The bubble will pop within 5-7 years. Most of NYC residents are struggling to meet the demands of living there, the few rich people who do buy up the real estate are doing it as investments meaning to rent out to others. If people are struggling now to maintain, in 5-7 years it will be worse. I don't see NYC being a place for family in 5-7 years, because it will be too hard to support one. It will be a place for young people who have money, willing to sacrifice certain things if they dont have money, trying to start a career, or people who are stuck in poverty. Last year over 45% live in poverty , and that number isn't down this year.
For example, the Chinese have brought a lot of properties in Brooklyn, but Brooklyn is not Manhattan meaning the money isn't being made like manhattan, so as time goes on the people needed to rent out the buildings, just can't do it. This will cause a problem that I really don't know how it will play itself out. Half of the residents in NYC are from foreign countries, and just trying to get by. If the rent keeps getting higher, I see more people pilling up in these apartments to pay rent, and that creates health hazards. I see diseases being spread fast if nothing is stopped to slow down the population growth, because that many people shouldn't being living so close together. I see more corruption happening.
Basically, now is the time to get what you need out of NYC because soon it is about to not look to good for the regular folk. If you invest in property, it would be wise to do it in areas where people can make a decent amount of money, even though shyt has gone bad, because they have skills or highly educated, so they will find a way to keep from becoming ghettos.
We can't compare this bubble to anything in the past, because there are so many people in NYC, so many foreigners who just got here so they can't just stimualte the economy so easy, and the rent being so high is a part of the city as a whole. It's not like the housing bubble where you can still find something cheap, even though the houses were selling for a lot of money. Something tells me NYC is about to go through what it did in the '70's, and '80's, with the abandoned buildings, and the city just being fukked up.
Once foreign investors realize they aren't making their money back fast enough, or something major happens in the financial sector, they won't feel a need to take care of these buildings, and shyt is going to get fukked up again. The difference is the faces won't be black people. Just watch. Greed is what kills everything, NYC is no different.
Here's a report on China being a major investor in NYC real estate, and looking for huge returns on their investment.
China Stock Woes Good for New York Real Estate
"Interest in luxury tower apartments, as well as larger commercial real estate opportunities, is likely to even increase as China’s millionaires seek safe investments and higher returns in the United States.
Chinese buyers have become the most aggressive foreign investors in New York City, surpassing Russians in volume and mass, according to Russian-American real estate attorney
Edward Mermelstein, partner at New York-based Rheem Bell & Mermelstein, LLP, a firm specializing in high net-worth foreign individual and corporate investments in the United States.
On an institutional level, the large Chinese funds are now competing with the largest U.S. funds in the U.S. commercial real estate market, he said.
While these quasi-Chinese state corporations pour billions of dollars into New York City commercial and residential real estate investments—more than $3 billion last year—much of this investment is now taking place with the blessing of China’s leaders, which over the last six months have encouraged Chinese firms to seek higher returns in overseas investments, according to Mermelstein. “The government of China now is very pro foreign investment,” he said.
nyc the train systems la nikkas dont ride at night
but better people than fakkit city la less mexicans yeah i said it'
My black ass is leaving BK for Queens.
@ Bloomberg Magazine writing this article. The Ironing is delicious.