Pete, agreeing that NYC is not the only city to be suffering a crisis of affluence:
“A few years ago, the vacancy rate of rental places in Zurich was around *0.3%*, and rents were rising. Case in point: 8 years ago, when H and I left our previous 2-person apartment because the neighborhood was going through a paroxysm of renovation including the impending renovation, of our building, we hosted visiting hours for potential new renters, and had more than 100 visits in 2 hours — people were lined up in the corridor and stairway waiting to get in — many of them families of 4, 5, or 6 persons; several people tried to bribe us to help them rent the place. That’s a sign of sickness in the housing market.”
Peg, who enjoyed Kevin Baker’s Harper’s article (whereas I did not):
“I don’t think Kevin Baker is stupid, but rather nostalgic for a time when New York was more middle class. He bemoans the loss of small businesses and the social fabric that they have been part of, things that make a big city more homey and distinctive.
Baker’s article was full of information, and in that respect was so interesting to read. The ins and outs of the notion of rent stabilization, how it is supposed to work, and how it’s been manipulated, were fascinating (and awful at the same time). Thanks for linking to it.”