The Socialism Experiment Is Failing Miserably

Doc Rich

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00:00Well, this may not be news to you, but now there's more data to back it up.

00:04Rent prices hitting record highs last month in both Manhattan and Brooklyn.

00:07That report from Corcoran shows that in June, the median rent in Manhattan climbed to over $5,200, just about

00:15$5,300.

00:16In Brooklyn, it reached a record $4,300, both of those numbers up 8% from the same time last

00:21year.

00:22Rent's also on the rise in other boroughs, Bronx and Queens.

00:25Rego Park, one of the hardest hit neighborhoods there, with average rent prices for one bedrooms surging 12%, 20%

00:32for studios between May 2025 and May of this year.

00:35New York City's controller, Mark Levine, telling PIX11 the problem is as simple as supply and demand.

00:47Oh, Zoran, oh, Mr. Socialism is going to solve all of our problems.

00:53I'm going to freeze the rent.

00:57Everything is going to be cheap for everyone.

01:02And now you have skyrocketing rent prices.

01:08Uh-huh.

01:10Under Mayor Zoran, he ain't even been in office that long.

01:158%, up 8% in Manhattan, up 8% in Brooklyn, up 5% in the Bronx, up 4%

01:26in Queens.

01:30$3,100.

01:34$3,100.

01:37Median rent.

01:43Yo, that's rent.

01:46You don't even own the place.

01:48You're renting for $3,100.

01:55Bro, Queens.

02:00For rent is $3,400.

02:05Jeez.

02:07Jeez.

02:11Yo, that is crazy.

02:13That is absolutely wild.

02:14But, you know, you get what you vote for, I guess.

02:18You know?

02:19You want it, Zoran.

02:21Freeze the rent, Mom, Donnie.

02:24And so you got it.

02:26You got it.

02:28Lately, when I've been doomscrolling, my feed has been filled with street interviews of people sharing how much they pay

02:35for rent in New York City.

02:36I live in Tribeca.

02:37I pay $6,900.

02:39I make, like, a little over $300,000.

02:41The amount of money that some people pay to live in New York is a lot closer to the mortgage

02:45for a family home than rent for a one-bedroom apartment.

02:48At least my family likes to remind me of this.

02:50But the truth is, despite New York City Mayor Zoran Momdani's affordability campaign and his bold attempt to freeze the

02:57rent, New York City has never been more expensive.

03:00In fact, rents just hit an all-time high, with the average New Yorker paying more than $5,400 for

03:08a one-bedroom in Manhattan.

03:09And overall median rent in Manhattan hitting, wait for it, $5,295 a month.

03:16So why is the rent still too damn high?

03:19First, Momdani's rent freeze only applied to the 1 million already rent-stabilized apartments.

03:24But over 57,000 of those units sit vacant.

03:28And because they can't raise rents to cover repair costs, landlords aren't motivated to renovate them and put them onto

03:34the market.

03:34Last year, the city also banned broker fees.

03:37And since then, the cost of rent has jumped by pretty much exactly how much those fees were before.

03:43Another problem?

03:44New York just doesn't have enough housing.

03:46According to a study in 2024, New York City needs around 540,000 additional units to meet the crisis.

03:53Even though there's been plans put in place by both the Adams and Momdani administrations to fund this, it will

03:59take several years before they even make a dent.

04:02New York City comptroller Mark Levine put it bluntly in a recent post.

04:06NYC's housing affordability crisis is at DEFCON 1.

04:11We need to push harder on every front to address our housing shortage.

04:15Update zoning, invest more city money in affordable units, lower the time and cost city bureaucracy imposes on construction, get

04:22thousands of vacant regulated units back on the market.

04:26A word readily on the tongues of most politicians today, affordability is one part of the problem.

04:31But how do we actually achieve it?

04:33Reducing regulation and creating more housing is a good start.

04:38Yeah, and not trying to freeze the rent because what you get there are people who, you know, just throw

04:43their hands in the air and say, you know what, I'm just not going to rent out these properties.

04:46It's not even worth it.

04:48It's not even worth it.

04:49It's not worth the headache.

04:51So these are going to sit here vacant.

04:56There's a huge chunk of properties that are vacant.

05:01Because they want to freeze the rent.

