For a good number of years now, renters of NYC apartments have had the extreme displeasure of paying the highest rents in the country. A new report suggests that the city is entering 2008 with a continuing hold on the unfortunate and smudged crown which signifies its role as the most expensive city for renters in the country.
The new report by the major California real estate investment firm, Marcus & Millichap suggests that, at least insofar as median rental rates, NYC apartments far surpass those any other city in the country. The median, for those that always get them confused, is the number that is number that occurs most often in a set. So, when we say New York City's apartments cost a median monthly rent of $2,922, what we are really saying is that more New York apartments cost $2,922 for rent a month than any other price. It's a seemingly small difference between average or mean rental rates, but it's an important difference.
Median rates are a better representative of what the typical person pays, because it's not thrown off by the super-high numbers the luxury rental apartments, in this case like the mean rental rates would be. It's a funny thing about New York City, though: In many cities, 2,922 dollars would get you something approaching a luxury apartment.
Here, though, it gets you the median. Can't you almost feel those dollars just pouring out of your wallet, like a crisp waterfall on a spring day? Sometimes I think landlords in the city just sit outside and watch people walk in and out of their buildings and make a cash register noise inside their heads, ka-ching, ka-ching, as their tenants walk by.
The next closest city was San Francisco, but its median rental rate was a full thousand dollars less than New York City. It stood at just $1,904.
In fairness to the equally cash-pressed San Franciscans, though, these numbers are a bit deceiving. New Yorkers tend to cram more people into their apartments, so even though the apartments themselves are more expensive, those that life in the City by the Bay actually pay more per person.
The report notes that there is more than just supply and demand driving rental rates in the city up. Of course, New York City and San Francisco's low vacancy rates force prices upwards, but the regional inflation stemming from the high income of New Yorkers and San Franciscans is what makes rental rates so astronomically high in these two cities.
Of course, while this means that rental rates are acceptable for high income earners, it means that the working class in New York City is pressed harder by the high rental rates than in any other city in the country.
People are tired of waiting, especially the individuals who helped clean up after 9/11 at the WTC site who incurred injuries due to toxins in the air. The chemicals that the workers spread into their lungs like a wildfire as volunteers stayed around to help at the WTC site for months. People incurred respiratory complications due to the hazardous materials and toxins that were present at the site after the WTC towers collapsed. The WTC captive fund was put together to ensure that those workers who experienced injuries would be covered for their medical bills, loss of wages, and some pain and suffering. Yet thousands of claims that have been received to the state have neither been processed nor litigated. There were some problems that occurred due to validating the claims of all of the different WTC workers. In deciding the severity of each individual would be extremely costly and time consuming, there have been talks as to a class action suit. However this would also prove to be a very time consuming project for individual cases would need to be thoroughly identified so the right classifications could be made. Thousands of WTC workers have not seen a cent to help them with their medical bills or other costs incurred from being hurt on site. Another problem lies within the injury of the WTC workers. Many have experienced respiratory problems related to other cancerous items that take a while to show symptoms. Meaning that new claims are being filed everyday as WTC workers are now realizing the effects that the WTC site had on their body.
The WTC captive insurance company has said that it put away $1 billion dollars to give out to those injured on site. However, much of this money has been chalked up to Attorney’s fees for the state side, causing the fund to be depleted on a daily basis. In order to fight back individual WTC workers have resulted to getting together programs to talk about the situation and support each other through their time of need. These WTC workers put their lives on hold for months & years to give back to the city that they love. Yet they have been treated unfairly and deserve at least the opportunity to become healthy again. Many WTC workers have been left out of work due to there injures at the site that have literally made it impossible for them to work. Since over $75 million dollars has already been spent on lawyer fees, it is now time to take back what rightfully belongs to the WTC workers who were injured at the site.
If you or a loved one has been injured from working at the WTC site, contact a lawyer to gain back what it rightfully yours. Don’t let the WTC captive fund just sit there collecting dust while you and your family are suffering. Get back on track with your life and settle this dispute once and for all.
Both Gea Elikazarashvilli & Irv Kaplan are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Gea Elikazarashvilli has sinced written about articles on various topics from Real Estate, Real Estate. Gea Elika is a freelance writer specializing in business, politics and economics. He holds a B.A. in political science and will begin his PhD studies in political economy and public opinion next fall.For more information, visit. Gea Elikazarashvilli's top article generates over 60500 views. to your Favourites.
Irv Kaplan has sinced written about articles on various topics from Social Issues, Politics and Marketing. Irv Kaplan provides information about WTC rescue workers and .To know more how you can help the rescue workers visit. Irv Kaplan's top article generates over 60500 views. to your Favourites.