New York City SitRep

W_and_C · 2020-08-12T21:30:19.715Z

Jezcoe:

Here's to feeling good all the time. :

Jezcoe:

Here's to feeling good all the time. :

Jezcoe:

Here's to feeling good all the time. :

Jezcoe:

Here's to feeling good all the time. :

Jezcoe:

Here's to feeling good all the time. :

It’s funny, I just started watching that Netflix special about taking down the mafia in NYC and it starts with a montage of how bad of a ■■■■■■■■ NYC was in 1970s with Disco Inferno loop “burning ! musical_score:” in the background

And now it may be that NY is due for a couple of more rough decades of urban blight.

NYC’s recent blight has been created by the rich, not the poor.

You might argue that the one in the 1970s was as well as organized crime families controlled everything

This isn’t organized crime but hedge funds owning large portions of commercial real estate that jack up rents that force out productive small business in the hopes of attracting a national chain.

Commercial rent blight hits the most expensive neighborhoods in NYC… not the poorest.

High rents from the official policy of catering to high end real estate developers over developments that cater to middle and lower class renters has also caused an artificial housing crises.

These are a couple of reasons why no one likes DeBlasio.

I don’t know, maybe. But IMO, defunding police policies are dumb and so is bail reform that allows criminals to be back out on the streets as is disbanding the plainclothes division.

Basically, going soft on crime may make some people feel good but can also have pretty devastating consequences, in minority neighborhoods especially

None of that is why normal people have a problem finding good living conditions in the city.

You can tell yourself it is because of “liberal” policies but it is really the decade and a half long genuflection to high end real estate developers that have driven up prices and shuttered productive business.

The rich are destroying NYC… not the poor.

Oh, I think we are just talking about two different issues. You are talking about people being priced out of the city; I am talking about the crime spike. Both obviously can cause people to leave (as well as the pandemic !)

And to be fair, I started talking about that because of the Netflix special which specifically deals with crime

Violence has spiked this year.

It is also a year where a bunch of people lost their jobs and the economy is collapsing.

That leads to a spike in crime no matter what.

As far as NYC… the police budget is $6 Billion dollars.

Billion with a B.

As an NYC taxpayer, I have no problem with reviewing that budget and reallocating money to other services.

$6 billion is a lot of money that the city is paying for a standing army. But for some reason police budgets are sacrosanct.

It makes no sense.

“Review” is a good word; I am all on board with reviewing budgets rather than just making arbitrary cuts. A good review should include a study about possible correlation between the things I mentioned like plainclothes division disbandment and crime levels.

My city is going through something similar; and you might have seen that our police chief just retired citing hostility to law enforcement.

The hostility towards law enforcement is from the years of sweeping abuses under the rugs.

Honestly, without a bunch of unemployed and idle people because of the pandemic I doubt that Floyd’s killing would have spurred a worldwide protest.

You would probably have local unrest… but nothing like we have seen the past few months.

Yeah, people had been cooped up inside, already upset and anxious and that was just that catalyst for them to spill out onto the streets.

FloridaYankee · 2020-08-12T21:35:30.673Z

WuWei:

Is there an exodus from New York City and if so, why?

I haven’t read the thread yet, but realtors are saying all the big cities are losing people due to the work at home phenomenon, and especially NYC and San Francisco. People don’t need to pay the inflated real estate prices anymore when they can live in the burbs and work from home The pandemic is really fueling things as well.

WuWei · 2020-08-12T21:37:21.616Z

FloridaYankee:

WuWei:

Is there an exodus from New York City and if so, why?

I haven’t read the thread yet, but realtors are saying all the big cities are losing people due to the work at home phenomenon, and especially NYC and San Francisco. People don’t need to pay the inflated real estate prices anymore when they can live in the burbs and work from home The pandemic is really fueling things as well.

Thanks, makes a bit of sense. What about the epidemic is fueling it do you think?

DMK · 2020-08-12T21:38:42.647Z

WuWei:

Who is leaving?

From what I’ve read a lot of younger people, if they can work remotely, are choosing to move. They don’t want to raise their kids in the current environment.

Then there is the cost of living, taxes and increasing crime rates.

The mayor is a moron as well as the Governor.

Futures look brighter elsewhere.

FloridaYankee · 2020-08-12T21:44:46.437Z

WuWei:

FloridaYankee:

WuWei:

Is there an exodus from New York City and if so, why?

I haven’t read the thread yet, but realtors are saying all the big cities are losing people due to the work at home phenomenon, and especially NYC and San Francisco. People don’t need to pay the inflated real estate prices anymore when they can live in the burbs and work from home The pandemic is really fueling things as well.

Thanks, makes a bit of sense. What about the epidemic is fueling it do you think?

People working at home. I can think of half a dozen friends and relatives working at home that never did until the pandemic. For some companies, it is working out well.

It’s working out well for me too, as they are buying and building a lot of houses. Mid and upper level executives by the truckload.

WuWei · 2020-08-12T21:47:32.178Z

Fox Business

New York City loses hundreds of billions in wealth as rich residents skip town

Many rich residents fled to the suburbs or vacation homes to escape the densely-populated city.

