Recent comments in /f/jerseycity

pixel_of_moral_decay t1_j9pnke8 wrote

Pretty much.

Most of this argument is to distract from stagnant wages. Building/maintaining buildings is crazy expensive.

Lots of new construction does drive up prices as shown by parts of Florida, Las Vegas among others. Induced demand in housing is is a long known concept.

But the intent to distract from wage suppression is not an accidental thing either.

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pixel_of_moral_decay t1_j9pnd0c wrote

It actually does hold up.

Boston is an example of induced demand for housing. It’s a growing city because of its newer housing especially among younger people.

People wouldn’t build if they didn’t think they’d get a ROI. Nobody builds expecting to lose money with dropping rents.

1

chef3006 t1_j9pkpgf wrote

Between 7th & Erie and Manila is the east precinct. They’re usually the ones that feel above the law to run stop signs etc. That could have been a cop late for work zooming down that block with complete non consideration for anyone at all. We as citizens think everyone else is going to abide by the traffic safety laws… they will not. You just have to be careful crossing the streets and not think or even expect every car to stop

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Embarrassed_Ferret50 t1_j9pkjdf wrote

I live in JC and commuted to Chelsea (15th & 9th) for 3 years - it’s really easy as long as you’re near the 33rd street PATH line. However I wouldn’t bet on it only taking you 30 mins due to a number of variables. I’m ~10 min walk from Grove Street and would always budget at least 45 mins to be safe. But it’s a straight shot and only requires you to take 1 mode of transportation.

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DirectorBeneficial48 t1_j9pke2e wrote

Everyone is meeting housing demands. There are thousands upon thousands of empty apartments, condos and homes in every one of those markets. The rest of what you stated makes no sense and has nothing to do with anything. Your original statement was a rhetorical why housing was so expensive in this area, and laid the blame on the areas that weren't building.

As has been shown ad nauseum in this and in other posts, more units doesn't mean higher or lower rent. There is zero connection between more or less development and higher or lower prices.

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smjcnj t1_j9pk5h7 wrote

I lived downtown for almost 30 years and have never seen such disregard for traffic lights/stop signs...right through red lights/stop signs across downtown. In the last week alone...it happened 3 times. Frightening.

Just yesterday I saw two cars go the wrong way down a one-way street. I don't know that I've seen police enforcing traffic violations downtown ever save for maybe a DWI...

Would cameras help? Only a matter of time until we revisit this thread when someone is killed again...Grand, Montgomery and Railroad/Colombus are outright dangerous not too mention the one-way side streets.

I'm not sure what the answer is across the board...but something needs to done ASAP.

But as someone said, when the mayor and certain members of council don't even mention a colleagues hit and run...they obviously don't give a f

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Blecher_onthe_Hudson OP t1_j9pjne3 wrote

The comparisons to the other Metro areas does not state that they are succeeding in meeting housing demand, only that they are creating at a much higher rate than the NY suburbs. One assumes that Bergen & Essex Counties are similarly low to the other NYC suburbs.

JC is not an island, it's part of a interconnected Metro area and cannot lower rents no matter how much it builds if new construction attracts people from areas that are not building to meet demand.

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DirectorBeneficial48 t1_j9pitsv wrote

That's a lovely argument, but none of that holds up in practice. Boston had the 3rd highest rent growth among the 100 largest cities in the country last month. NYC was 84th. Of the other two cities mentioned, DC was 69 and SF was 91. Jersey City clocked in at 38th.

Median overall rent (not growth) has SF at 9, Boston at 13, NYC at 14, and DC at 22. Jersey City is 7.

There's no correlation between more permits issued and either higher rents, or rates of increase.

An interesting note as you scroll down the article here - https://www.apartmentlist.com/rent-report/ny/new-york -

> If we expand our view to the wider New York metro area, the median rent is $1,984 meaning that the median price in New York City ($2,024) is 2.0% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at 4.2%, above the rate of rent growth within just the city.
>
>The table below shows the latest rent stats for 12 cities in the New York metro area that are included in our database. Among them, Hoboken is currently the most expensive, with a median rent of $3,598. Newark is the metro’s most affordable city, with a median rent of $1,372. The metro's fastest annual rent growth is occurring in Jersey City (9.4%) while the slowest is in New Rochelle (-1.3%).

New Rochelle is in the aforementioned Westchester County that you brought up as being a culprit behind rising rents due to low permits, while JC has seen massive growth and the worst annual rent growth.

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