For those who missed it yesterday, the Sunday Times had a fascinating piece on how shrinking trust funds are clobbering the Williamsburg real-estate market:
Ross Weinstein, a managing partner of the Union Square Mortgage Group, has worked with hundreds of Williamsburg apartment buyers in the past two years… In the boom years, Mr. Weinstein said, 40 percent of the mortgage applications he reviewed for buyers in Williamsburg included down-payment money, from $50,000 to $300,000, from parents. About 20 percent of the applications listed investments that gave the young buyers $3,000 to $10,000 of monthly income.
What are those formerly well-funded kids doing now? Moving back in with mom and dad, the article says.
But why hightail it back to Westchester when they can stay in Williamsburg and get a job? There are plenty to go around: Velvet Lounge needs a cigar girl, Thank Dog needs someone to mop floors and pick up after dogs and a yoga studio needs an “enthusiastic front desk person” —at 6:30 a.m. OK, that is a lot to ask of a trustafarian. But it probably beats being a nanny to four-month-old twins. Or, there’s always more school.