I found this.

Seems the wealthy.

And this

New York Post – 12 Aug 20

New Yorkers keep moving out of the city to suburbs, other states

New Yorkers reveal why they’re giving up on Gotham, with one fed-up mother declaring the city “a nightmare.”

I wonder what the medium and long term impacts will be.

FreeAndClear · 2020-08-12T21:52:16.031Z

Tax collection medium.

Also I would like to see what happens to commercial real estate in nyc When half the companies realize that production isn’t going down during remote work what are the prices for commercial real estate going to look like and how is that going to affect the city long term

tzu · 2020-08-12T21:54:01.548Z

Lots of homes and land going for stupid prices, round here, and northward. Mostly NYers, RIers and those ratholers from Conn.

WuWei · 2020-08-12T21:58:38.799Z

You’re in New Hampshire?

DMK · 2020-08-12T22:01:59.837Z

WuWei:

I wonder what the medium and long term impacts will be.

Medium, loss of tax base and possible blight. Housing prices drop.

Long term, probably investors and urban renewal. Housing prices rise.

There is money to be made in this crisis. And for the politicians, never let a crisis go to waste.

tzu · 2020-08-12T22:02:41.953Z

Yes.

My business partner and I have been negotiating for 200 acres of farm land, and a hundred of current use, for a minute.

Reasonable price, and costs. Just working details on variance and a subdiv on the current use.

We got hosed by a NYC cash only, 1.5 above, all costs by buyer, stealth hit.

225k homes in my area are going at 325k. 75, 100 acre lots in the lakes are vanishing.

WuWei · 2020-08-12T22:04:24.294Z

tzu:

Yes.

My business partner and I have been negotiating for 200 acres of farm land, and a hundred of current use, for a minute.

Reasonable price, and costs. Just working details on variance and a subdiv on the current use.

We got hosed by a NYC cash only, 1.5 above, all costs by buyer, stealth hit.

225k homes in my area are going at 325k. 75, 100 acre lots in the lakes are vanishing.

I hope it works out for you. That’s a shame.

Doesn’t seem “fair”.

tzu · 2020-08-12T22:05:27.229Z

Eh, that’s business. We were going to farm it. Doubt the buyer will do the same.

But, thank you.

WuWei · 2020-08-12T22:08:07.171Z

tzu:

Eh, that’s business. We were going to farm it. Doubt the buyer will do the same.

But, thank you.

I doubt it too. It’s a shame sellers don’t take intention into account sometimes.

I have no doubt you would be a better neighbor than some yahoo from NYC.

Jezcoe · 2020-08-12T22:11:04.098Z

FreeAndClear:

Tax collection medium.

Also I would like to see what happens to commercial real estate in nyc When half the companies realize that production isn’t going down during remote work what are the prices for commercial real estate going to look like and how is that going to affect the city long term

Residential rents have already started to go down in NYC.

Friends of mine are using this time as an opportunity to upgrade to better places.

WuWei · 2020-08-12T22:11:58.067Z

So it’s policies causing it?

Snow96 · 2020-08-12T22:40:44.793Z

FloridaYankee:

I haven’t read the thread yet, but realtors are saying all the big cities are losing people due to the work at home phenomenon, and especially NYC and San Francisco. People don’t need to pay the inflated real estate prices anymore when they can live in the burbs and work from home The pandemic is really fueling things as well.

Yep. My daughters husband is one of them. Before the pandemic, they had twice weekly in office meetings. other three days work from home. They lived in LA – and paid a ■■■■ ton of money for a little studio apartment. By little I mean kitchen table, bed, and a couch would fit in it.

After the pandemic, the company bought a virtual meeting software system (not something like zoom or facebook or anything, but a business specific, have to have the same software both ends) and stopped the twice a week in office meetings and started doing them virually.

Couple months later the business informed the employee’s that this would be how it will work from here on out. Moved the execs out of the office, and told the employee’s they could live anyplace they wanted in the country as long as internent service met certain conditions.

Long story short, my daughter and her husbands 6 figure income is now in Utah. No longer paying the california tax (and the tax on gas, the tax on groceries – my daughter said she even thinks there may have been a tax on breathing air in LA).

Now Utah is getting a much smaller amount of their money (in taxes). And they pay a lot less rent and live in a much much larger 2 bedroom apartment in a nicer neighborhood (than they were in LA). Only thing they say they miss is the rooftop patio with grills and pool.

occu · 2020-08-12T23:04:37.309Z

I don’t want to get off topic but I think the REITs are gonna get pummeled.

Back on topic I moved from Chicago pretty much because of taxes and cost of living.

WuWei · 2020-08-12T23:05:55.998Z

occu:

I don’t want to get off topic but I think the REITs are gonna get pummeled.

Back on topic I moved from Chicago pretty much because of taxes and cost of living.

Were you actually in the city?

occu · 2020-08-12T23:07:28.978Z

Edison Park, furthest neighborhood northwest, worked everywhere in the city limits for the gas utility there. @SneakySFDude