05:05Okay, fine.

05:07Freeze it.

05:07I'm going to freeze these properties too.

05:10Good luck.

05:11Good luck.

05:14Absolutely ridiculous that, you know, these, these, these socialists think that they can run the show.

05:20And clearly their ideas never work.

05:23They never work.

05:24But then also, yeah, regulation.

05:26I remember there was a time where Bill Meyer was speaking about how he wanted, I think, a new garage

05:36door.

05:37Now, granted, he lives in California, but still, you know, same, same types of policies, right?

05:43He said he needed like three, two or three different inspections for a garage door.

05:51Why enough?

05:53F, would you need even one inspection for a garage door?

05:57It's a garage door.

06:01It goes up, it goes down, right?

06:04It's not like you're building an entire structure.

06:07It's not like you're building an entire home.

06:09All right, cool.

06:10Then you might, you might need an inspection.

06:12All right, you know, we, we want to make sure homes are being safely built.

06:16So when you go to sell it, you know, you know, some strong wind doesn't come and it just falls

06:21over, which is also kind of amazing how our homes don't just fall over all the time.

06:26Cause it's just a bunch of sticks.

06:28Not really.

06:29It's two by fours, but even two by fours aren't really two by fours.

06:33Anyway, I'm getting into the weeds here.

06:36You know, I would assume, you know, I could see, you know, reasoning for an inspection on

06:42an entire home, but for a garage door, really?

06:46And not only that, you need two inspections.

06:48Maybe even, I can't remember if you said two or three, but it was multiple or at least

06:52a couple, I should say, uh, inspections that, uh, was, was needed for a garage door.

06:57And it's just like, your, your, your regulations are absolutely ridiculous in these heavily blue

07:04areas.

07:05Absolutely ridiculous.

07:06Because with all, with all of the regulations, one is time, which time is money.

07:12But then also fees, you got a fee for this.

07:15You got a fee for that.

07:16You got a fee for this and a fee for that and a fee for this and a fee for

07:18that and a

07:19fee for this.

07:19Oh, and you got to run around this and run around that and run around this and run around

07:23that.

07:24And by the time it's all said and done, it's a year later before you've even got your ducks

07:29in a row, because you've had to go, you've had to jump through this hoop and that hoop

07:32and that hoop over there and that hoop.

07:34And this person wants their money because they've been sitting around for a year.

07:37So you still got to pay them, even though they ain't really been working, but they still want

07:41their bread ain't even worked yet.

07:44And by the time you even get started, you a hundred K in the hole.

07:48It's just like, for what?

07:50I'm a hundred K in the hole.

07:51And all I got is a bunch of paperwork, not a single, not a single two by four, not a

07:58single drop of cement has been poured.

08:00Nothing.

08:02Matter of fact, I think I posted a YouTube short.

08:04If you don't watch my YouTube shorts, definitely go and check them out.

08:06A YouTube short about some of that process, you know, all of the things that go into building

08:13a home and, you know, all of the, uh, you know, upfront costs, especially in these blue

08:18areas where it's just red tape after red tape, after red tape.

08:21And before you even get started, I don't, I don't think it was a hundred thousand.

08:25I think it was like 60,000, like 60 K in the hole.

08:28And all you got is a bunch of paperwork, you know, not a single drop of cement has been

08:32poured.

08:33And it's just like, bro, this is just absolutely ridiculous.

08:34I understand wanting to do things in a safe manner, but that that's just over the top.

08:40You know, it's just another form of taxes for these blue areas.

08:43New York City's Department of Housing, Preservation and Development is planning what they're calling

08:47an exciting announcement about a new affordable housing project in the East Village.

08:53This comes as a new report confirms something many of us have felt housing prices just hit

08:58another record high in the city.

09:01But some of Derek Waller is here now to break down the alarming new numbers.

09:04And they are alarming.

09:06Yes, stunning new numbers, really, that we just got this weekend.

09:10And they are alarming.

09:12And I can tell you that the June median rents in Manhattan surged to numbers we've never

09:18seen before.

09:19And that is pushing up prices in the outer boroughs as well.

09:24I mean, it's pretty expensive.

09:25It's definitely a premium to live in New York, but it is a very nice city.

09:29But nice comes at a cost.

