America's Rusty Knees, Creaking, Buckling
MAUREEN SPILLANE, an executive at a shoe and handbag maker in New York, always thought a $100,000 salary equaled serious success. Like many professional people, however, when she finally broke the barrier, she was a bit deflated to learn that it was hardly salvation. It still took her several years of "hoarding away" and avoiding standard Manhattan indulgences - fancy food, fancy clothing - in order to afford a down payment on a one-bedroom fixer-upper on the Upper West Side.
"It's not the big shiny number that you think about when you first get out of college," said Ms. Spillane, who is in her mid-30's. "Don't get me wrong, I'm making a nice living, I enjoy what I do. I'm certainly in a better position than a lot of people."
Noble Black, 29, hardly considers himself living it up. He earned his law degree from the University of Virginia a few years ago, moved to New York and took a job in securities law in the Manhattan office of the firm McKee Nelson. His starting salary, he said, was $135,000.
"You think you're going to be making all this money, but it all goes so quickly," said Mr. Black, who left after a few years to work as a consultant to the television show "The Apprentice" (and is now an associate real estate broker for the Corcoran Group in New York).
Mr. Black didn't find much sympathy from his family back in Mississippi, where $100,000 is still a country club income. "You go home and tell them how much you're making, and they think you're doing so well, but then you tell them about the rent," he said, recalling the $4,650 monthly rent for the apartment he shared with a friend in Symphony House, near Columbus Circle.
It was only when his annual compensation began to approach the new affluence threshold that he began to feel he was building real equity. "A couple of years making close to $200,000 puts you into that good place," Mr. Black said.
I could summon outrage about pretty much every sentence in this article...but, well, I'll let it speak for itself.
Oh, just one - $4,650?!? AYFKM?!?
Btw - this was in the "Fashion & Style" Section.
(Tip o' the pin to Majikthise for pointing out this article).
This is why the landlords want to eliminate rent control, which was enacted after WW2 to prevent landlords from asking outrageous rents from returning GIs. Every two years, the NYS legislature has to vote on whether there is still a housing 'emergency' in NYC that justifies continuing rent control.
These poor landlords are suffering under soclialist regulations that prevent them from asking what they feel is a good rent price. That is: $4650 is way too low and they want the freedom ask a decent rate.
And people like this guy are happy to pay such LOW rents!