"What's incredibly interesting about this story is the light it sheds on the psychological impact of this amazing real estate market on New Yorkers," said Ian Van Tuyl, a 39-year-old writer and stay-at-home father who, with his wife, paid $126,000 in 2003 for their apartment. ("A two-bedroom with nine closets. That's all you have to say.") Mr. Van Tuyl, who opposes the increase, added, "With the stories that we hear, and the riches earned on real estate, who doesn't wish they had a piece of that?"- from a NY Times story on an Upper West Side co-op where apartments have been restricted from selling at market rates. An upcoming vote by residents may change that.
These people complain about the riches they keep hearing about in the open market. Of course, many forget that they would not be dreaming without the past policies of Morningside Gardens. Hey! I'd like some free money too! People can be so stupid sometimes...
[Does it sound like anyone's complaining about riches? If there's a complaint, it's about co-op board transparency, which the alternate proposal seems to address. In any co-op where there's an aging original population, there's a cultural shift when young/new families move in. MG's is just more pronounced because of the limited equity rules, but the Grand St Co-ops face the same issues. -ed.]
Yes, someone's making a killing in the real estate business these days, but people should think of it this way. You could pay $126,000 for a home that could someday bring in double that, especially with the way the market is going these days.
I say if you are lucky enough to own a home then you should truly consider yourself blessed by the money it could potentially make you in the future.
Unfortunately, thanks to student loans and college debt, many individuals in my age category (early 20's) are finding it more and more difficult to become home owners and so, we may never see the same benefits of the real estate market that people in the past have. I mean, honestly, would you loan money for a house to a young couple who had $30,000-$40,000 dollars worth of student loans to pay off? Not likely.