Today’s Headlines

  • Maxed-Out NYC Subway Saw Ridership Drop Last Year (AMNY)
  • Trottenberg: City Will Fight Cuomo MTA Budget Raid (AMNY)
  • What’s Going on With the Utica Avenue Subway Study? (Gotham Gazette)
  • More Evidence That DOT Can Bypass Community Boards When It Chooses (Brooklyn Spoke)
  • 122nd Precinct Arrests “Reckless” Kids on Bikes in Midst of SI Freakout (Advance 1, 2)
  • Staten Island Precincts Issuing More Speeding Tickets Than Last Year (Advance)
  • Cab Drivers Protest TLC Fees and License Points System (NY1)
  • State Agencies Ordered to Crank Out Pro-Cuomo Propaganda … (Post)
  • … And the Leader Shows How It’s Done: AMNYPost
  • De Blasio and Cuomo Are More Alike Than They Realize (News)

More headlines at Streetsblog USA

  • AnoNYC

    Poverty in the suburbs has increased when compared to the past. In time the poverty gap will narrow substantially. There was a time when suburban meant middle class, and that is no longer the case. This is a national trend.

    Traffic on LI is worse than it’s ever been, and you can expect increased traffic as it becomes more dense. With limited mass transportation infrastructure and the current built environment, it will be difficult to combat.

    Many parts of LI are no different than parts of the boroughs. There are residential areas with detached homes and commercial districts in both.

    I don’t think autonomous cars will make much of an impact in our lifetime if you go by what automakers are doing. Right now, people tend to hold on to a car for 10 years, and the market for new cars is smaller. Cost can also be an obstacle, and those are premium features right now. Even if perfect autonomous cars were released today, it would take at least 20-30 years for them to be a majority. Most automakers are no where near close to creating the perfect autonomous car.

    I think suburbs will become more dense and the NYC area will become more decentralized, but I think autonomous cars are only a part of the solution. Mass transportation is going to stick around, and walking and biking is going to become more and more popular. NYC will maintain hegemony in the metro in our lifetimes but there will be a lot more activity in outer borough cores like downtown Brooklyn. So our metro at least will continue to be NYC centric for a long time.

  • Maggie

    Well, I mean sort of. Since early 2016 the Treasury Department has started requiring high end condo buyers in New York, Miami, California and Texas to disclose the beneficial owner of the purchasing entity. This is crazy. Before that, we had no way to detect or prevent straight-up money laundering through luxury real estate purchases.

    Since the FinCen decree was at-will by the Obama administration, I don’t like its chances of surviving too long under Trump. If the decree gets rolled back, we could see dirty money laundered back in to high end condos on 57th Street. Or more accurately, blindfold ourselves whether it happens or not. Crazy, in my opinion!

    So basically at that price level, the units aren’t exactly bought for use as a home. Even if the buyer uses squeaky clean money, foreign buyers may just want to hold wealth in Manhattan real estate instead of anywhere else.

    But depending how long things stay slow, at some point the unsold inventory is going to bite developers who’ve got construction loans to repay and aren’t getting the cash flow they had projected through sales. Like say a developer who priced luxury units on selling, like, 3 condos a month at $4500 per square foot, and now market conditions cool to where they sell norhing at asking price, or they could sell 2 condos a month at $3800 a square foot. I guess at some point you maybe have buyers deciding whether they want a $3.8 million Brooklyn brownstone, or a 1000-foot luxury condo. I guess in the end every unit helps ease the supply shortage? I just struggle to follow the chain for how this makes housing more affordable for, like, the family earning $125,000 a year. Price out the monthly mortgage payment (if you can even buy a $3.8 million home with a mortgage) and it’s $364,000 per month. I end up not sure whether this trickles down to help the stretched middle class, or just instead generated a new subset of luxury demand out of thin air.

  • bolwerk

    Hmm, well, if (when?) the bottom falls out, barring state intervention, it seems likely they’ll revert to their next highest and best use. That is probably rentals or subdivision for rentals, sure. I am thinking (hoping?) salvagers will find them too profitable* to not rent out, and the glut of units on the market should at least exert downward price pressure.

    But I am also assuming there is a kind of yield* management-conducive situation. Sort of like how it’s always best to sell an airplane seat in the moments before takeoff, even if the price is well below average.

    * Profitable and yield here might mean “results in the smallest loss.”