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Investors are having a field day just before the city council rezones East New York for development. The city is loving this because of the real estate transfer taxes being paid and the higher property taxes being made.
Investors are having a field day just before the city council rezones East New York for development. The city is loving this because of the real estate transfer taxes being paid and the higher property taxes being made.
Would someone please tell Mayor DeBozo that his "affordable housing" plan in East New York will result in a net loss of affordable housing.
So if he creates 1,000 affordable units in the new development, rents and property values will skyrocket in the surrounding area (mostly two-family and three-family houses), working-class Hispanic renters will be forced out, working-class Hispanic owners will sell their properties, and the overflow of hipsters from Willamsburgh and Bushwick will pour in. 1,000 units gained, 2,000 units lost (or whatever).
Bottom line - DeBozo is bought and sold by his real estate developer friends, who he cares more about than anything. The banning of carraiage horses in Central Park is about creating monstrous high-rise developments where the stables are now located.
Would someone please tell Mayor DeBozo that his "affordable housing" plan in East New York will result in a net loss of affordable housing.
So if he creates 1,000 affordable units in the new development, rents and property values will skyrocket in the surrounding area (mostly two-family and three-family houses), working-class Hispanic renters will be forced out, working-class Hispanic owners will sell their properties, and the overflow of hipsters from Willamsburgh and Bushwick will pour in. 1,000 units gained, 2,000 units lost (or whatever).
Bottom line - DeBozo is bought and sold by his real estate developer friends, who he cares more about than anything. The banning of carraiage horses in Central Park is about creating monstrous high-rise developments where the stables are now located.
Obviously for political reasons he can't say I'm going to gentrify the poor out of East New York. "Affordable" is just so they can justify the tax credits for these new units. Basically I agree with you. But I will say one reason real estate prices in NYC are so high is because of the shortage of housing (whole neighborhoods were not zoned for development until recently). So the creation of any new housing helps alleviate the problem.
There are two big reasons the city is flush with cash under both Bloomberg and de Blasio. Real estate taxes, and of course tourism. Of course de Blasio loves his developers friends then.
Would someone please tell Mayor DeBozo that his "affordable housing" plan in East New York will result in a net loss of affordable housing.
So if he creates 1,000 affordable units in the new development, rents and property values will skyrocket in the surrounding area (mostly two-family and three-family houses), working-class Hispanic renters will be forced out, working-class Hispanic owners will sell their properties, and the overflow of hipsters from Willamsburgh and Bushwick will pour in. 1,000 units gained, 2,000 units lost (or whatever).
Bottom line - DeBozo is bought and sold by his real estate developer friends, who he cares more about than anything. The banning of carraiage horses in Central Park is about creating monstrous high-rise developments where the stables are now located.
Honestly all politicians are bought and sold by these developers. The last two mayors should have been the sign.
Investors are having a field day just before the city council rezones East New York for development. The city is loving this because of the real estate transfer taxes being paid and the higher property taxes being made.
Nymag has articles like these all the time. (Propaganda) And very few people will buy those.
Greed and stupidity will be the downfall of these developers.
Nymag has articles like these all the time. (Propaganda) And very few people will buy those.
Greed and stupidity will be the downfall of these developers.
I think you say that out of fear. Bedstuy and Bushwick of all places had many people move in.
Keep in mind East New York was white and at least working class till the 1950s. Just as they left they can come back and and they are coming back in.
The developers will continue to make lots of money, and they'll push the poor out of East New York to wherever. It's a story happening in other major cities too. Basically global cities attract wealthy people in any area close to major public transportation. East New York is a transportation hub.
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.
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.
It took Williamsburg over 20 years to get to where it is now. So that kind of gentrification in ENY will take a long time. However transitioning from superghetto to just ghetto (take Bedstuy and Bushwick in the past 7 years) can happen in a much shorter time period and even that is a MASSIVE improvement.
It took Williamsburg over 20 years to get to where it is now. So that kind of gentrification in ENY will take a long time. However transitioning from superghetto to just ghetto (take Bedstuy and Bushwick in the past 7 years) can happen in a much shorter time period and even that is a MASSIVE improvement.
Ok... You support gentrification. Great.
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