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Manhattan rents cross $5k threshold for first time

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Re: Manhattan rents cross $5k threshold for first time

#781
post #536
post #471

Earlier quoted context omitted.

Can't produce more land. Best we can do is tax people for hoarding it

Best we can do is certainly not increase the cost of land, and thus increase the required price of rent/housing to break even. Less regulatory obstacles to increase supply, i.e. build housing, is the correct answer.

Land value tax reduces the cost of the land needed for housing since it incentivizes density. Building taller means each person lives on less land.

Re: Manhattan rents cross $5k threshold for first time

#782

Earlier quoted context omitted.

> NYC gave up on violent crime. It's Democrat's policy. Could you explain that? Crime is trending down in NYC over the last 20 years. https://www1.nyc.gov/assets/nypd/downloads/pdf/analysis_and_...

Even according to this, murder and manslaughter is significantly up in the last 2 years. But you're also ignoring the fact that in other parts of the country these crime rates are 1-10% of these numbers. NYC could be much safer, if the right policies were applied.

curious what you think the "right policies" are; the vast majority of high crime areas are republican controlled, so it can't be that.

Re: Manhattan rents cross $5k threshold for first time

#783
post #297

Housing and land is a non-transable good, and therefore there should be heavy state intervention on it, preferably by doing the same as Vienna, which is holding >40% of the renting stock and charging according to income, and renting to a representative distribution of tenants so to prevent guettos. Rent is the main detractor of disposable income which hurts the rest of the economy, and property owners provide almost…

> (...) there should be heavy state intervention (...) This has been tried so many times throughout different cultures and time periods, and by different means. It will not benefit whoever is actually living on the properties, but will detract from their situation. Economics in One Lesson by Henry Hazlitt has several concrete examples of attempted interventions, and is written to give a basic intuition on why this ha…

That's a pretty broad assessment.

It's not without its flaws, but Singapore has an extremely effective public housing program run by the government's Housing & Development Board (HDB) where 89.9% of Singaporeans are homeowners.

https://www.statista.com/statistics/664518/home-ownership-ra...

The "just build more" supply argument doesn't hold water when you have an unlimited source of demand from institutional investors and speculators that use housing as a place to park their money.

Re: Manhattan rents cross $5k threshold for first time

#784
post #731

Earlier quoted context omitted.

Can you supply some evidence that it is a conspiracy theory? Because I read this article in The Atlantic: https://www.theatlantic.com/ideas/archive/2020/01/american-h... "But the bust is upon us. Today, nearly half of the Manhattan luxury-condo units that have come onto the market in the past five years are still unsold, according to The New York Times." Sorry, but I trust the Atlantic over you unless you got some fa…

Here's the quote from the NY Times article [0] your Atlantic article references: > Nearly half of new condo units in Manhattan that came to market after 2015, or 3,695 of 7,727 apartments, remain unsold, according to a December analysis of both closed sales and contracts by Nancy Packes Data Services, a real estate consultancy and database provider. So we're talking about 3,695 unsold apartments. There are 3.5 millio…

Ah. I see. I'll stop parroting that line now that I understand the impact better. I still think it is shitty of rich people to do that, however.

Re: Manhattan rents cross $5k threshold for first time

#785
post #665
post #582

Earlier quoted context omitted.

Part of the problem is that most people would rather move to an existing desirable city than try to improve their own to make it more desirable, myself included. In most major cities, less than 20% of people vote for mayor, let alone city council. Most of those who do vote in local elections are much old. http://whovotesformayor.org/

I don't blame them. It can take decades for the kind of change that urbanists want to fully play out, and I bet they would rather experience good city life while they can enjoy it.

Exactly. The bike lane network plan in LA county has been on the books for 10 years now and its still a patchwork mess in the second largest city in this country where you could realistically bike to work every day of the year. There is no hope elsewhere for change. If you don't already have it you won't ever have it or you will be beating sand until you die fighting for a mile of bike lane or a single train line that waits at red lights.

Re: Manhattan rents cross $5k threshold for first time

#786
post #457

Earlier quoted context omitted.

The metro in DC is pretty underrated and you can live car free pretty far out into its suburbs even.

