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End of an era?

Looks like CBGB's might have to close its doors... $40,000 a month for rent???? unbelieveable.

http://www.villagevoice.com/music/0507,soti,61075,22.html

Comments

( 2 comments — Leave a comment )
madamebovary
Feb. 19th, 2005 04:19 am (UTC)
people are willing to pay that much because they can.
that's actually my biggest problem with NYC. all the inflation is driven by the fact that people think that they have to exorbitant amounts of money on everything...making it impossible to see any kind of sporting event, any show, or even live here because there's always someone willing to bid higher than you.
theler
Feb. 19th, 2005 08:23 pm (UTC)
I'm not an economics major or anything, but I don't agree with you about the cause of rising prices. It's a supply and demand issue. You have 10 million people in a small area, so there's a shortage of space and this drives the rent up. Higher rent leads to higher product costs to cover the rent. There's (almost) always someone willing bid higher, but they only bid as high as the need to to beat you.

To put it another way, no one walks into a bar where beer costs $5 and offers to pay $25 for a beer just because they're rich (disregarding largesse tipping, I'm talking about actually giving that money to the bar owner). If the price goes up to $6, they'll pay it, but no one wants to pay extra just to throw money away.
( 2 comments — Leave a comment )