09:31Alma Ragazzi just moved to Rego Park, Queens from Tampa, Florida for med school.

09:35It's probably about a grand more a month.

09:37Back in Tampa, it was around $1,300.

09:40Here, it's around $2,300.

09:41And that price for a one-bedroom is quite cheap compared to what the same units renting

09:45for in Manhattan.

09:46A report from the real estate firm Corcoran showing median rent prices surging more than

09:518% year-to-year to just shy of $5,300 a month.

09:55Brooklyn also hitting a record at $4,350.

09:57Other recent data showing higher prices in parts of the Bronx and Queens, too.

10:02Average rent prices in Rego Park up 12% year-to-year for a one-bedroom, according to real estate

10:07firm M&S.

10:08The landlords are not running social welfare programs.

10:11It's not like I'm, you know, like, let's love the landlord, but I mean, they provide a service.

10:17They're doing it for a profit.

10:19This is a crisis.

10:20New York City Comptroller Mark Levine telling me it's as simple as supply and demand.

10:24Rents are going up everywhere for one simple reason.

10:28We don't have enough housing.

10:29You know, isn't it just so expensive to build a new project in New York City?

10:33Is that part of the issue as well?

10:34Because you see these new buildings go up and they've got to charge, like, you know,

10:37$6,000 for a one-bedroom.

10:39More than that, man.

10:40We are seeing the average cost of housing, easy, three-quarters of a million per unit,

10:46and sometimes more than a million per unit.

10:48He's calling on city lawmakers to streamline regulations and make sure office-to-residential

10:53conversions continue.

10:54It would be a terrible mistake if, because of this horrible construction accident, which

10:59is serious, which does need to be investigated.

11:02But if we let that one construction accident stop this very successful plan to convert vacant

11:10office space to housing, it would be a terrible mistake.

11:14And that report from Corcoran also revealing the vacancy rate in Manhattan continues to get

11:19tighter.

11:19Kylie, just 1.49% of all apartments in the borough are actually available to rent.

11:27So, yeah, regulations are ruining the entire scene.

11:33Absolutely wreaking havoc on the scene.

11:37And if you guys aren't familiar, there is a building in NYC that last I checked, they were

11:44figuring it out, but there was a threat that it could collapse because, yeah, they're moving

11:52a little too fast and some corners were being cut.

11:54And so, you saw the beam in one of the images in that last video where the steel beam was

12:00actually bending.

12:02Yeah, that is scary.

12:04You see them thick steel beams just bending?

12:08You got some problems because those boys are heavy duty.

12:12All right?

12:14Stay far away from there.

12:15But, you know, Mamdani has another problem on his hands, you know, a problem that we warned

12:22these liberals about, but, of course, they never listen.

12:27And it's this, a mass exodus.

12:30Forcing people to leave.

12:31So, look at the stats in New York.

12:33This is the millionaire exodus, they're calling it.

12:35Back in 2010, number of millionaires living in this city, 12.7%.

12:40Look at 2022.

12:41And this is just a few years ago.

12:42I think that number is probably even lower now.

12:45Only 8.7% are millionaires in our city now.

12:48A lot of people left during COVID, but a lot of people are leaving now because this guy

12:52was elected and he wants to tax people making $300,000 or more.

12:57Yeah, and these are people that are making a million dollars or more that this study found.

13:02And, look, this mayor, the city council, the DA, they haven't made it better for the city.

13:09And as a result of this, I think there's really no incentive to stay in New York.

13:14After COVID, a lot of these businesses realized they could be mobile.

13:17So, a lot of them closed up the, you know, the shop here.

13:21The rent prices are way too high as a result of all the taxation.

13:26And people just found Florida, Texas, Tennessee, better places to live.

13:31That's right.

13:32And it's not only living here, LJ, it's also investing here.

13:36We were just showing that video that was so controversial of Momdani out front of Citadel CEO Ken

13:42Griffin's home, his apartment building.

13:45This is it right here.

13:46And he's blasting by name Ken Griffin, who's one of the biggest investors in New York City.

13:51But he also has headquarters in Miami.

13:54And his response to that video where Momdani's hailing his wealth tax against guys like Ken

14:00Griffin, Ken Griffin said, OK, fine, I'm pulling an investment I was about to make in New York,

14:04and I'm moving that and spending operations down in Miami, in Florida.

