Signs of the Recession:
So a guy walks into the Stuyvesant Town leasing offices and asks about a specific line of apartments. (Stuy Town, for those who might not know, is a massive apartment complex just north of the East Village in Manhattan; it is 80 acres and has 35 enormous brick buildings and lots of squirrels. For many years, it was affordable middle-class housing, with a years-long waiting list to get in; then it was sold a couple years ago for almost $6 billion, and rents got raised, perhaps illegally.) So! The leasing office quotes this guy a price. And the guy says, that’s funny, I already live in an identical apartment here and now not only am I definitely not paying the rent increase you just gave me on my new lease here (although, by the way, the gang at Curbed hears new leases aren’t getting price increases), I’m going to pay 12% less in rent, because that’s how much less of a price you just quoted me as a new tenant. Do try this at home! Because that is awesome. And yes this was just overheard at my local coffeeshop.