[jakelazaroff]

Who is renting higher priced apartments if not the rich?

[powersnail]

Aren't most rich people living in their own houses? I'd imagine most higher priced apartment renters are middle class.

[warent]

I think these days high priced apartments are only affordable by the wealthy, unless people are grouping together with multiple roommates, at which point it means they can't actually afford the apartment, so is it really middle class anymore?

[trillic]

If 4 22 year olds making 50k each share a $3,000 4bd 2ba rental "for the rich" I'd say they're middle class and can afford it.

[ArchOversight]

4bd 2ba for $3k ain't happening in SF ;-)

[fwip]

Most places aren't SF

[jandrewrogers]

No, quite a lot of the rich live in rental property, at least part of the time. There are disadvantages to owning, even if you can afford it, and not everywhere you want to live may be for sale.

[BoorishBears]

Across the street from me in a similar building to mine with condos instead of rentals, a studio goes for 1M.

Unless I'm set on living in NYC for the rest of my life I'm not buying real estate here.

I imagine most people apply the same logic

[oh_sigh]

If higher priced apartments lower in price, doesn't that make it more affordable for more people? Isn't that a good thing?