Parents Pulling the Plugs on Williamsburg Trust-Funders
Our suspicions confirmed.... Daddy was paying their rent:
Famed for its concentration of heavily subsidized 20-something residents -- also nicknamed trust-funders or trustafarians -- Williamsburg is showing signs of trouble. Parents whose money helped fuel one of the city’s most radical gentrifications in recent years have stopped buying their children new luxury condos, subsidizing rents and providing cash to spend at Bedford Avenue’s boutiques and coffee houses.A short quote by FREEwilliamsburg founder Robert Lanham was included too. Check it out here.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.
Image c/o latfh.com.
Comments
Good riddance. Thanks for driving my rent up, not getting a job and running home to mommy and daddy. Some days this hood feels like a bad art school party shit all over the park.
Posted by: ifdead | June 11, 2009 04:44 PM
there's nothing more credible than a NYT "trend" piece
Posted by: stumpy | June 9, 2009 04:22 PM
Why is Wil Wheaton on here? He's not a hipster and i'm pretty sure he's made his own money since he was a kid. That picture is from his blog a couple years back, fail FW.
Posted by: Scott | June 9, 2009 03:01 PM
This is from the Clown Sweater Project, started by my friend Renee, who is quirky and wonderful and about as far from a trust fund hipster as you can get. (Among other things, she's a cab driver.)
It lives on in the internet archives:
http://web.archive.org/web/20031008224806/www.slapda.sh/csall.html
Spot your favorite Internet bubble minor celebrity!
Posted by: Salguod | June 9, 2009 09:04 AM
YES! I thought it was the Star Trek kid.
Posted by: meet me at the taco truck | June 9, 2009 12:46 AM
awwwwww poor babies! the last laugh is always on trust fund kids. they wake up one day in their 30's and realize that thier whole life has been a fabrication. this usually results in devastatingly low self esteem and deep-seated psychological problems, often resulting in soul crushing drug and alcohol addictions. Hard coming to grips with the fact that you're a completely unrespectable loser.
Posted by: life's a bitch | June 8, 2009 08:42 PM
That's Wil Wheaton!! NOT a hipster, desipte ridiculous clothing and ultrascoff.
Posted by: Erik | June 8, 2009 02:50 PM