On: Rate, price drops won't substantially improve affordability

[gruez]

>One of my recurring points of advice to founders in New York is to use your year of no income to score a stabilised apartment.

Does this actually work? Aren't the waiting lists years long? Otherwise you don't really need to be a founder to score a rent stabilized apartment. 4 years as a broke college student should be plenty.

[JumpCrisscross → gruez]

> Does this actually work? Aren't the waiting lists years long?

Yes. I didn’t get it, but a founder I worked with did.

Sometimes one gets lucky. And sometimes you spend more than a year broke as a founder. There are also all kinds of head-of-the-line options depending on your race, parents’ college status, et cetera.

> 4 years as a broke college student should be plenty

You typically have to be a resident to apply. I think they may also explicitly ask about college enrolment.

[s1artibartfast → gruez]

I know people that did just that. Get about a million off a SF condo because they were in grad school. About 500K instead of 1.5 million.

The trick is you need to have enough money to still afford the reduced mortgage.

Basically a perfect fit for a founder with reduce salary, grad intern, or similar.

It's almost as if these are the people that designed and voted for these programs