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Adams is a legitimate idiot. The city would have to give away the farm for CRE to be converted to residential.
This lends some insight into the NYC RE game. Middle market rate residential is virtually impossible to build in NYC. It's either boutique and higher end of market or subsidized housing for the welfare class.
Adams is a legitimate idiot. The city would have to give away the farm for CRE to be converted to residential.
This lends me insight into the NYC RE game. Middle market rate residential is virtually impossible to build in NYC. It's either boutique and higher end of market or subsidized housing for the welfare class.
IIRC from reading article that building Adams paid a visit to has nil, zip, zero, nada, oogatz "affordable" much less low income housing.
"Once complete, 160 Water Street will boast 588 market rate units with a studio starting at $3,000, a price tag that is unusual considering an affordability crisis facing many struggling New Yorkers"
As developer correctly pointed out numbers just don't work. If city wants to see these office to residential buildings supply even small percentage of "affordable" housing it with or without state will need to ante up.
So you're saying that NYC doesn't have enough poor people?
We already have too many people living off the government teat (and thus other working taxpayers).
All those units converted from office space need to be all market rate. There is no need for a welfare mother of 5 or the drugged out homeless to be living in prime Midtown real estate to be close to jobs they won’t be going to.
To combat lack of affordable housing, you need to flood the market with lots of housing units, then the prices will stop rising and will even fall especially the outerborough ones so that Shaniqua and her fatherless 5 babies can then find affordable units there.
We already have too many people living off the government teat (and thus other working taxpayers).
All those units converted from office space need to be all market rate. There is no need for a welfare mother of 5 or the drugged out homeless to be living in prime Midtown real estate to be close to jobs they won’t be going to.
To combat lack of affordable housing, you need to flood the market with lots of housing units, then the prices will stop rising and will even fall especially the outerborough ones so that Shaniqua and her fatherless 5 babies can then find affordable units there.
The issue is that building middle market rentals doesn't make economic sense in NYC (especially in Manhattan). No one will do it unless they're given huge tax breaks. The politicians reserve those tax breaks for their voting bloc aka the welfare class.
The issue is that building middle market rentals doesn't make economic sense in NYC (especially in Manhattan). No one will do it unless they're given huge tax breaks. The politicians reserve those tax breaks for their voting bloc aka the welfare class.
I said market rate, nothing about middle market rate. Otherwise, yes that is true. Building anything not market rate will require subsidies, which is just another form of public housing.
The whole reason why cities like New York get expensive is mostly due to government interference in keeping the market from building enough units to meet demand. The NYC zoning laws are atrocious and makes building anything in the city especially expensive, time consuming and keeping supply low.
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