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This is in the best interest of the developer. He couldn't rent them out at $350,000 per apt. Now he's getting $90 per day for an apt. I did the math in about 11 years each apt will be paid off--not bad. The developer now stands to make more operating this as a shelter.
I'm happy for the homeless and hope they appreciate the new living space, but feel for their neighbors. Some of these neighbors thought with luxury condos that they neighborhood would see a significant upgrade and everyone could've capitalized. However, now some would see their value of their homes go lower because of this.
Can't say I didn't see it coming. There's been some rush to artificially raise the supposed value of Crown Heights for quite some time, including some construction of supposedly "luxury" condos. Not much though because no one really seemed to be taking a liking to Crown Heights being the new Williamsburg. I think its sort of a wake up call to developers that if you build it, they might not necessarily come.
And to the residents, obviously the developer was in trouble if it would take in a homeless shelter into buildings that I've seen standing sine like 2004/05, meaning they've been bleeding money on apartments which haven't been sold for years. It sucks, but hey, that's reality.
Mod cut: inappropriate it's nice that something is being done for the homeless, but seriously? Converting decent, though probably not "luxury" condos for this purpose is a bit sad when people who work hard for a living are being gouged by rent. What about helping those who are struggling, but not yet down and out? What about some economic triage?
Last edited by Viralmd; 06-05-2009 at 10:07 AM..
Reason: Language
Why should this lower property values? It just adds to the diversity of Crown Heights. Everyone did move there craving diversity, right?
As far as helping the struggling - they're getting $90 a day or about $2700 a month. I was paying under a thousand in Bay Ridge. Those who are struggling can find an apt for less than $2700 a month.
This is in the best interest of the developer. He couldn't rent them out at $350,000 per apt. Now he's getting $90 per day for an apt. I did the math in about 11 years each apt will be paid off--not bad. The developer now stands to make more operating this as a shelter.
I'm happy for the homeless and hope they appreciate the new living space, but feel for their neighbors. Some of these neighbors thought with luxury condos that they neighborhood would see a significant upgrade and everyone could've capitalized. However, now some would see their value of their homes go lower because of this.
The developer is NOT getting $90/day. The non-profit group is getting $90 to take care of these homeless families, part of that $90 is going toward the rent. If people could get $2,700 a month for rent for sheltering homeless families, everyone would be doing it. I'd bet that the developer is getting something like $1200-$1500 per month. The rest is going to counseling/feeding the people.
I think instead of filling with exlcusively the homeless, the city and the community would be better served allocated housing to a variety of groups, and specifically targeting afforable housing. We know what happens when you fill a building with just homeless/indigent..the building suffers, the people suffer, the neighborhood suffers, and ultimately, the city loses. What the city should do is allocate SOME units to the homeless and some units to affordable housing with income ranges varying from $30,000-$75,000. This will diversify the building, and be more appropriate for the neighborhood, instead of just dumping (yes thats whats happening) homeless people into one building. This sets a very bad precedent...and no better than just building all $1 milliion dollar condos with no affordable units..we know that doesn't work either.
I think instead of filling with exlcusively the homeless, the city and the community would be better served allocated housing to a variety of groups, and specifically targeting afforable housing. We know what happens when you fill a building with just homeless/indigent..the building suffers, the people suffer, the neighborhood suffers, and ultimately, the city loses.
You can say that again! Do you remember when Tracey Towers up on Mosholu Parkway in The Bronx had just gone up? I checked it out for an apartment at the time--this was at the very beginning of the 1980s. I knew something was peculiar right from the start, because there were ads in the paper calling it a "two-fare zone." No matter what else you want to say about the Tracey Towers, they are NOT in a two-fare zone; the Mosholu Parkway station on the #4 line is practically right outside the front doors!
Turned out the developer gave up on trying to rent them out even before construction was completed. So he signed some sort of deal with the city to turn them into welfare occupancies. I defy anybody to tell me that what happened to the area since has been good for the city.
I'm happy for the homeless and hope they appreciate the new living space, but feel for their neighbors.
I'm not happy for them --- people work their fingers to the bone to afford apartments like that and we, the taxpayers, are footing the bill so a bunch of welfare recipients can lay back in luxury and, more than likely, destroy the apartments within 6 months???
Do you think the neighbors in the building who purchased those apartmentts are going to want to hear music blasting at all hours of the day and night? Or have kids running up and down the halls screaming? Or having people asking them for money or things? I don't think they're going to be too happy.
If the city is willing to put them up for $90/day or $2700/mo, why not put them up in aparments that are less expensive??? And why didn't the developer offer these apartments to WORKING FAMILIES at such a rate?? At least someone who has to work for living appreciates the value and the "gift" of being able to rent luxury space at such a rate.
I think instead of filling with exlcusively the homeless, the city and the community would be better served allocated housing to a variety of groups, and specifically targeting afforable housing. We know what happens when you fill a building with just homeless/indigent..the building suffers, the people suffer, the neighborhood suffers, and ultimately, the city loses. What the city should do is allocate SOME units to the homeless and some units to affordable housing with income ranges varying from $30,000-$75,000. This will diversify the building, and be more appropriate for the neighborhood, instead of just dumping (yes thats whats happening) homeless people into one building. This sets a very bad precedent...and no better than just building all $1 milliion dollar condos with no affordable units..we know that doesn't work either.
I actually like your idea. But I don't know if I was making $75,000 that I would want to live amongst the homeless. If the income ranges were between $25,000-$45,000 one may consider it because of its affordability.
Why should this lower property values? It just adds to the diversity of Crown Heights. Everyone did move there craving diversity, right?
I know you're joking, right??? How would you feel if you paid $350K for a condo and are paying $500-$1000 in maintenance each month (on top of your mortgage and everything else) and the management company cut a deal to fill all the empty apartments with homeless people who, as I said above, will most likely destroy the apartments and appliances within 6 months and have the place ghetto-fied in no time??
Lower property values? You bet your life!! I doubt anyone is going to come strolling in looking to purchase one of these apartments when they find out the building is loaded with homeless welfare recipients and degenerates.
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