Rent Is So High, New Yorkers Are Living with Nuns
Soaring rents in New York City have led some residents to seek affordable housing by living in convents alongside nuns, a growing trend driven by the city's high cost of living.
Soaring rents in New York City have led some residents to seek affordable housing by living in convents alongside nuns, a growing trend driven by the city's high cost of living.
Build-to-rent housing—single-family homes constructed specifically for rental purposes—has seen a rapid increase in popularity, marking a major shift in the housing market in recent years.
The article argues that commonly cited stock market return figures (6–16%) are misleading, recommending 4% as a more realistic assumption. This accounts for compounding (CAGR of 8–11%), inflation of 3–4%, and 1–3% in costs/taxes, resulting in a net real return of 2–6%.
Moses Kagan argues that lower rents require increasing housing supply, not government subsidies, and that private investors can fund development if regulations on permitting, tenant screening, evictions, and rent control are reduced to allow reasonable profits.