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There seems to be more recent reports and focus on crime and homeless issues by all NYC media from left to right, from the NY Times to the NY Post.
Proponents of NYC's development under Bloomberg have wanted to say NYC real estate can only go up (despite the stall out/mini collapse we had in 2008). But will rich people really be that interested in buying sky high properties that are surrounded by waves of homeless and have big crime issues?
According to some of you on City Data, the police response under de Blasio will be weak. If this is true, then there goes the NYC real estate market as who is going to pay 4k a month for a tiny apartment that you can't leave without being mugged.
So the real question is will these trends collapse the real estate market? And if the worst fears of conservatives on here are true, doesn't a potential collapse of the real estate market under de Blasio present a potential buying opportunity for new investors? Economic and political collapses are like forest fires, clearing the forest of old/dead wood and making way for new growth. And do keep in mind good things come out of bad things. Those investors who invested in NYC during the height of the crack cocaine era made lots of money. Ironically, it would have been best to invest in NYC under Dinkins, lol, and better to sell under Bloomberg (when things were much better and you would have a huge return on investment).
There seems to be more recent reports and focus on crime and homeless issues by all NYC media from left to right, from the NY Times to the NY Post.
Proponents of NYC's development under Bloomberg have wanted to say NYC real estate can only go up (despite the stall out/mini collapse we had in 2008). But will rich people really be that interested in buying sky high properties that are surrounded by waves of homeless and have big crime issues?
According to some of you on City Data, the police response under de Blasio will be weak. If this is true, then there goes the NYC real estate market as who is going to pay 4k a month for a tiny apartment that you can't leave without being mugged.
So the real question is will these trends collapse the real estate market? And if the worst fears of conservatives on here are true, doesn't a potential collapse of the real estate market under de Blasio present a potential buying opportunity for new investors? Economic and political collapses are like forest fires, clearing the forest of old/dead wood and making way for new growth. And do keep in mind good things come out of bad things. Those investors who invested in NYC during the height of the crack cocaine era made lots of money. Ironically, it would have been best to invest in NYC under Dinkins, lol, and better to sell under Bloomberg (when things were much better and you would have a huge return on investment).
No. It would be the economic reasons leading to homelessness and crime, not the media. It would likely be a more long term drawn out process than a sudden crash. Unless there is rioting in the streets or something.
While crime and homeless may be increasing in NYC, they are *NOTHING* compared to historical levels. Even as late as the 1980's NYC was a much more gritty and dangerous place, which by the way made it an excellent time to purchase real estate. Brownstones or townhouses that are selling for tens or hundres of millions today were only several hundred thousand then.
It would really take another major event such as a terrorist attack, financial system melt down or so forth to crash the New York City real estate market. How long depressed levels would last however is anyone's guess. After 9/11/01 real estate prices plunged in much of Manhattan especially down town where everyone *swore* no one would ever want to live again, now look at the place.
There were rundown brownstones in brooklyn back in the day to house some homeless people. Not so much anymore, now they go for over a million bucks in credit.
There were rundown brownstones in brooklyn back in the day to house some homeless people. Not so much anymore, now they go for over a million bucks in credit.
You could have purchased brownstone/townhouse buildings in Manhattan really until starting in the 1990's for several hundred or maybe a million. The higher numbers would have been for those already in use as single family homes. We're talking Upper Westside including off Central Park West, Upper Eastside, Yorkville, the Village, etc...
People by and large didn't want to live in brownstones out of the perceived ideas about crime and that the focus for single family homes was the suburbs for those with high incomes, or perhaps the more leafy parts of SI, Brooklyn or Queens.
One of the biggest drivers of single family home (brownstones/townhouses) in Manhattan and parts of Brooklyn is that the City is cleaner and safer, plus persons much rather spend millions or several to own a private home rather than be subjected to condo and certainly co-op buildings.
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