For a minute there, things looked grim for New York City landlords. The pandemic caused an exodus of such proportions that owners were forced to cut rents to their lowest levels since the bad old days of 2011. But then a miracle happened. (Or at least one seemed to!) New York's expats didn't just return. They came-in a phrase uttered in eerily identical fashion by the real-estate industry and the credulous reporters who cover it"flooding back."
"What started as a trickle earlier last year has become like a geyser of demand," one broker told CNBC in early 2022. Suddenly, there were lines around the block for open houses and bidding wars over unrenovated walk-ups. The vacancy rate in Manhattan fell below 2 percent, and median rent passed $4,000 for the first time. "I'm not exaggerating when I say that I've never seen the rental market as crazy as it is right now," another broker claimed to Insider in July, right before prices went up again.
What could explain it? Even if all of New York’s deserters had soured on country living—like the publicist profiled by the New York Times who came crying back after beavers flooded his yard in Saugerties—that still wouldn’t account for why there seemed to be fewer apartments available than before they’d left. Experts tried to identify factors that might be aggravating the shortage. Maybe the Fed was discouraging home sales with higher interest rates, so more people were renting. Or the couples that had split up during lockdown were separating and moving into all the one-bedrooms. Or single people had gotten claustrophobic and were spreading out into all the two-bedrooms. Or remote workers from other cities were coming to New York just because they felt like it.
Esta historia es de la edición January 30 - February 12, 2023 de New York magazine.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición January 30 - February 12, 2023 de New York magazine.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Trapped in Time
A woman relives the same day in a stunning Danish novel.
Polyphonic City
A SOFT, SHIMMERING beauty permeates the images of Mumbai that open Payal Kapadia's All We Imagine As Light. For all the nighttime bustle on display-the heave of people, the constant activity and chaos-Kapadia shoots with a flair for the illusory.
Lear at the Fountain of Youth
Kenneth Branagh's production is nipped, tucked, and facile.
A Belfast Lad Goes Home
After playing some iconic Americans, Anthony Boyle is a beloved IRA commander in a riveting new series about the Troubles.
The Pluck of the Irish
Artists from the Indiana-size island continue to dominate popular culture. Online, they've gained a rep as the \"good Europeans.\"
Houston's on Houston
The Corner Store is like an upscale chain for downtown scene-chasers.
A Brownstone That's Pink Inside
Artist Vivian Reiss's Murray Hill house of whimsy.
These Jeans Made Me Gay
The Citizens of Humanity Horseshoe pants complete my queer style.
Manic, STONED, Throttle, No Brakes
Less than six months after her Gagosian sölu show, the artist JAMIAN JULIANO-VILLAND lost her gallery and all her money and was preparing for an exhibition with two the biggest living American artists.
WHO EVER THOUGHT THAT BRIGHT PINK MEAT THAT LASTS FOR WEEKS WAS A GOOD IDEA?
Deli Meat Is Rotten