She Pays The Rent

There are two ways to respond to the news that “increasingly” parents are cutting off Williamsburg trustafarians. One, relief that the parental stimulus money that has disturbed and bubbled the economic ecosystem in the outer boroughs, driving up prices of crappy small rental apartments and other services (similar to the bubbling of the Manhattan real estate ecosystem by wealthy people who turn crappy small rental apartments into pied-a-terres and drive up the prices for people who actually live and work in the city), may be waning, bringing costs back down to reality for those who do not get stimulus checks. The other way to respond is something along the lines of “Hahahahahahahahaha!”:

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.”

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.

. . .

The cutbacks for the more privileged residents are a welcome change for locals who have struggled to support themselves without parental help.

Katie Deedy, 27, an artist, works two bartending jobs to shore up her designer wallpaper business. Gazing out from the bar at the patrons playing darts and sipping bloody marys during a Sunday shift at the Brooklyn Ale House, she described how refreshing it felt not being the only local resident trying to live on less.

“If I’m going to be completely honest, it does make me feel a little bit better,” she said. “It’s bringing a lot of Williamsburg back to reality.”