There goes the (trust fund) neighborhood…
Posted by Josh Friedlander | 5 Comments
“Famed for its concentration of heavily subsidized 20-something residents — also nicknamed trust-funders or trustafarians — Williamsburg is showing signs of trouble. Parents whose money helped fuel one of the city’s most radical gentrifications in recent years have stopped buying their children new luxury condos, subsidizing rents and providing cash to spend at Bedford Avenue’s boutiques and coffee houses.”
Parents Pulling the Plugs on Williamsburg Trust-Funders
Posted on June 8, 2009 in American Madness, Business, NYC
Tags: brooklyn > parental support > trust fund > Williamsburg
Tags: brooklyn > parental support > trust fund > Williamsburg
Comments
5 Responses to “There goes the (trust fund) neighborhood…”
Leave a Reply
Trust us
As with Anna Karina, we prefer to remember the U.S.A as she was in the 1960s.
Seek and ye shall find
Archives
Matt Friedlander’s Tumblr Feed
Josh Friedlander’s Twitter Feed
- JoshFriedlander: RT @askanyone: I have a missed call from “Truman Capote.” This is the name of a conference room in the RH bldg. Still called it back.
- JoshFriedlander: RT @ARhedge: AR: Paul Singer's Elliott Management drops case against AR. http://bit.ly/cA9ot6 -
- JoshFriedlander: RT @ARhedge: AR (partial view): Harbinger’s wireless bet rankles investors; is Falcone's hedge fund a PE shop now? http://bit.ly/c6oo98 ...
- JoshFriedlander: I just figured myself out. http://www.theatlantic.com/magazine/archive/2003/03/caring-for-your-introvert/2696/
- JoshFriedlander: Hamano Sushi on #Yelp: A prime sushi takeout spot in "mommy valley," Hamano gives decent value and the food was OK. ... http://bit.ly/cgBYW6
June 8th, 2009 @
Don’t worry. They have that degree in Ancient Mesopotamian langauges to fall back on…
June 8th, 2009 @
I’m glad the subsidy is gone. All anyone need do is walk through Williamsburg to see and smell the naked privilege. Oh, but that beautiful nudity.
June 15th, 2009 @
The subsidizing of rents is one of the factors that has driven them up as high as they are. The situation is analogous to the massive expensive accounts that propelled the costs of eating lunch in New York to their current lofty levels. Knock out the expense accounts and the prices are bound to decline. Just wait!
June 16th, 2009 @
Speaking of subsidizing rents being a factor in driving rental prices up:
Here in Spain last year a law was passed that anyone under age 30 and studying could receive 200 euros a month to subsidize rent. So basically if you own an apartment that you typically rent to students you now know that you can raise the rent by almost 200 euros a month because if the students could pay, say, 300 before and now the government is helping out, then they should be able to pay 400, right?
Up to age 30!! Simply encouraging Spanish students to take as long as they want to finish university. They already have a habit of taking 8 or 9 years to finish because the university system allows it. Now they’re going to get government subsidies until age 30?
To make the law even more retarded, if the student has a job he is INELIGIBLE to receive the subsidy. What!!!! So now they want to discourage young people entering the workforce even if it’s a part time job in a cafe. Genius!
No evidence yet the rents have gone up as a result, but the economic crisis has shifted things the other way. So it’s hard to know for sure.
June 16th, 2009 @
Jason: I’m a conspiracy lover, but I would bet you nailed it in the second-to-last paragraph. This is a way of boosting employment, which is exceptionally low in Spain already. It’s having exactly the effect they want: subsidizing rentiers and professors and older employees. When you think about it that way, it’s a brilliant concept, because it requires the students to accept the subsidies, so no one can accuse the government the way they could if it was writing checks or giving tax breaks directly to rentiers, professors and older employees.