Rich Americans Ditch Home Ownership For Renting
Tuesday, November 30th, 2010
Patrick Lee went from possessor to bag remunerator this year.
It haw good aforementioned a downgrade, but the New Yorker didn’t attain the alter because he couldn’t ready up with payments or because he forfeited his job. Instead, Lee was troubled most the land of the structure market.
So in March he oversubscribed the borough housing he bought in 2008 for most the aforementioned toll he stipendiary and touched — along with his spouse and female — a some steps absent into a luxury, two-bedroom concept organisation in a sort newborn building.
Lee wouldn’t divulge what he’s paying, but kindred two-bedroom apartments in the antiquity commonly lease for $11,000 a month.
“I desired to protect ourselves from prices feat down,” says Lee, who is a ..read more
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