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NYC housing has an abnormally high amount of toxic, soon to be worthless Euro investments. Many Euro currency holders are renting and buying residential and commercial real estate here and have been for some time.
Can you cite your source for this? I'd say the exact opposite is true. Most of New York City is made up of co-ops which require 20% down. I'd hardly say this constitutes an "abnormally high amount of toxic investments". Rich Europeans who bought large and lavish second homes in some of the fancy new condo buildings (15 CPW comes to mind) will, by and large, stay rich.
The non-sexy areas will face QOL issues, sneaky gentrification (landlords kicking out residents for higher paying tenents), etc.
This is already happening in East Flatbush and Sunset Park. All because of their proximity to the "hip" areas.
The day my non sexy neighborhood gets gentrified, I'm out. I know quite a few people who are waiting to get priced out of their apartments because of the whole "Brooklyn is the new Manhattan" stigma, when 10-15 years ago you couldn't pay people to move here.
Mayor guiliani and mayor bloomberg rid manhattan of high crime.
In new york city from 1965-1990's nyc was the most dangerous city in america and also had high numbers of vandalism, graffiti, theft, homelessness, the city was in ruins.
Prior to the 1960's before "white flight" (when white people left nyc and were replaced with "minorities" the city was much safer and family oriented.
Then the "welfare people" destroyed the entire city, the landlords burned down buildings to collect insurance, crack cocaine caused drug gang wars, police were corrupt, the city stunk of **** and filth.
Then enter 2001.
Mayor bloomberg gets elected, bans smoking in bars, does everything possible to attract rich yuppies to manhattan and markets crappy areas to attract young, wealthy, hippy people from california and europeans, asians, indians, and mexicans.
Mayor bloomberg, did everything he could to attract the power elite, and the californians to new york. The lower east side became mostly california natives, with strong california accents, tons of gay people, bushwick, fort green and williamsburg because enclaves for the californians as well, and other western states, wealthy college educated young swarmed the middle class neighbrhoods.
Anything near manhattan became california native territory, for hippies, yuppies, young metrosexual men, young gay men, feminist, and other wacked out people.
The blue collar working class irish and italians, greeks, were pushed out or just decided to get the heck outta town.
Enter 2012. The city is basically for rich foreigners, and other rich people only. Lower harlem is becoming for the power elite, rich, rich peoples college children, single women, the middle class areas are now populated by feminine men that wear purses, feminist, and other young people that come from rich families who get a monthly allowance from their parents, and the poor welfare people on section 8.
New york 2012 = rich and poor
for proof watch "death wish" "new jack city" "the godfather 2" "carlitos way" "goodfellas" "juice" "gotti" by hbo, "a bronx tale"
to see the new new york watch "youve got mail" "sex and the city"
i will say the middle class still exist in very very few areas of the outskirts. Howard beach, pelham bay, parts of astoria, but mostly it's yuppies, poor welfare people, and super rich elitist.
White Flight came more as a result of Red lining, which meant, even if a middle class, blue collar "minority" family moved in the nieghborhood, the banks devaluated all the housing in that neighborhood and white families fled for fear of their housing value. It caused racial and economic segregation and helped turn middle class neighborhoods into impoverished ones. Also Robert Moses' "slum clearance" didn't help either, tearing down blocks of apartment buildings to build housing projects and ripping up neighborhoods like East Tremont to build the Cross Bronx Expressway.
Its not just the blue collar, white ethnic groups getting pushed out, its also blue collar and middle class Black Americans and Puerto Ricans as well, probably moreso.
However I do agree, the NYC area has the highest income gap in the nation, meaning it has a relatively small middle class now.
This is already happening in East Flatbush and Sunset Park. All because of their proximity to the "hip" areas.
The day my non sexy neighborhood gets gentrified, I'm out. I know quite a few people who are waiting to get priced out of their apartments because of the whole "Brooklyn is the new Manhattan" stigma, when 10-15 years ago you couldn't pay people to move here.
That is too funny.
I live in Bath Beach, it is about as sexy, hip or trendy as a paper clip, and this is the way we like it. It is one of the last of the cheapest neighborhoods around. trains are close, but it takes about 45 minutes to the city, so big deal......
