Dose of Reality for Trust Fund Kids
Reality (along with a little schadenfreude) has come to the post-college rental market in Williamsburg: According to an article in The Times this weekend, the twenty-somethings who’ve been able to rely on Mom and Dad when the first of the month rolled around are finding that they have to come up with the rent the…
Reality (along with a little schadenfreude) has come to the post-college rental market in Williamsburg: According to an article in The Times this weekend, the twenty-somethings who’ve been able to rely on Mom and Dad when the first of the month rolled around are finding that they have to come up with the rent the old-fashioned way now that the older generation is struggling more under the weight of the financial crisis. And while having less time to play in a band or work on a canvas may not be music to the ears of those used to being on the receiving end of parental largesse, some who watched jealously without help can’t help but take some pleasure in their neighbors’ misfortune. If I’m going to be completely honest, it does make me feel a little bit better, said one struggling wallpaper designer. It’s bringing a lot of Williamsburg back to reality.
Parents Pulling the Plugs on Williamsburg Trust-Funders [NY Times]
Photo by Ando228
That trustafarian construction guy wanting to live in a non-union construction is really confusing the stereotyping.
well sometimes it is frustrating. you know, being turned down for an apartment that you CAN afford on your own in your 30s and then seeing a landlord who will rent the same apt to someone who is 21, no job, but parents are a co-signer.?! grrrr yes bitter – *party of one*
*rob*
Guys it’s over…
The What
Someday this war is gonna end…
Somehow – if you could really measure this thing – I bet there are far far more dependent young adults living in UES and Murray Hill than in Williamsburg. Those with willing and able to subsidize their kiddies after college would much prefer they live in doorman bldg in neighorhood of similar demographic to area where they raised the kid.
There is a “giant stigma,†she said, for Williamsburg residents who are not financially independent.
If that’s the case, then why on earth would she agree to be quoted and photographed for a newspaper article? Are people really that desparate for attention?
the chicken:
There is a difference of being resentfull of people with more money than oneself (or trustfunds) and being resentful of people with college educations who somehow slurch into their late 20s without ever managing to get themselves a real job. I dont resent parents trying to help out their kids, what I do resent is spoiled little hipster brats with holier-than-thou attitudes who think its their God given right to waste their lives making crappy esoteric music on daddy’s hard earned dime.
More4Less has got it right man…PAYCHECK. JOB. RESUME. GAINFULL EMPLOYMENT. These are all word that should be added to the hipster lexicon.
In short, GET A FREAKIN’ JOB!!!
Parents giving their children money for a permanent home and thus setting up a better likelihood of generational wealth is one thing.
Parents supporting their children fully while they faux-bo around New York is another.
u know who is really going to be hurting from this? all the coke dealers in williamsburg and bushwick. that’s where most of these naive parents’ money went anyway.
*rob*
Such typical NYT B.S. – no reporting, just cheap Post-like headlines and then drivel.
Look at the “facts” – ONE mortgage broker (very reputible bunch there) says that 40% of applicants have parents contributing to the downpayment.
WELL – lets ask
Is it possible that this Broker is popular amongst a certain group of buyers for example upper class suburban transplants) – and therefore the REAL number is far less.
What is the NORMAL rate of family contributions for 1st time homebuyers (bet it is reasonably high across ALL buyers)
Here is another “fact” from the article -“20 percent of the applications listed investments that gave the young buyers $3,000 to $10,000 of monthly income.”
– Well – lets ask
What is a “young buyer” – cause that matters doesnt it?
What does this investment income mean? – I mean these are +500K condos generally – is it so suprising that 20% of the people might have some investments (that have nothing to do with trust funds?) – btw – the counter is that EIGHTY PERCENT of the buyers apparently have little or no investment incomes – so are these really “trustfunders”?
Look I love to bash idiots who spend big money (especially their parents money) to be (pretend) artists and creative types – pretending to be “keeping it real” in Brooklyn and denouncing Corporate America – all the while living off of the earning of their “capitalist pig” relatives…..and sure it makes a great story for the Sunday RE section BUT…..
THIS IS NOT REPORTING…this is simply a reporter taking public stereotypes, reaching a conclusion and then filling in the article with silly anecdotes and unverifiable pseudo-facts.
NY Times has become a rag.