Manhattan apartments and parental support

From an article in today's NY Times about small apartments:

Typical of the young buyers is Laura Cave, 24, who bought a 450-square-foot studio at 20th Street and Seventh Avenue after moving from California to study graduate-level humanities at New York University. As with many younger buyers in the studio market, Ms. Cave's parents financed the purchase, and she pays rent to them. The apartment is in all their names.

This demonstrates a very important source of high prices in Manhattan. Young people usually get money from their parents to pay their rent.

This is contributing to the new social immobility. Young people whose parents are just middle class can't afford to live in Manhattan and are denied the better career and social opportunities because of this, keeping them forever in the class they were born to.

Comments

[Ted]

And how would you rectify this "problem"?

Young people whose parents are just middle class can't afford to live in Manhattan

Aside from the fact that this isn't true (I know plenty of sub-40 people living in Manhattan who have middle-class parents), one doesn't have to live in Manhattan to work in Manhattan.

[Half Sigma]

There are two problems. The problem of high rents in Manhattan. And the problem of middle class young people being at a disadvantage.

I need to think more about the second problem, but the solution to the first problem is simple. Change zoning laws so that MORE APARTMENTS can be built.