I hope it stays this dull for ever. I dont need some transplants coming here thinking they be living in a raw, cool,. gritty hood, when all it is, is old tenements.....
I'm sure this has been asked before, but I couldn't find a recent thread (if there is one, please link me to it), but why is NYC so expensive? I mean, I've always wanted to go to NYC, but it seems unbelievably expensive and almost uncomfortable to live. I hear that most of it smells like fish and urine, and there are very small apartments for a ton of money. And the only people who can truly enjoy it are millionaires (or close to it). So why do people move there year after year, and more importantly, how do they afford it? I'm not talking about doctors, lawyers, etc. But like, recent college grads and the like.
I'm sure this has been asked before, but I couldn't find a recent thread (if there is one, please link me to it), but why is NYC so expensive? I mean, I've always wanted to go to NYC, but it seems unbelievably expensive and almost uncomfortable to live. I hear that most of it smells like fish and urine, and there are very small apartments for a ton of money. And the only people who can truly enjoy it are millionaires (or close to it). So why do people move there year after year, and more importantly, how do they afford it? I'm not talking about doctors, lawyers, etc. But like, recent college grads and the like.
You answered your own question within the first two sentences.
It's expensive because so many want to live here. It smells because tons millions of people on a tiny island creates garbage. Simple as that.
There are people of all types that live here. From people that live in NYCHA houses to the millionaires next to Central Park. I have met many clients who have lived there their whole life and have a 2 bedroom apartment for 900 dollars or less. Some are young kids with daddies money. And there are plenty who went to college, got a great degree, and now work in a big company. And this is just Manhattan. Queens, Staten Island, Brooklyn, and The Bronx all have plenty of people that don't make huge money. We live just fine in Queens and aren't a Doctor or Lawyer. We have a car and a 2 bedroom.
The fascination with Manhattan for people that aren't rich or haven't been here for awhile usually ends when they find out how expensive it is to live there. So they go to places like Bay Ridge BK or Astoria QNS and get nice large places that are very close to the action.
Absolutely love NYC. Finding out first hand that living paycheck to paycheck suck regardless of where you live. Reality is that on my current salary I will never be able to live in manhattan on my own. Going to enjoy the ride as long as possible. Eventually will be moving somewhere more affordable. Still gotta love this place. As stressful and expensive as it is there is no city like it.
It's expensive because so many want to live here. It smells because tons millions of people on a tiny island creates garbage. Simple as that.
There are people of all types that live here. From people that live in NYCHA houses to the millionaires next to Central Park. I have met many clients who have lived there their whole life and have a 2 bedroom apartment for 900 dollars or less. Some are young kids with daddies money. And there are plenty who went to college, got a great degree, and now work in a big company. And this is just Manhattan. Queens, Staten Island, Brooklyn, and The Bronx all have plenty of people that don't make huge money. We live just fine in Queens and aren't a Doctor or Lawyer. We have a car and a 2 bedroom.
The fascination with Manhattan for people that aren't rich or haven't been here for awhile usually ends when they find out how expensive it is to live there. So they go to places like Bay Ridge BK or Astoria QNS and get nice large places that are very close to the action.
Also, if you've been in here a while, why do you necessarily need to be close to Manhattan . Going out to bars all the time gets old for after while. In fact, do it too much and you may end to drunk to work.
There are people who have to be here because of their career, but not all professionals work in Manhattan. There are things like hospitals, schools, and universities in the outer boroughs and suburbs as well.
And you have some very fun summer places outside Manhattan. Coney Island in Brooklyn, Fire Island in Suffolk County, and the Rockaways in Queens have beautiful beaches (the Bronx has Orchard Beach). Queens has wonderful ethnic restaurants (so do Brooklyn and the Bronx) and Williamsburg and Park Slope have their own club and music scenes.
New York actually isn't so expensive when you consider its competitive set. Yes, expenses are higher in NY than Chicago, but so are wages. When you compare NY to London or Hong Kong in terms of purchasing power, it looks like a bargain. That drives up rents.
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