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The court of public opinion needs a mediator 😩
Rising Star
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What’s everyone’s favorite bars?
Rising Star
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What we need to do is get rid of the homeless shelters and get these people into programs that can make them productive citizens once again. The take away from the rich to give handouts mentality is not going to fix homelessness
Community Builder
More apartments and buildings actually lower homelessness by increasing supply of housing and thus reducing the overall cost. The fact that it’s a luxury building probably means it won’t lower it as much, but yeah.
I used to work at Deloitte and it’s embarassing this guy was a colleague, yikes. NIMBY’ers are ruining this country, and logic or facts never get through to them.
That’s NYC in a nutshell. Bet at least a handful of those units will bought by people who don’t even live there and just want a place to park $$$.
Enthusiast
Two things to note about investment property.
First, the reason investment property is attractive in NY moreso than other cities is in large part due to the artificial scarcity we’ve manufactured. New developments needs to source air rights from neighbors, necessarily making the number of floors, and thus indirectly, units, a finite quantity.
Secondly, it is worth noting the trade offs associated with having a higher proportion of properties exist as investments, even when sitting empty. Most of the people who buy property and sit on it are noncitizens diversifying their assets into something more stable than whatever is available in their country. As such, one should acknowledge that there are some benefits in NY tapping into an external and effectively limitless tax base.
The answer then is not vilifying luxury properties that increase total units but instead in 1) reducing rent seeking measures to protect the value of units already built by artificial lily limiting supply, and 2) optimizing tax structures to maximize the total value to the city by ensuring we have the right mix of taxes from both outside investors and local income earners. Significant research has already been done into this field, as @acn1 has posted here.
Plus part of Deblazios strategy was specifically to open homeless shelters next to luxury buildings. You know, to stick it to the man.
Yup. I never saw any actual reasoning other then smug hey you rich people get yours. But you can’t tell me it’s good public policy for the city to commit scarce taxpayer resources to use valuable real estate on 58 street midtown for a homeless shelter. Article on it linked below
https://nypost.com/2021/05/28/appeals-court-paves-way-for-homeless-shelter-in-billionaires-row/?utm_campaign=iphone_nyp&utm_source=pasteboard_app
I live in queens there are so many new condos right next to housing projects being built and they sell for 1M + for one bedroom and still sell.
Absolutely insane.
What building and homeless shelter?
Not sure what the name of the building but will be next to the shelter for women in fort green. Drove by it this morning and googled it.
Rising Star
No different than LA (luxury condos in the middle of skid row) or SF (homeless neighbors living at the base of luxury condos).
Rising Star
Homelessness is a big challenge for the city, due to the housing price crisis, drug consumption but also many homeless folks from around the country keep coming here (hence why you many not see progress, even though there is).
But I don’t get what you’re implying - do you expect a private developer to spend their $ to build a shelter vs for profit building? Or should homeless shelters be isolated and nothing built around them?
New York City has a lot of vacant apartments and folks that buy them for investments do not actually rent them out or live in it. There are also “so-called “shadow inventory,” which developers strategically do not list for sale to hold off for a stronger market.”(https://www.nytimes.com/2019/09/13/realestate/new-development-new-york.html?smid=nytcore-ios-share https://www.nytimes.com/2019/09/13/realestate/new-development-new-york.html?referringSource=articleShare). That articles explains the issue and it existed prior to COVID (article is from 2019). Unfortunately I doubt COVID alleviated this issue if anything it probably made it worse.
OP’s point is that it’s jarring to see people living on the street while luxury apartments are being built right next to them and sitting empty. It seems like you are intentionally misunderstanding or lack empathy and can’t understand. Are developers going to house the homeless? Probably not and that wasn’t what he was saying.
The building likely has a poor door and 'affordable' housing on the lower floors.