[lbo-talk] NYT: Parents Pulling the Plugs on Williamsburg Trust-Funders

[Joseph Catron]

For the past five years, Ernie DiGiacomo has been able to count on
parents to guarantee the $1,500 to $2,500 rents he charges for the 15
apartments he owns in Williamsburg, Brooklyn. When he called renters
who had missed payments, he often heard, “My parents will send you a
check.”

But in the past six months, the parents are pulling back financial
help, he said, and as a result, he has watched more renters move out.

“Most of them are moving back with parents,” Mr. DiGiacomo said.

Luis Illades, an owner of the Urban Rustic Market and Cafe on North
12th Street, said he had seen a steady number of applicants, in their
late 20s, who had never held paid jobs: They were interns at a
modeling agency, for example, or worked at a college radio station. In
some cases, applicants have stormed out of the market after hearing
the job requirements.

“They say, ‘You want me to work eight hours?’ ” Mr. Illades said.
“There is a bubble bursting.”

[Ad infinitum]

http://www.nytimes.com/2009/06/08/nyregion/08trustafarians.html

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