A TikToker peeked at a New York apartment rental she visited, and it looked like an overpriced accident waiting to happen.
What is inflation and what causes it?
Housing prices are skyrocketing across the country – and it shows. In New York, there are more Airbnbs than apartments for rent, almost no vacancies under $1,500 a month, and the City Council just voted to approve the biggest rent increase in stabilized units since 2013.
Watch this living room that hasn’t been updated since the 60s get a modern makeover:
TikToker @charlottesaround was apartment hunting when she came across a $4,000 a month gem (spoiler: it wasn’t a gem).
“The reality of finding apartments in New York and the absurd prices. Imagine paying $4,000 a month to get your door knocked every time you use the stove and someone comes home,” says the video caption.
In the brief clip, she opened the front door to the cramped apartment, and she slammed into the oven.
“How is this NOT a fire hazard?” she added in the caption.
People were stunned by the price of the dangerous apartment.
“How could you even get furniture in that small space?” one user commented.
“My Sims wouldn’t even let me open the door like that smh,” another joked.
“They really made the closet into a kitchen,” one person added.
Incomes in New York would need to “double” for renters to afford available apartments, according to the city’s Department of Housing Preservation and Development.
“Between 2017 and 2021, there was a net loss of about 96,000 units with rents below $1,500 and a net increase of 107,000 units with rents of $2,300 or more, but that’s part of ‘a broader trend over time,’ the city reported in its annual housing and vacancy survey.
The median rent in New York was $2,750 in 2021, which means city dwellers should be earning $110,000 a year (according to the conventional wisdom that rent should be no more than 30% of gross income). Meanwhile, the survey also found that while half of the city’s renters pay more than 30%, a third spend more than 50% on rent.
This Brooklyn home office is getting a California-inspired makeover with just $1,000:
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