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Buying property is one thing; development is quite another.
Smart money isn't going to build any sort of market rate or other type of housing unless there is a proven demand. That and or the City makes doing so a "win-win" to the developers.
So far the financial markets are not off to a good start for 2016 in particular China. If that country catches a cold NYC will get the fever and coughs.
I don't think you necessarily have to support gentrification to realize that it's an improvement. Cleaner streets, a bigger and more diverse options to shop at, along with other qol improvements will certainly benefit current residents.
Heck, I live in the other dump (neighborhood) west of ENY and the transportation improvements will be beneficial for me as well.
Yes. I do support gentrification. Better grocery stores and overall store options beyond bodegas and cheap 99 cent stores. Actual amenities such as gyms (some of them even have pools). The expansion of train service (in recent years there's actually been train line construction), etc. I like cleaner, safer neighborhoods.
So far the financial markets are not off to a good start for 2016 in particular China. If that country catches a cold NYC will get the fever and coughs.
A number of finance people we know think big trouble is coming.
It would not be surprising in a world where there is no actual value - it's all virtual.
Buying property is one thing; development is quite another.
Smart money isn't going to build any sort of market rate or other type of housing unless there is a proven demand. That and or the City makes doing so a "win-win" to the developers.
So far the financial markets are not off to a good start for 2016 in particular China. If that country catches a cold NYC will get the fever and coughs.
Not even. Because the richest people in any country, including China do just FINE. A downturn or a collapse for them is a BUYING opportunity. So if NYC had fever and coughs, those property owners who can't service their payments would get foreclosed upon and wealthy investors WOULD BUY on the CHEAP.
That happened during the 2008 total collapse. Many who hate gentrification hoped that was the end of it in places like NYC, LA, Boston, Philly, etc. Instead it returned with an extreme force. Wealthy investors began to think of real estate as an essential portion of their portfolio because it does not disappear during downtowns (your stock investment might if a company goes out of business), particularly real estate in places like London, New York, Los Angeles, etc.
So even if there is a recession in 2016, it does not change the long term outlook for ENY or Jamaica and at best can only slow things down.
I dream of a life where people like Jack (a chef, and not the Super * chefs we are used to these days), Janet (a flower shop employee), and Chrissy (oh Chrissy, what did you ever do?) can affordably share an apartment living in an area of high demand. OH wait! Ugh, that's that rub though... When where you live becomes so desirable that you get priced out it HURTS, it hurts like HELL! And you can claim well you shoulda bought something when you could, well yeah duh. But even people who did buy get stuck having to living around people who think nothing of opening up shops(retail) that ONLY cater to the upper income limits of those neighborhoods. I get it, but still find it gross and I only find it gross because I am one of those people who has resisted for the last 15 years about being priced out and because of that resistance and dirty pride and anger and bitchiness, now sees me with nothing and will HAVE to move to the suburbs in the near future. Whatever, 20 years from now there's going to be a very large and very angry cohort that I can glom onto and feel the rage with. It's all good. Enjoy NYC you young whippersnappers! We're all crushed roaches under the shoes of the people who are able to make more money than us.
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Good. Can't wait to be able to finally take advantage of the hopefully soon to come amenities that typically arive after demographic changes. It would be great if it became another Williamsburg, but I have my doubts.
Gross. Like what? 25 dollar burgers? 200 dollar an hour finger painting lessons? Be careful what you wish for. Some of us are SICK of this uppity garbage infestation. Some of us chose to live in cities (or already lived in them!) because we don't care much for the all that corny expensive crap. It's bad enough when rents skyrocket to unaffordable levels, but when you can't even afford to shop in your own neighborhood because there's more disposable income than half the continent of Africa could live off for YEARS, there's a problem. It's disgusting. Enjoy your little albino hives because that is exactly what inner cities are becoming. Sad.
Tell me something that is worth me going to ENY for? Nothing. There used to be places in City Line, but they've all long been chased out to Long Island. Gateway Plaza doesn't count since you barely have to even get off the highway to go. Its sectioned off completely from the neighborhood.
ENY today does not represent an NYC culture that anyone desires.
It rivals Brownsville as the murder and welfare capital. So gentrification would certainly be a huge improvement.
Bedstuy and Bushwick were once as horrible, but they have IMPROVED big time. Improving these neighborhoods increases the city tax base and REDUCES the city tax liability. A good thing for homeowners such as yourself and all working taxpayers (me and you included).
Not even. Because the richest people in any country, including China do just FINE. A downturn or a collapse for them is a BUYING opportunity. So if NYC had fever and coughs, those property owners who can't service their payments would get foreclosed upon and wealthy investors WOULD BUY on the CHEAP.
That happened during the 2008 total collapse. Many who hate gentrification hoped that was the end of it in places like NYC, LA, Boston, Philly, etc. Instead it returned with an extreme force. Wealthy investors began to think of real estate as an essential portion of their portfolio because it does not disappear during downtowns (your stock investment might if a company goes out of business), particularly real estate in places like London, New York, Los Angeles, etc.
So even if there is a recession in 2016, it does not change the long term outlook for ENY or Jamaica and at best can only slow things down.
Don't have time to read your entire tirade.
If the financial markets cool in particular China's currency continues to devalue it will cause all sorts of pain. The wealthy you speak of will have less money to spend/park in NYC or other real estate. There is also the very real wonder by many just what Chinese officials will do to stop what is becoming an economic free fall. Wealthy Chinese were already looking to get their money out before the government seized (that is the proper word) it; and more of that could be coming.
Just as with Russia plenty of Chinese made their fortunes in some very dodgy ways. When things were good certain officials turned a blind eye. That can change.
Finally for the reasons you mentioned (past recessions and effects thereof) RE professionals and so forth are very weary of getting ahead of themselves. Memories are still fresh of "over development" that lead to projects sitting empty or had to be turned into rentals.
No one is going to build housing for the "poor" in ENY. If hipsters, transplants or whomever else can find "affordable" housing in Manhattan or parts of eastern Brooklyn that is where they will go before way out in ENY. In case you missed the memo there is a ton of housing due to come online along the Brooklyn waterfront and downtown. Still more in various parts of Manhattan including the vast Hudson Rail Yards project.
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Tell me something that is worth me going to ENY for? Nothing.
Nothing for you, but LOTS for people that do live there when it comes to being able to buy stuff that isn't obscenely overpriced.
Look, I used to be an alcoholic. In the rich neighborhoods it's impossible to find cheap vodka on the cheap because all the corny high end liquor stores want to keep the riff-raff away so they will NOT carry low end drinks. Where do people on limited means but buy their stuff!? No one who is broke wants to pay 15 dollars for a pint of vodka. F off.
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