Trust Funders Losers: Parents Pulling Their Support In Wake Of Recession

New York Times:

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.

Read the whole story: New York Times

Comments

[desthmoneses]

I think a lot of people help their kids financially, and lets be honest many of us wish we could give them even more. I don't begrudge these people what they had, but it is time for them to support themselves.

[ran6110]

Mom and Dad sure did a great job of preparing them for life....

[trimom]

My thoughts exactly. Also, how is it that two brothers making $45k each can afford the mortgage on a $500k property with $50k down? I smell another bad mortgage.

[Furby]

I smell another market correction. The sound of opportunity knocking yet again.

[notAMoron]

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.”

---
I LMAO at this. Welcome to the real world snowflakes.

[desthmoneses]

Hell they should try living in Los Angeles, with 10% unemployment people would kill for a fulltime job instead of a part time one, and then here on the other edge of the continent we have people whining about too many hours.