i would say more than 8% are rich. to put in in perspective...look at all the big (market rate, not affordable or income based) apartment highrises in manhattan. there are hundreds, maybe thousands... with like 150-300 units in them (conservative estimate). to qualify, you need to show ON PAPER that you make 40x the rent, a year. and the average cost of an apartment is $3k ... so thats $120k a year . and thats the lower end of that 'luxury' spectrum. thousands and thousands of units where people living there are making at least 120k a year, spending (via the 40x qualification calculation) a little over 30% of their income on rent. i know 120k a year isnt rich but anywhere else in the country that's a salary to STRIVE for...that's like the CEILING in a lot of regions.
thats just rentals. look at the hundreds of condos and market rate co-ops. what the price per square foot is, anywhere south of 125th street.
then go out to the boros...neighborhoods like forest hills, jamaica estates, mill basin, manhattan beach, dyker heights, howard beach. countless instances of people paying $700k and up for a 2 family home, tearing the shyt down, and building a massive one-family home from scratch spending millions on construction. thats happening everywhere. it boggles my mind.
i know its not the case, and a majority of residents here are really struggling, but the income disparity is insane. roll through just about 75% of the 5 boros and it'll start to look like EVERYONE has money
i ask myself more and more "where the fukk is all this money coming from?"
shyt.. i was in an uber last weekend (the night of the final game of the ALCS) and my driver recgonized my address and started talking to me about affordable housing, how to get in, etc... this poor guy told me what he was paying for a 3 bed apartment for him and his family in queens. i work in real estate and my estimate of what a 3 bed in his hood goes for was way off; he was paying 2.5x more than what i would have guessed. in the last 10 years...especially the last 5-6 years the rents in a lot of areas have literally doubled
You ever been to CIV? Been thinking about looking into the ADB further down the line.
