My NYC Black Folk......Gentrification

[the next guy]

SI is getting overpriced in some areas too. Talmbout 400k for a townhouse...

ew really? And it 30 min from Lower Manhattan too.

 

[TLR Is Mental Poison]

I'm not from BK, but is his description accurate? Comment sections in real estate articles(especially when it relates to left leaning cities) always have me like because folks true colors really come out.

He definitely dropped the ball factually. Williamsburg + Greenpoint are damn near overdeveloped, not stuck in time. The big problem is the development has been at the expense of the poor people who were "originally" there. Again though like CH when you don't have ownership of something you don't really have much say in it.

Interesting note, there is a brand new condo being built around the corner from my job (26th and 8th) for low income families. I wonder what the math is on that, and how that will impact the neighborhood.

 

[Francis White]

He definitely dropped the ball factually. Williamsburg + Greenpoint are damn near overdeveloped, not stuck in time. The big problem is the development has been at the expense of the poor people who were "originally" there. Again though like CH when you don't have ownership of something you don't really have much say in it.

Interesting note, there is a brand new condo being built around the corner from my job (26th and 8th) for low income families. I wonder what the math is on that, and how that will impact the neighborhood.

I work on 30th and 8th and that condo is not going to be for all low income families, trust me on that, that place is prime real estate and the cost of that project is not city funded.

 

[Mike Ock]

He definitely dropped the ball factually. Williamsburg + Greenpoint are damn near overdeveloped, not stuck in time. The big problem is the development has been at the expense of the poor people who were "originally" there. Again though like CH when you don't have ownership of something you don't really have much say in it.

Interesting note, there is a brand new condo being built around the corner from my job (26th and 8th) for low income families. I wonder what the math is on that, and how that will impact the neighborhood.

...does this even make any sense?...prolly one of those buildings with maybe 2 apts for low income that you'll get it thru a "lottery" win. But those are PJ's on 24th and 8th right?...I never really took a good look to notice.

 

[TLR Is Mental Poison]

I work on 30th and 8th and that condo is not going to be for all low income families, trust me on that, that place is prime real estate and the cost of that project is not city funded.

...does this even make any sense?...prolly one of those buildings with maybe 2 apts for low income that you'll get it thru a "lottery" win. But those are PJ's on 24th and 8th right?...I never really took a good look to notice.

I did some digging.

Chelsea Parking Lot Destined For 12-Story Residential Glory - Construction Watch - Curbed NY

Yep, looks like its a typical condo with the handful of low income units to fit the city's laws.

The PJ looking buildings across the street are condos. There are NYCHA facilities over on 9th/10th & 23-25th though.

 

[Mike Ock]

I did some digging.

Chelsea Parking Lot Destined For 12-Story Residential Glory - Construction Watch - Curbed NY

Yep, looks like its a typical condo with the handful of low income units to fit the city's laws.

The PJ looking buildings across the street are condos. There are NYCHA facilities over on 9th/10th & 23-25th though.

makes sense.

I wouldn't desire to live over there...but I would if I could pay low-income money for it.

 

[ogc163]

So what will cause prices to come down? Midwest/out of town parents going broke, Stock Market collapse,credit becoming more scarce, or all of the above? Because this shyt can't possibly go on forever.

 

[Francis White]

So what will cause prices to come down? Midwest/out of town parents going broke, Stock Market collapse,credit becoming more scarce, or all of the above? Because this shyt can't possibly go on forever.

1st stop with the parents paying for everything theory, they help out until the kids can do it on their own, which takes about a year, you see this is a problem, these kids are prepared to move here, they have jobs lined up and if the need help with the rent they can get it, the idea of them working some crap retail job or security while living in a condo is false, i deal with plenty of developers now and these out of town guys come in ready, money ready and job ready. The problem is we are not ready and we blame others for it, true we don't get 1st choice on jobs that pay well, but letting your neighborhood slip into trash is something you can prevent, Chinese and the island people of Queens and Brooklyn can attest to that, they keep their areas up for the most part. Simple thing if you think about it, no crime and educated people paying the rent on time creates no problems, you can be in a poor area, but pay the rent and don't ruin with drugs and crime and your area can stay the same.

 

[VadersMater]

ew really? And it 30 min from Lower Manhattan too.

Yep. By the mall and by the ferry is expensive as hell. There are some good areas with so so prices, but they are far from everything.

 

[The Electric Lady]

Me too, but you sound like a straight up idiot

House = asset = wealth

You think I'm an idiot because you think I don't understand this. I do. I just don't care about any of that. I don't care about wealth nor assets. Just not relevant to my life.

 

[john goodman]

So what will cause prices to come down? Midwest/out of town parents going broke, Stock Market collapse,credit becoming more scarce, or all of the above? Because this shyt can't possibly go on forever.

Not happening any time soon

Rich chinese, russian, israelis etc are going to be flooding the market with funny money as long as ny is glamorous... credit has been scarce... that doesnt affect foreign money... same thing happening in london but worse

 

[TLR Is Mental Poison]

So what will cause prices to come down? Midwest/out of town parents going broke, Stock Market collapse,credit becoming more scarce, or all of the above? Because this shyt can't possibly go on forever.

I think a couple of things are going to happen.

The biggest is, as more and more people are either priced out of or leave NYC, it won't lose its status, but the gap between it and other cities will close.

The flow of new talent into the city will slow as the numbers make less and less sense.

RE development will slow up tremendously stabilizing housing a bit. I remember back in 2006-2007 how traffic was so awful because there were cranes up and down every avenue building new condos. I'm feeling like all those stones are turned.

As the middle class turns to the working poor, they will gain more political clout and have more influence over whatever administrations follow Bloomberg.

Etc.

There are a lot of moving pieces but all of them will react to move away from the unsustainable conditions the city has at the moment.

 

[john goodman]

Alot of development deals I see in ny dont even make sense on paper... foreigners are changing everything with their shady money

 

[TLR Is Mental Poison]

Not happening any time soon

Rich chinese, russian, israelis etc are going to be flooding the market with funny money as long as ny is glamorous... credit has been scarce... that doesnt affect foreign money... same thing happening in london but worse

Sounds like a bubble to me... and we all know how those end

Plus unlike people buying homes they live in, speculators who get burned will have no reason to come back

 

[john goodman]

As long as foreigners are rich and dont trust their home govt I dont see anything changing

Miami, toronto, london, ny etc will be playgrounds for the global elite