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"Furthermore, I feel that the cost of a coop is FAR too inflated consider it is ONLY an apartment without any real ownership.
It is unfathomable to live in an apartment... even with kids. After all, I have lived that way my whole life.
But I happen to think that it is a dumb investment. 10 years ago, when you could pick up an investment of a 1 bedroom in Briarwood for $40K, while, a good price, it is a lousy investment in terms of quality. Sure, if you are in it, only to build up equity fine. I'd do it in a heartbeat at this juncture in my life... if it were under $150K. But at $250 K and more, in neighborhoods that are undesireable, I believe it is a crappy investment in terms of quality of life.
Let me put it in terms that you can understand.
I grew up in the East Village around an eclectic bunch of people: literarti, hippies, artists, academics, homosexuals, poly-glat religions and races. The heart of what makes NYC NY.
Now if you are living that life style, it is certainly worth it.
But if you are living in Briarwood, or Richomond Hill, or Ridgewood, or Parkchester... you aren't living that lifestyle. You are basically living in small provincial towns bereft of higher culture."
OK--where were the middle class living back in the day? The northwest Bronx for one, which was considered a substantial step above Manhattan living. Where did most middle class folks live? Outside of Manhattan (including the suburbs) as soon as they could afford it. That's one reason Manhattan was affordable back then--cramped spaces, unsafe 'hoods, not child-friendly.
As far as coops, I doubt that Manhattan coop dwellers (virtually the only type of home ownership available in the borough) feel that they don't "own" their very pricey coop apts or that they are a bad investment.
If you were middle class back in the day, you moved out of Manhattan. Those who stayed in their "crappy" hoods and bought in can now reap the substantial rewards. Overpriced? Perhaps, but that's a good thing for those who lived in these areas when they were "dumps" and stayed put.
EXCUSE ME!?!?!?!?
Briarwood is nicer than 99% of the other garbage out there. Diverse, clean and accessable to the E/F trains. Get a clue
Dinkins didn't keep out yuppies! Remember, there was a recession in the late 80s/early 90s, due to the stock market crash of '87. The yuppies would have come for the cheap rents and depreciated homes, but they themselves had no money (the economy was real bad)! Dinkins playing tennis had nothing to do with the recession (although Dave played a lot of it!).
Dinkins was a bad Mayor...during his administration, flight out of the city accelerated (as if that were possible) and murders in the city hit an all time high of 2,500!! The current rate is about 600...wow. The only thing that Dinkins did for the city (and by everyone I mean everyone outside of the Bronx) was reroute Laguardia's air traffic pattern to fly directly over the South Bronx...hooray!
Dinkins. An incompetent who made Abe Beam look good.
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