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Nothing about gentrification and this housing crisis is natural. This is unprecedented and very much deliberate. This is analogous to a reverse redlining.
1. How is it "deliberate"? What do you mean by that?
2. Because of the "anti-gentrification" attitude, the earners are starting to leave NYC. What happened with Amazon was a real wake-up call for many private people as well. NYC has historically had many versions of itself, and if you want to experience a version of NYC consisting of poverty only, you may get your chance in the upcoming years.
1. How is it "deliberate"? What do you mean by that?
2. Because of the "anti-gentrification" attitude, the earners are starting to leave NYC. What happened with Amazon was a real wake-up call for many private people as well. NYC has historically had many versions of itself, and if you want to experience a version of NYC consisting of poverty only, you may get your chance in the upcoming years.
Billionaires, multi millionaires, and large companies are not leaving. Amazon is still expanding its presence in NYC.
I don't know if anyone in the preceding twelve or so pages noted this, but I think the 439,523 number is high by an order of magnetude. I think a decimal place slipped. Much more likely 43,952, and even that's high based on the borough numbers given.
Quote:
Originally Posted by BPt111
Rent is too high in NYC are you planning to leave the city ?
“The mass exodus of New Yorkers leaving New York City has hit a record pace.”
“According to new reports, as many as 277 people are leaving New York City each day, leading all U.S. metro areas, and more than double the number recorded last year.”
“New York City lost 439,523 of its 8,400,000 residents: 18,000 in Queens, 13,500 in Brooklyn, 7,500 in the Bronx and 1,000 in Manhattan. Staten Island recorded a gain of 663.”
“According to reports, the population drop may cause New York to lose up to two congressional seats by 2022, dropping it from 27 to 25 members in office.”
Amazon is not looking to expand in NYC. They have working spaces all over the city, and are just looking to consolidate them in one building (which is cheaper). They have announced no plans for expansion or new hiring in NYC. Very few or no billionaires have had their primary homes in NYC to start with, they only have NYC pied-a-terres. Multimillionaires are leaving most definitely. What do you think accounts for excess of high-end properties, and deflation of high-end property prices, in NYC right now?
I don't know if anyone in the preceding twelve or so pages noted this, but I think the 439,523 number is high by an order of magnetude. I think a decimal place slipped. Much more likely 43,952, and even that's high based on the borough numbers given.
I think most people who understand numbers likely noticed the mistake. I have been referring all along to the last year's net decrease in population in the amount of about 40,000 people, which is about 0.46% of the population (not 400,000).
While 0.5% of the population may not look like much, it is known that 1% of NYC residents have been paying 46% of NYC taxes in the past. Or, less than 100,000 people have been providing half of NYC tax revenue. And bear in mind that 40,000 is not the total number of people who left, just the number in excess over the number that moved in. How many of the 100,000 who kept the city running have left or are planning to leave?
While 40,000 is much less than 8,400,000, it is NOT much less than 100,000.
Amazon is not looking to expand in NYC. They have working spaces all over the city, and are just looking to consolidate them in one building (which is cheaper). They have announced no plans for expansion or new hiring in NYC. Very few or no billionaires have had their primary homes in NYC to start with, they only have NYC pied-a-terres. Multimillionaires are leaving most definitely. What do you think accounts for excess of high-end properties, and deflation of high-end property prices, in NYC right now?
Deflation is likely an excess of luxury housing dumped on the market by overzealous developers.
At the of the day, when one door closes another one opens. Someone leaving NYC just opens the door fir another person to move in.
The city will not cease being the largest city by population of the US, and the business capital of the US, and a world business capital.
In part NY is one of the few places in the US where one can live an European urban lifestyle. Walkable, lots of public transportation, etc.
Deflation is likely an excess of luxury housing dumped on the market by overzealous developers.
At the of the day, when one door closes another one opens. Someone leaving NYC just opens the door fir another person to move in.
The city will not cease being the largest city by population of the US, and the business capital of the US, and a world business capital.
In part NY is one of the few places in the US where one can live an European urban lifestyle. Walkable, lots of public transportation, etc.
Luxury housing is always being built with specific target customers in mind, so no, developers do not develop luxury housing without lining up prospective buyers. What is happening is that upmarket people are truly leaving. There was even one of them on this forum, asking for opinion re selling vs. renting out his new NYC condo after his company pulled him to Texas. That story is happening all over NYC.
In 2019, you can live an "European" urban lifestyle in almost every large city in the US, and even in a number of smaller ones, particularly if they are in a metro area of large cities. Framingham MA has a city bus system, commuter rail, and a walkable downtown... let alone Worcester MA which also has a world-class museum.
Amazon is not looking to expand in NYC. They have working spaces all over the city, and are just looking to consolidate them in one building (which is cheaper). They have announced no plans for expansion or new hiring in NYC. Very few or no billionaires have had their primary homes in NYC to start with, they only have NYC pied-a-terres. Multimillionaires are leaving most definitely. What do you think accounts for excess of high-end properties, and deflation of high-end property prices, in NYC right now?
The excess in high-end properties is due to a huge amount of newly built high end properties.
Manhattan lost 1,000 people, a rounding error.
No, we're not leaving New York, it's those who can't afford it that are being forced out.
also we are at the peak of the boomers retirement curve.
Gentrification decreases the amount of people that lives in an area.
for example in Harlem, despite the booming construction, and gentrification, there are 800 less housing units than 10 years ago. All those brownstones that were cut into smaller apartments in the 70s are now being turned into single family homes again hence the loss of units.
curious that the more people leave, the more the crime drops.
All those people talking about NYC older days, claiming they were better, only want to be able to sell drugs in your buildings lobby one more time. or be able to get a hooker from the sidewalk at 2 pm on a Monday afternoon.
Make the Bowery great again!!!!
The excess in high-end properties is due to a huge amount of newly built high end properties.
Manhattan lost 1,000 people, a rounding error.
No, we're not leaving New York, it's those who can't afford it that are being forced out.
Sorry, but the first sentence is simply not true. Just googling "luxury properties for sale Manhattan" shows that these properties are mostly older construction (the most expensive condo currently on the market is in Woolworth Building, about 100 years old). Whenever you can get info about the sellers, you will see an uncommonly large number of CEOs of various major companies.
Manhattan has lost a net number of 1,000 people, ie, 1,000 more have moved out than moved in last year. Even though the figure is small, it shows at least stagnation. But if you look who is moving out, it is not stagnation, but exodus of business - not rampant, but this is the first year in which it is clearly happening; it has plenty of chance to get worse.
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