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I feel like US is too heavily weighted on incumbant "rent seeking" through law and policy. We were just in Tokyo and Seoul, the average costs of rents in New Yo
by danvoell 1mo ago
I feel like US is too heavily weighted on incumbant "rent seeking" through law and policy. We were just in Tokyo and Seoul, the average costs of rents in New York City: ~$3,900 – $4,200 vs Tokyo: ~$1,200 – $1,350 and vs Seoul: ~$950 – $1,100. Renters will move if there are affordable newer options in cities instead of treating boomer asset holding rent seekers as a privileged class.
- danvoell 1mo agoTo add, renters not moving is a renter problem. It's a real estate owner benefit.
- Decabytes 1mo agoIt is very common in Japan to have to pay key money when moving in, which is typically 1-2 months of rent. This isn’t like a security deposit as it is non refundable and is basically a “thank you for letting me live here” Also if you are actually getting paid in Yen then the gap narrows between NY and Tokyo. Then there is the fact that your home could be destroyed in a massive earthquake but everyone has a different price for that risk