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Old 07-20-2013, 09:43 PM
 
23,345 posts, read 16,239,821 times
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Quote:
Originally Posted by EastBoundandDownChick View Post
No one is saying NYC doesn't have mad hubris. It has it for a reason. They were never a town that sold cars like a one-trick pony. I think housing prices are a bit inflated, but not by much considering what a stratified, world-class city it is. There may be a downward shift, in fact you would expect it, in years to come. But there will never be the crash of Detroit. Ever. The only people besides me who truly understand this are those who have lived, and spent substantial time in, both NYC and Detroit. We are few but we know what the hell we are talking about.
What do you mean there would never be a major crash? You don't have to live in Detroit to talk about whether NYC's economy will ever have a major crash!

If the banks fail again and don't get a federal bailout, that's it for NYC's economy. Film, tv, and tech are mainly here because of taxpayer subsidies (which the banks for by paying their taxes). The next major financial crisis, depending on how the goverhment responds could cause a lot of fiscal damage.

It sounds like since coming here from Michigan, you've invested a lot of emotional energy in NYC. Well, that may be the case ,but that doesn't mean there aren't any threats to NYC's economy. Anything is possible anywhere.
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Old 07-20-2013, 09:44 PM
 
23,345 posts, read 16,239,821 times
Reputation: 8606
Quote:
Originally Posted by EastBoundandDownChick View Post
No one is saying NYC doesn't have mad hubris. It has it for a reason. They were never a town that sold cars like a one-trick pony. I think housing prices are a bit inflated, but not by much considering what a richly diversified, world-class city it is. There may be a downward shift, in fact you would expect it, in years to come. But there will never be the crash of Detroit. Ever. The only people besides me who truly understand this are those who have lived, and spent substantial time in, both NYC and Detroit. We are few but we know what the hell we are talking about.
I guess you know nothing about the 70s, when NYC almost with bankrupt? The era of white flight to the max, which really continued till the early 90s? Or for that matter the crack cocaine epidemic in the late 80s/early 90s. NYC has already shown it, like any cities, can go through hard fiscal times.
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Old 07-20-2013, 09:51 PM
 
10,079 posts, read 7,797,489 times
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Quote:
Originally Posted by NyWriterdude View Post
If the banks fail again and don't get a federal bailout, that's it for NYC's economy.
Highly doubt that it would be contained to just NYC. It was once believed that a housing crises could be contained to only the sand states.
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Old 07-20-2013, 09:53 PM
 
Location: Miami Metro
1,009 posts, read 1,238,212 times
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This is some sort of joke right?!?!?!
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Old 07-20-2013, 09:53 PM
 
1,745 posts, read 2,043,842 times
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It's all bullsh*t. NYC will go through hard times in the future, but never on the level of Detroit. That was my point, and I stand behind it.
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Old 07-20-2013, 09:58 PM
 
853 posts, read 818,004 times
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Originally Posted by Bronxguyanese View Post
NYC almosg went bankrupt in the late 70s. President Gerald Ford told NYC to drop dead. In other news more Michigan residents want to leave their state.
Except 70's NYC was vastly different to current NY. Back then, NY's economy revolved mostly around Wall Street, and the city kept losing its middle class population to Long Island. People worked in the city and used city services but didn't pay property taxes in the city, which was a major loss of income for the city. When Wall Street was hit hard in the 70's, and NY didn't reign it's spending, it almost went bankrupt. But it recovered, the economy diversified, tRudy cleaned up the city, and the middle class moved back into the city. NY is economically stronger now than it ever was.
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Old 07-20-2013, 09:59 PM
 
20 posts, read 19,201 times
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Housing bubble. Largely rental housing. Largely occupied by people living beyond their means. Living on consumer credit. Driving a consumer credit bubble. Media collusion in distorting the real estate market by underreporting crime and printing un-true so called analysis of said real estate market. Note that all of that is without even mentioning Wall Street's woes, the climate related issues others have raised, and so on. Perfect storm.
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Old 07-20-2013, 10:05 PM
 
853 posts, read 818,004 times
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Quote:
Originally Posted by Glynn's Ghost View Post
Housing bubble. Largely rental housing. Largely occupied by people living beyond their means. Living on consumer credit. Driving a consumer credit bubble. Media collusion in distorting the real estate market by underreporting crime and printing un-true so called analysis of said real estate market. Note that all of that is without even mentioning Wall Street's woes, the climate related issues others have raised, and so on. Perfect storm.
You appear to be confused, it wasn't renters that were living beyond their means that caused the crash. It was home owners who borrowed more then they could afford. You can't afford your rent, you get evicted, landlords don't accept credit cards. Lol. It's when landlords can't pay the banks that causes problems. It would be best if you stopped while you're behind.
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Old 07-20-2013, 10:14 PM
 
20 posts, read 19,201 times
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Quote:
Originally Posted by Astorian31 View Post
You appear to be confused, it wasn't renters that were living beyond their means that caused the crash. It was home owners who borrowed more then they could afford. You can't afford your rent, you get evicted, landlords don't accept credit cards. Lol. It's when landlords can't pay the banks that causes problems. It would be best if you stopped while you're behind.
It is you who is confused. They are not defaulting on their rent. They are using consumer credit to live off of after rent consumes a disproportionate part of their income. And property values in urban areas are absolutely driven by potential income from properties that are so-zoned. It is a secondary bubble we share with a few other coastal cities.
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Old 07-20-2013, 10:19 PM
 
23,345 posts, read 16,239,821 times
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Quote:
Originally Posted by G-Dale View Post
Highly doubt that it would be contained to just NYC. It was once believed that a housing crises could be contained to only the sand states.
Oh, this is very true.
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