How Manhattan Became a Rich Ghost Town • Hacker News Board

Re: How Manhattan Became a Rich Ghost Town

#81

Post by da02 » Thu, Oct 18, 2018, 4:46 PM UTC

ardit33 wrote: post #18

I live in manhattan and I feel this story is a bit exaggerated, or at least I don't see the author's reality. (Him quoting a Real Estate firm, which is interested in activity, doesn't give credence to the data). The turnaround of restaurants and bars here is amazingly fast. When one fails, another one springs up. The same street will have very different storefronts each year. I once asked a restaurant owner, on how i…

Are their profit margins (even with high prices) paper thin? Maybe the people making money are the one selling franchises? (Pardon for my lack of understanding of the retail NYC market.)

Re: How Manhattan Became a Rich Ghost Town

#82

Post by neuromantik8086 » Thu, Oct 18, 2018, 4:46 PM UTC

qubax wrote: post #19

It became a ghost town because of the elites and their supporters like theatlantic. Manhattan now is just a place where people from the outer boroughs, nj, connecticut, etc come to work and then go home. For a city that pretends to "never sleep", it is just a dead city at night. Queens, brooklyn, etc is more lively and other cities around the world like prague, barcelona, seoul, tokyo, osaka, etc are far more vibrant…

You're conflating the financial district / midtown with the entire island. Trust me, up here in Northern Manhattan (which is like, you know, almost half of the island) there's a pulse.

Re: How Manhattan Became a Rich Ghost Town

#83

Post by da02 » Thu, Oct 18, 2018, 4:47 PM UTC

aboodman wrote: post #57

blindwatchmaker wrote: post #34

Earlier quoted context omitted.

> The turnaround of restaurants and bars here is amazingly fast. When one fails, another one springs up. The same street will have very different storefronts each year. Is that supposed to be a positive thing? Sounds pretty unstable and a terrible detriment to developing an actual neighbourhood.

I lived there for years and loved it. It makes for an incredibly vibrant neighborhood feel. Everytime you go for a walk there's someplace new to stop. Yes, lots of places don't make it, but lots of places do make it and stick around for awhile.

What are some stores, companies, or brands that seem to survive and thrive?

Re: How Manhattan Became a Rich Ghost Town

#84

Post by megaman8 » Thu, Oct 18, 2018, 4:47 PM UTC

pmalynin wrote: post #64

brenschluss wrote: post #59

Earlier quoted context omitted.

I thought that technically the LL then owes the IRS in imputed income? (Income based on market-rate rental values)?

Imputed income is not taxable in the United States, according to Wikipedia.

i think it may have to do with the type. I won a free yearlong gym-membership in a contest, from a govt workplace and was told I would have to pay imputed taxes on it. Needless to say, I turned it down.

Re: How Manhattan Became a Rich Ghost Town

#85

Post by wgerard » Thu, Oct 18, 2018, 4:48 PM UTC

swarnie_ wrote: post #29

chasing wrote: post #15

Earlier quoted context omitted.

I think this is sort of happening in NYC: The center of gravity is sort of moving to Brooklyn since it's cheaper, there's more space, it's more interesting, etc. And depending where you are, Manhattan is still very accessible. Obviously the key NYC tourist targets aren't moving, but anecdotally I am seeing an uptick of tourists in my 'hood. For what it's worth.

I haven't been in Brooklyn for getting on 10 years. Can you elaborate on what popular tourist friendly areas are now about? (I'm in NYC in March '19)

Williamsburg, Dumbo, Park Slope, downtown Brooklyn, just to name a few.

I'll spare Brooklyn residents the pain of ratting out their less well-known haunts.

Re: How Manhattan Became a Rich Ghost Town

#86

Post by naravara » Thu, Oct 18, 2018, 4:49 PM UTC

neuromantik8086 wrote: post #77

Wowfunhappy wrote: post #47

Earlier quoted context omitted.

