Rents are outragous!

I think that's just the price you have to pay in NYC. Not that im an expert on real estate or anything, im sure some real estate agents could shed some light on this one?

Move to Brooklyn! Seriously, it is New York afterall. There is not alot of value but it's hard to compare what you get in other cities. Real Estate is at a premium.

Only real way to get value is to buy, prices are only going up.

True story. A studio is likely to be 2000 dollars plus anywhere in Manhattan, and a rental room in a shared house over $1000 -sometimes as much as $1500 or more.

Price of a rent-controlled NoLita one-bedroom with a lease at least 15 years old (but I think more): $1000
Price of an exact replica of this apartment, same floorplan and same building (newly refurbished with modern floors and a shiny silver washer/dryer): $4000

Seems like I could just buy me one of those silver washer-dryers within a month of living in the rent-controlled place.

Do you want low rents? Why not move to Harlem or the Bronx. I used to have a one bedroom apartment for about $800 a month. I left because the neighborhood became violent.

I'm so jealous. My grandma is rent-controlled. A gorgeous one-bedroom with enormous dining room/kiving room/hall/huge room, facing right onto Central Park (RIGHT ON) in a very desirable location, 19th floor, floor-to-ceiling windows. $2000/month. Lucky lady! Alas, the building has been bought and now they're trying to get her to move out so they can knock it down...bah, I say!

The problem with that, ajadedidealist, is eminent domain. The government can only do that if it is for government reasons, not just because a developer says so. If the apartment is in so bad a shape the owner is being forced to tear it down, than that is different.

@everyone rents in NYC are no longer the highest in the world, I have just come back from Hong Kong where my apartment search revealed that for a 'decent' two bedroom apartment I should expect to pay close to $8000 a month As for buying an apartment in Hong Kong I will have to fork out about $2000 a square foot that I think is double the current rate in Manhattan. Of course I am talking about neighborhoods which are comparable to Midtown East , the West Village and the Upper East Side.