The problem with almost all public transit is that it converges on a center and branches out into legs that do not connect with each other. This is the DC map: https://www.wmata.com/schedules/maps/upload/2019-System-Map.... If two friends move to the outer edges of different legs of the system, then your travel time and inconvenience multiplies a lot. It is the same reason Manhattan is so popular compared to the oute…

The Paris example is somewhat skewed, though, because Paris proper is comparatively tiny – just 105 km² and 2.1 million inhabitants. Compared to London it's basically just Zone 1 and a few bits (definitively less than half) of Zone 2.

Having said that, yes, it could still well be (too lazy to figure it out properly) that inside this city core the Paris Metro is still more dense than the Underground in London – but on the other hand beyond that, where the vast majority of inhabitants of the whole urban agglomeration of Paris live, you have similar problems regarding radial travel as elsewhere:

https://www.ratp.fr/plan-de-ligne/img/rer/Plan-RER-et-transi...

Re: Manhattan rents cross $5k threshold for first time

#787
post #659

Earlier quoted context omitted.

> In NYC the most dangerous areas are pretty far out from Manhattan East Harlem (part of Manhattan) is as dangerous as the Bronx and is very different from the Chelsea where you live. Manhattan is not a uniformly safe place. Also, NYC subway is filthy, disgusting and sometimes plain dangerous. Car traffic is worse than before COVID. There seem to be more cars on the streets, for people are avoiding subway and are usi…

None (or at least few) of the folks you’re gonna see on HN are going to be in the income bracket where they’re going to be living in East Harlem. It’s about half an hour from the places where things happen, at least, and might as well be an outer borough for most intents and purposes, given transit times, even if it’s technically within the stated geographical limits of Manhattan.

This might have been true 25 years ago, but all of South and East Harlem has been experiencing steady gentrification for the last decade. Most of that is coming from young families, from my experience living in South Harlem.

(There are lots of attractions to the neighborhood: old buildings, pretty side streets, good food, convenient access to museums, and one of the most reliable subway lines in the system.)

Re: Manhattan rents cross $5k threshold for first time

#788

Earlier quoted context omitted.

Singapore?? To New York????? Sorry what? Singapore is fine as far as a hot place with incredible food and good hotels to spend a few nights, but it’s also quite possibly the most boring major city I’ve been to outside of that and there doesn’t seem to be any cultural life beyond shopping - based on my own experience and that of friends who’ve lived there. I could also take issue with comparing Sydney to NY, but I’ll…

In defense of sg, the only reason you said this is you never left orchard rd. You can experience worlds of culture just eating food at any given neighborhood coffee shop or going to a wet market in the morning. It just is a different culture, one that doesn't try to emulate America too much (hipster shit like live music or public art or things like that).

Not American, live in London. Not to get into a pissing contest, but I can go to Ridley Rd for a wet market and still have any amount of cultural stuff to do. SG does have the food, but it’s a company town entirely driven around (conspicuous…) consumption. Less shit Dubai.

All that said, I like spending a few days there - again, the food! - but I’d rather be in Bangkok or KL for longer, e.g.

Re: Manhattan rents cross $5k threshold for first time

#789
post #736

Earlier quoted context omitted.

There are big city fixes for this. For example, most big cities offer bikeshares with docking stations all over the most popular places. So you can just use one of those bikes and not have to worry about theft.

This is not a fix. It's exactly the sort of extra thing I don't want to deal with when I'm cycling. It really feels more careless to just ditch your bicycle on the side of the road and forget about it than lock it. I admit it's not a big thing, but as I tried to convey, small things like this add up.

At least in NYC, there are bike docks - you don't just leave them wherever. This was quite controversial because I think each bike dock(which supports about 20 bikes) takes up 1-2 street parking spaces, so drivers were up in arms that these bike docks would destroy street parking in NYC..

Re: Manhattan rents cross $5k threshold for first time

#790

Earlier quoted context omitted.

> NYC gave up on violent crime. It's Democrat's policy. Could you explain that? Crime is trending down in NYC over the last 20 years. https://www1.nyc.gov/assets/nypd/downloads/pdf/analysis_and_...

Garbage in, garbage out. People use these sorts of stats in Seattle to pretend that crime hasn’t gotten worse in the last few years. The reality on the ground is much different, most people just don’t bother reporting crime, because it’s not worth the effort and the police probably won’t come anyway.

In what year did the stats become garbage then? If they were always garbage then crime has gone down. Do the stats become worse each year while crime goes up?
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