And, this feels like an issue that will naturally fix itself over time, as landlords realize what they're asking for isn't reasonable.

> And, this feels like an issue that will naturally fix itself over time, as landlords realize what they're asking for isn't reasonable. Except it won't, exactly because landlords are rational actors. Let's say the upkeep for a space is $400/mo, and the rental for that same space is 3000/mo. A storefront could be vacant for 2 years and a landlord would still turn a hefty profit if they were able to get someone to sig…

This is why property and land taxes are good. Land is, as they say, the only thing they're not making any more of. If you're owning it and not putting it towards any productive use you ought to pay back into the commons for the lost utility.

Re: How Manhattan Became a Rich Ghost Town

#87

Post by wgerard » Thu, Oct 18, 2018, 4:52 PM UTC

megaman8 wrote: post #76

It's not just Amazon. The next generation is far less materialistic than generations of the past. No one can blame them for not wanting to spend 500$ on a Gucci gucci bag or 400$ on overpriced jeans, especially when they've got all that student debt. Workplace clothes are changing as well. Less people are opting for the fancy suits. Retail needs to keep up with the changes and start offering something people actually…

> The next generation is far less materialistic than generations of the past.

Ehhhh, I dunno that I'd go that far. It's just different shit. I think we all know plenty of people lined up the second a new iPhone or Pixel is announced.

Re: How Manhattan Became a Rich Ghost Town

#88

Post by seppin » Thu, Oct 18, 2018, 4:52 PM UTC

olivermarks wrote: post #22

qubax wrote: post #19

It became a ghost town because of the elites and their supporters like theatlantic. Manhattan now is just a place where people from the outer boroughs, nj, connecticut, etc come to work and then go home. For a city that pretends to "never sleep", it is just a dead city at night. Queens, brooklyn, etc is more lively and other cities around the world like prague, barcelona, seoul, tokyo, osaka, etc are far more vibrant…

We are seeing the same pressures and bland out in San Francisco

lol SF never had 1/10 the vibrancy NY had, or has.

Re: How Manhattan Became a Rich Ghost Town

#89

Post by naravara » Thu, Oct 18, 2018, 4:53 PM UTC

adrianN wrote: post #17

sarabande wrote: post #2

It seems to me like in big cities, as this article describes what eventually will happen is the rich will buy up the property because nobody else can afford it, service workers won't be able to actually live within a reasonable distance in order to work there, and the city will exist mainly for 1) wealthy professionals, 2) people who use real estate to park their money, and 3) tourists. Regular working-class folk dis…

Those have to be really big cities, because in cities with reasonable public transport you can hop on a train or a bus from basically anywhere within city limits and reach the expensive center in less than half an hour.

>cities with reasonable public transport

Does NYC qualify? I think you can still hit theoretical under-half hour times if you manage to get the subway right as your train comes in and don't have to walk too far from the stations to the doors. But if you live in New York the psychological barrier of dealing with that crap is big enough that people tend not to do it outside of commuting. It's a chore to get someone in Brooklyn to come into the city to hang out unless it's right after work. And vice versa.

Re: How Manhattan Became a Rich Ghost Town

#90

Post by jotjotzzz » Thu, Oct 18, 2018, 4:54 PM UTC

I've lived and grew up in NYC for almost 30 years and I agree with the author.

Manhattan has become an unaffordable ghost town. Walk down West Village, Union Sq, Flatiron, etc.., you see rows of closed stores that have gone vacant for a very long time now. In contrast, I was in London recently and that city was thriving compared to Manhattan, it was lively and beautiful.

In addition, NYC Subway and transportation is a disgrace. It is on its way to becoming a third-world country equivalent. This was due to mismanagement and corruption. You won't notice how Manhattan has deteriorated until you leave the U.S. and visit other cities in Europe and especially Asia. Even Thailand's subway system is a hell of a lot better than the NYC subway.