Forced by the global recession to focus on their own financial wellbeing, parents who doled out adult allowances, subsidized rent, and bought luxury condos for their Williamsburg-dwelling progeny are withdrawing their monetary support. According to the Times, these young men and women are being forced to get paying jobs.
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.
â€œThey say, â€˜You want me to work eight hours?â€™ â€ Mr. Illades said. â€œThere is a bubble bursting.â€
The Williamsburg real estate market has also suffered a hit at the hands of parents reeling back their dollars. Sales are down overall and without as much family support, young buyers earning only $45,000 a year are being forced into half million-dollar apartments of all things. One self-supported artist admits, â€œIf Iâ€™m going to be completely honest, it does make me feel a little bit better. Itâ€™s bringing a lot of Williamsburg back to reality.â€