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(The New York Times)   The rent is too damn high...and not just in NYC   ( nytimes.com) divider line
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10289 clicks; posted to Main » on 14 Apr 2014 at 8:03 PM (4 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»

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2014-04-14 08:49:04 PM  
2 votes:

Capo Del Bandito: How the fark do people not get the 'life is not fair' aspect of life?

No, it's certainly not, and I don't really have an issue with that fact (not that life would care if I did). I do have a problem with some folks' tendency to use that as an excuse to make things even more unfair. Life is shiatty enough without people going out of their way to make it worse.
2014-04-15 04:59:38 PM  
1 vote:

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.
2014-04-14 11:27:26 PM  
1 vote:
This happens in every nation. The return to land (the broad word for a naturally or socially made monopoly) is rent. Rent is surplus. Rent always rises faster than the return to capital and labor. Sadly, most economist have neither the brains nor balls to point this out. Instead we get economic whaarrbbll like "more austerity" and "more spending." fark mankind.
2014-04-14 10:42:20 PM  
1 vote:

acad1228: Yeah, I know. Paying $625 a month for my three bedroom, two bath house on an oversized lot next to a school and a fire station is just unbearable. Of course, this is in small town, OK. so I guess I'll just have to deal with it. Did I mention that my mechanic's shop is just around the corner? My electrician is across the street, next to the day-care. The grocery store and the minor emergency facility are two blocks up.

Wait, what was I complaining about?

I believe you were saying you were stuck in small town OK.
2014-04-14 09:20:45 PM  
1 vote:
Rent is merely the first wave of what happens as assets shifting to the wealthy continues to accelerate.

The well off see an ever expanding "taker" class out there biatching about stuff like this.
2014-04-14 08:47:30 PM  
1 vote:
They keep doing these studies in cities like San Francisco, New York and Miami.

Nobody just casually lives in those places.  Competition is fierce.
2014-04-14 08:43:49 PM  
1 vote:
But hey, at least rich people are doing great.

http://economix.blogs.nytimes.com/2013/09/10/the-rich-get-richer-thro u gh-the-recovery/?_r=2
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.
2014-04-14 08:25:14 PM  
1 vote:
So the Times' idea of a representative sample is pretty much

- a major city
- a resort area
- a college town

And that's it.l

mafiageek1980: Maybe I missed it, but no where in that article was Austin.tx mentioned...just sayin!

They left out a gigantic swath of the country, as well as a bunch of cities that Harvard studied. Cities like Detroit, St. Louis, Baltimore...Gosh, I can't imagine why.

It would be nice if when a newspaper cites a "comprehensive" study, they write a comprehensive article about it.

The other thing left out of TFA is the role that overly-rigid building codes play. A developer who wants to build smaller, more affordable units is often legally prevented from doing so.

But changing building codes is boring.
2014-04-14 08:16:43 PM  
1 vote:
Well if you keep paying it, then yeah, they're going to keep charging you it, duh.

How the fark do people not get the 'life is not fair' aspect of life?

There is no invisible guiding hand of fate, justice or otherwise.

Either move elsewhere, die, or starve yourself so you can afford a swanky place.

Or get a roommate, whateves.
2014-04-14 08:16:15 PM  
1 vote:

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*
2014-04-14 08:10:18 PM  
1 vote:
Maybe I missed it, but no where in that article was Austin.tx mentioned...just sayin!
2014-04-14 04:55:35 PM  
1 vote:
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.

What the hell do you expect?
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