Rent in Queens fell after Amazon backed out of plans to build its HQ2 there

[yortsed snacilbuper]

Rent in Queens edged lower last month after Amazon backed out of plans to build new headquarters there.

The median rental price of apartments in northwest Queens fell 1.8% from a year earlier to $2,798 in February, according to a report from the real-estate brokerage Douglas Elliman, marking the first year-over-year decline in four months.

https://www.msn.com/en-us/money/realestate/rent-in-queens-fell-after-amazon-backed-out-of-plans-to-build-its-hq2-there/ar-BBUOeQY?ocid=spartandhp

[Renew Deal]

1. That's what some people want.

[Sanity Claws]

2. The rent is inflated so this is good news.

Think about it - approximately $2800 for a rental apartment in Queens. That's nuts.

[TheBlackAdder]

10. Yep. You're not living there on $12-$14 an hour. It's a drop from $2,850 to $2,798 or $52 a month.

.

The drop alone amounts to about 5 hours of work at $14 per hour, with taxes taken out.

.

[KPN]

3. That's a good thing folks. It needs to fall more. Sorry to all here who make make income based on

rental properties, but this issue has gotten entirely out of hand. It is widespread throughout much of the nation. No wonder we can't count on millennials to vote when they see a system that has made college education, adequate health care, and housing as a whole unobtainable by the vast majority. No wonder they see the system as broke, including the political and the two-party system.

You won't hear any "poor landlords" from me.

[Power 2 the People]

5. +1

[virgogal]

8. There are some "poor" landlords.

The Boston area has many 2 and 3 family dwellings and the landlord often lives in one of the apartments.

With constantly rising expenses,including property taxes,they need the rent increases to properly maintain the homes.

[KPN]

9. Property taxes are an issue as well. Rising

property values and taxes are the basic causes of gentrification. Cities is where we’ll see an American caste system first maybe. All I know is the current system is broken and unsustainable.

[LuvNewcastle]

4. Looks like it didn't fall far enough.

How do people afford that? The price of everything must be so inflated in NYC that an average American would barely be able to spend a few nights there.

[KPN]

6. Bingo! Yet, those who can need service people who can appear at work each day to serve their needs.

Disgraceful! They either come to work from elsewhere, live in squalid or cramped and crowded conditions, or have a partner who can cover the largest share of bills for both.

[edhopper]

7. Rent went up

when they annonced it in the first place.
And for a place maybe five years from being built.
So good over all.