Every newcomer repeats the same mantra: It’s impossible to live in New York City. It’s not enough that we cannot afford the rents (forget about buying). NYC brokers demand that a renter’s income be 40x the cost of the rent. Brad Hargreaves of Common breaks this down: “With the average price of a studio in Manhattan at $2,600 per month, that means one needs to make over $100,000 per year just to afford one room” (alleywatch).
Common plans to launch this autumn with the intent to provide New Yorkers with “affordable and flexible housing options, with the added benefit of a community in buildings owned by Common and its real estate partners.” The start up says it will screen roommates, pay utilities, provide a kitchen and shared staple supplies. Others in the space with varying degrees of success are Campus (folding August 31), Pure House and Krash. Co-working biz WeWork plans to further crowd the space with WeLive, a co-living play, later this year.