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by hadlock
749 days ago
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I struggle to believe that pied-a-terres are less than 1% in NYC, particularly in the post covid era. Maybe paid off condos in NYC owned by people who also live in Florida aren't counted somehow? Seems like everyone with a net worth of $2.5mm has two properties. My best friend's brother has a rent controlled manhattan apartment that sits vacant 80% of the time and is used as a crash pad for a rotating cast of ~12 people, what do you call that? |
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The median household income in NYC is about $70k almost no one relative to the population has a $2.5mm net worth. There are only 350,000 people in NYC with a net worth of more than 1mm.[1] Anecdote is clouding your understanding here, the idea that there are tons of empty units in NYC is just another luxury belief, it stands up to 0 scrutiny.
[1] https://finance.yahoo.com/news/n-y-c-more-millionaires-11000...