14:09Well, these are not just numbers that one organization has come up with.

14:13These are numbers from the IRS and from federal data trackers.

14:16So, this is real.

14:17New York lost roughly $11 billion in tax revenue in one single year.

14:22Florida, that's the premier destination.

14:25It looks like Texas might be number two.

14:26They're fleeing because of wealth.

14:29They made $21 billion in net interstate wealth in 2023.

14:34So, three years ago, all these New Yorkers or Northeasterners moved down there.

14:39They made $21 billion.

14:41New York is losing, on average, $11 billion.

14:44Yeah, and where do they plan on making?

14:47So, remember, Zoran, OK, had a budget deficit.

14:54And he claimed that he fixed the budget deficit, but in reality, he got a stimulus package from the state.

14:59Kathy Hochul, Democrat governor of New York state, sent him a care package.

15:05I believe it was four, it was some millions of dollars that she sent.

15:12I can't remember exactly.

15:14I was going to say four, but I believe it was more than that.

15:16That's why I stopped myself.

15:17I was like, I think it was four.

15:18Like, no, that don't even sound right.

15:20But she sent them a care package in order to try to put a Band-Aid on the situation.

15:24And meanwhile, they're losing.

15:27They've lost.

15:28And this is from years ago.

15:29They lost $11 billion worth, right, when these millionaires and billionaires left.

15:37And that was from a couple of years ago.

15:39Meanwhile, the state of Florida gained $21 billion.

15:46And now you have somebody like, not Gavin Newsom, geez, Louise, Ron DeSantis, I couldn't think of his name, proposing

15:56and pushing forward.

15:57As a matter of fact, I think they passed it, actually, getting rid of property taxes.

16:01If you buy your home, if you pay and you paid for your home, you shouldn't have to continually pay

16:06for that home.

16:08Ending property taxes.

16:10Ain't that beautiful?

16:11Wouldn't you love to not have to pay property taxes?

16:13You know, you actually genuinely own your home.

16:17Nobody is going to come in and say, oh, you didn't pay your taxes.

16:21So, uh, we, we go, we go need some compensation over taking your home.

16:25You know, ending property taxes.

16:27And part of that, I'm sure, is due in part to bad policies in places like New York City and

16:33California.

16:34People and millionaires and billionaires are leaving, saying, you know what, we taking our business to Florida.

16:39We out of here.

16:40We don't have to do business here.

16:42As you heard there, hey, so wrong, you want to, you want to talk crap and try to, you know,

16:46tax us.

16:47All right, I'm out.

16:48I'm leaving.

16:48In the business that I was going to start in New York City, I'm taking it to Florida with me.

16:54You know, it's crazy.

16:56And also, the thing about this is, all of these different Democrats have made all types of promises, right?

17:03Oh, free this, free that, free this, free that.

17:07They're still going to try to do it, but guess who they're going to have to take the money from

17:11in order to do it.

17:13Yep, the very people that voted for them, that thought they were going to get a bunch of free stuff.

17:18They're going to be the ones stuck with the bag.

17:19Just like what happened in Chicago.

17:23Property taxes skyrocketed in Chicago.

17:26Went up almost 100% in some places.

17:29100%?

17:30That is crazy.

17:33But, in all of these different blue cities and blue states, bad policies, high taxes, are forcing people to leave.

17:41If all the money is leaving, if all the businesses are leaving, you got to get money from somewhere.

17:48Especially if you made all these promises.

17:50Free this and free that, ain't nothing free.

17:52Somebody got to pay for it somewhere.

17:54But if the millionaires and billionaires aren't there footing the bill, right?

17:58Because, of course, leftists like to say, pay your fair share.

18:04They're going to learn what paying their fair share really means real soon here.

18:08Because they're going to be paying way more than their fair share to get the free stuff.

18:14Anyway, y'all get in the comments.

18:16Let me know your thoughts and your opinions.

18:17Smack that like button.

18:18I would really appreciate it.

18:19And if you're not subscribed already, hit that subscribe button as well.

18:22Alright?

18:23Stay safe out there.

18:24Peace and love.

18:25I'm out.

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