00:00Wait a minute. I thought socialism was supposed to be absolutely amazing and this magical experience and prices were going
00:10to be super cheap, if not free.
00:15But then you look at New York City and rents have hit a historic high.
00:24Kind of weird how that works, isn't it?
00:31Well, this may not be news to you, but now there's more data to back it up.
00:35Rent prices hitting record highs last month in both Manhattan and Brooklyn.
00:39That report from Corcoran shows that in June, the median rent in Manhattan climbed to over $5,200, just about
00:47$5,300.
00:48In Brooklyn, it reached a record $4,300, both of those numbers up 8% from the same time last
00:53year.
00:54Rents also on the rise in other boroughs, Bronx and Queens.
00:57Rego Park, one of the hardest hit neighborhoods there.
01:00With average rent prices for one bedrooms surging 12%, 20% for studios between May 2025 and May of this
01:07year.
01:07New York City's controller Mark Levine telling PIX11 the problem is as simple as supply and demand.
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