a 2600 square foot house all for my lonesome for only 165k when this same house minus the pool was selling for over 400k just 4 years prior to my purchasing it.

Market has rebounded some, much smaller house across the street with no pool and very few of the upgrades mine has sold last week for 237k so figure if I decide to relocate to another region for work in the next year I should do fairly well.
 
2014-04-15 02:47:28 AM
I'm kind of annoyed at the expansion San Antonio and Austin are doing. Keep your shiat in Austin, Austin. I already am sick of New Braunfels kind of disappearing into a "Where is it?" because it was surrounded by now where to "Where is it?" because of all the same shiat repeating itself every five miles.  Then slowly repeating itself on the way toward Austin.
 
2014-04-15 03:33:29 AM

moothemagiccow: Wessoman: Old time Austinites who were born and raised here all talk nostalgia, and new Austinites do not understand the flow of the city.

"Old Austinites" have been saying that for 30 years. The centralized condos may be pricey and "lack character" and all that shiat, but they're superior to the shiatty suburban growth the city's used to. A high rise is better than another Steiner Ranch.


You missed the point entirely. It isn't exactly that condos are being built, that's an "Old Austinite" argument, and yes, they have been saying that for 30 years. It's just the type of people moving into them nowadays, and in numbers greater than ever.
 
2014-04-15 04:46:08 AM

Wessoman: Besides, Austin is a city that's ready to die. The "Locals" harp nostalgic of the days when Austin was a "Small town" (HINT it never really was and it is now a city so build some damned infrastructure already why don't cha?), while the "Newcomers" think Austin is a bizarre crossbreed between Panama City Beach, FL and Sunnyvale, CA, and are doing a great job into gentrifying the city into Dallas 2.0.


That has got to be the most accurate description of Austin I've ever had the please to read!  Newsletter, etc.

/ Moved to Austin well over a decade ago
// Commuted up 360 daily over the bridge
/// Got a home office and it became much more enjoyable
//// Still got out 5 years ago
// And F the big D
 
2014-04-15 06:34:32 AM

Wessoman: For the record, "Keeping Austin Weird" means "Keep Austin's rent cheap enough so I can work at a place like Homeslice and still play in a band and maybe smoke bad weed from time to time.". Having been to both NY and LA, Austin isn't really trying to emulate either city, but a lot of former residents of those cities are bringing their bad habits with you.


you've lived in Austin for three years...and moved here from LA. Are you posting all this crap ironically?
 
2014-04-15 08:32:48 AM

JungleBoogie: generallyso: The top 10 percent of earners took more than half of the country's total income in 2012, the highest level recorded since the government began collecting the relevant data a century ago...

But the total income of the top 1 percent surged nearly 20 percent that year. The incomes of the very richest, the 0.01 percent, shot up more than 32 percent.

shtychkn: Cause then it can trickle down!

I think trickle up economics is what we have today.


Trickle up would work.

Give Money to poor people and they will give it to the Rich.
 
2014-04-15 10:35:52 AM
Here's a simple way to reduce rents:

Eliminate all zoning that restricts density, especially in housing.  Eliminate much of the red tape in the process of getting a building permit.

This will increase supply, which will naturally decrease prices if demand is stable.
 
2014-04-15 10:38:38 AM

dropdfun: Got a deal on my house, bought when the market was at it lowest with an interest rate of 3.5 percent. New house that had never been lived in, three car garage and a pool to boot! It was the last one built in the neighborhood but both past perspective buyers financing fell through. Gobbled up a 2600 square foot house all for my lonesome for only 165k when this same house minus the pool was selling for over 400k just 4 years prior to my purchasing it.

Market has rebounded some, much smaller house across the street with no pool and very few of the upgrades mine has sold last week for 237k so figure if I decide to relocate to another region for work in the next year I should do fairly well.


I did the same.  I bought a house in 2009 for $150k that sold in 2005 for $400k.  Even got a tax break to do so.  I figure it's now worth at least 50% more than I paid for it, maybe 100% more (which would still be less than the previous sale, of course).
 
2014-04-15 10:46:05 AM

Talondel: Sliding Carp: Hey, we've been told for at least the last 2 decades that constantly-increasing real estate prices are the only valid measure of the health of the economy.

We've also been told that inflation has been near zero for that same time, so anyone who says that prices of things like food, rent, and utilities are rising relative to income must be mistaken.


Inflation has been low.  We had actual deflation in 2009.  When a house that sold for $400k sells for $150k four years later (see above post), that's deflation.
 
2014-04-15 02:32:53 PM

JonBuck: So, San Diego is actually worse than San Francisco when it comes to rent? I'm actually surprised.


Only if you wear flowers in your hair.
 
2014-04-15 04:01:48 PM

randomarrangement: Wessoman: For the record, "Keeping Austin Weird" means "Keep Austin's rent cheap enough so I can work at a place like Homeslice and still play in a band and maybe smoke bad weed from time to time.". Having been to both NY and LA, Austin isn't really trying to emulate either city, but a lot of former residents of those cities are bringing their bad habits with you.

you've lived in Austin for three years...and moved here from LA. Are you posting all this crap ironically?


I moved here from Nashville, four years ago. And I have been to Austin 5 times (Extended visits) over the 90's and 2000's. DO try and keep up. And lay off the "Irony" lameness, it was old in 2004 and all that tells people is that you insecure about your own self image.
 
2014-04-15 04:59:38 PM

Geotpf: Talondel: Sliding Carp: Hey, we've been told for at least the last 2 decades that constantly-increasing real estate prices are the only valid measure of the health of the economy.

We've also been told that inflation has been near zero for that same time, so anyone who says that prices of things like food, rent, and utilities are rising relative to income must be mistaken.

Inflation has been low.  We had actual deflation in 2009.  When a house that sold for $400k sells for $150k four years later (see above post), that's deflation.


Yet amazingly we also had low inflation in all of the years that housing prices were running up.  The government decided to change the way inflation is calculated.  Part of those changes included excluding food and energy costs from the calculation as "too volatile."  But seeing as those make up a large portion of the typical family's monthly spending, they have a real and immediate impact that the official inflation numbers simply ignore.  That, among other things, leads to reported inflation being drastically lower than the inflationary effects people actually feel.  Which is why it is possible for rents to have risen to the point were people can no longer afford rent, despite the fact that reported inflation had averaged near zero.

Conveniently, being able to say that we have low inflation and high unemployment gives the Fed cover to continue their economic stimulus.  They wouldn't be doing that if reported inflation was high.  So the Fed continues to pump dollars into the system.  Then people act surprised when prices go up.  Because "officially" there hasn't actually been any inflation, even though anyone who actually shops and spends money on things can tell you that their cost of living is going up dramatically.
 
2014-04-15 05:02:42 PM

Wessoman: I moved here from Nashville, four years ago


This is how I now have you highlighted:

Moved to Austin in 2010. Knows how cool it "used" to be.
 
2014-04-15 11:49:52 PM

Tonto's Expanding Headband: Wessoman: I moved here from Nashville, four years ago

This is how I now have you highlighted:

Moved to Austin in 2010. Knows how cool it "used" to be.


Wessoman: I moved here from Nashville, four years ago. And I have been to Austin 5 times (Extended visits) over the 90's and 2000's. DO try and keep up. And lay off the "Irony" lameness, it was old in 2004 and all that tells people is that you insecure about your own self image.

 
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