Friday, October 31, 2014

Nobody actually lives here

Look at all the vacant housing in New York City.
In a three-block stretch of Midtown, from East 56th Street to East 59th Street, between Fifth Avenue and Park Avenue, 57 percent, or 285 of 496 apartments, including co-ops and condos, are vacant at least 10 months a year. From East 59th Street to East 63rd Street, 628 of 1,261 homes, or almost 50 percent, are vacant the majority of the time, according to data from the Census Bureau’s 2012 American Community Survey.

“My district has some of the most expensive land values in the world — I’m ground zero for the issue of foreign buyers,” said State Senator Liz Krueger, whose district includes Midtown. “I met with a developer who is building one of those billionaire buildings on 57th Street and he told me, ‘Don’t worry, you won’t need any more services, because the buyers won’t be sending their kids to school here, there won’t be traffic.’  ”

The developer told her that the buyers basically would never be here, Ms. Krueger said. “He said it like this was a positive thing,” she added. “You can’t make this stuff up.”
In New Orleans, we're seeing rents and real estate prices skyrocket right now. Short-term rentals and "Pieds-a-Terre" litter... and in some cases... blight the landscape.
The owner of the Royal Street building is Elaine Petrie, according to city assessor's records. Petrie did not live in the building, a portion of which was rented to a Baton Rouge couple as a pied-a-terre. Petrie could not be reached for comment, but neighbors said the building's interior had been crumbling for years.

Lousteau said the condition of the Royal Street property is a classic example of the demolition-by-neglect that can take place beyond what can be seen by the naked eye.
But we encourage this.  The city's development and budgetary strategy is dependent on wealthy property owners who can pay high property taxes.. even if they don't actually live here.  All that's left to do now is legitimize AirBnB and tax that too. (That is coming, by the way.)  Then nobody has to actually live here at all.

The circular argument that takes place in the middle of all this would be funny if it weren't also so depressing.

The rent is too damn high

Well the housing supply is too low

Ok then let's build more housing

Sure, here are a whole bunch of new luxury condos for rich people

The rent is too damn high.

And on and on like that until nobody actually lives here anymore.

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