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...
...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.”
“It takes the wind out of you if you’re not the independent, self-reliant artist you claim to be,” she said, “if you’re just daddy’s little girl.”
Lets see those god damn art majors mock my advertising degree now!