And they also build a lot of new construction rental units in NJ, enough that they can do they kind of volume business with cheaper or at-par rental rates on their new construction that they can’t or won’t in NYC (because there are a lot more people making under upper-middle-class wages). Which means the NJ landlords of buildings serving the merely middle class have to lower their rental rates while their counterparts in Manhattan get to raise them.
If I were one of those NJ landlords I’d be annoyed at the larger situation, but I’ve found that the vision of most landlords doesn’t extend far past their neighbourhood or small city.
