Skyvue or anybody - NYC

[bocabull]

I want Boca to have to walk past Zuccotti Park on his way to work.

I have been by Zuccotti Park at the height of the protest and more importantly was in Times Square the saturday they invaded and virtually shut it down.

The vast majority of the protesters were 20s, early 30s college students or graduates with large student loans. Their beef seemed very legit to me. Large banks took excessive risks and were given a bridge loan out of taxpayer funds to assist in recapitalization. These same large banks were one of the main causes economies in financial centers like NYC contracted resulting in a terrible job market directing effecting the employment of these people. But did the banks cut them a break on their student loan payments? Nope, the bombarded them with collection agencies calling them deadbeats.

Of course I do not expect many people to understand these details when you have a large group of people in this country who supported tax cuts, supported a war, supported deregulation, but begin protesting the results of their beliefs and blaming somebody who had nothing to do with it.

 

[bocabull]

I llved on the UES for several years before moving to my current neighborhood. My roommate, a guy I've known since high school, and I liked it okay, but we never went out in that neighborhood. We always headed downtown or to the west side. But it's quiet and there are some nice areas. It's very pricey by the park but definitely more affordable a bit further east. I prefer the UWS, if you're thinking of living above 59th street, but the UES has its merits.

Thanks, your right it was very quiet.

 

[MsProudSooner]

I have been by Zuccotti Park at the height of the protest and more importantly was in Times Square the saturday they invaded and virtually shut it down.

The vast majority of the protesters were 20s, early 30s college students or graduates with large student loans. Their beef seemed very legit to me. Large banks took excessive risks and were given a bridge loan out of taxpayer funds to assist in recapitalization. These same large banks were one of the main causes economies in financial centers like NYC contracted resulting in a terrible job market directing effecting the employment of these people. But did the banks cut them a break on their student loan payments? Nope, the bombarded them with collection agencies calling them deadbeats.

Of course I do not expect many people to understand these details when you have a large group of people in this country who supported tax cuts, supported a war, supported deregulation, but begin protesting the results of their beliefs and blaming somebody who had nothing to do with it.

+1

 

[DenverSooner]

I was going to take a stab at explaining it, but this page does a better job than I ever could.

http://www.housingnyc.com/html/resources/faq/rentstab.html

Why do you people in the east coast go for stuff like this? It is ridiculous to tell a person how much rent they can charge. Does the property owner get compensated when his or her unit becomes rent controlled or stablized? The whole concept is so foreign to me that I cannot even comprehend it.

 

[NYC-Fool]

There is some give and take with each neighborhood in the city. If you value space, you can get a nice 2 bedroom in a doorman/elevator building on the upper east side for ~$4,000+ while the same would run you closer to $5,000 downtown (financial district is a bit less).

I understand why some prefer to live downtown because there is more action, but I like the value/neighborhood feel uptown (I live on 81st and 2nd Ave). Once you get here and start looking you'll get a better idea for where you prefer, and you'll see that it really isn't tough to get around.

 

[skyvue]

Why do you people in the east coast go for stuff like this? It is ridiculous to tell a person how much rent they can charge. Does the property owner get compensated when his or her unit becomes rent controlled or stablized? The whole concept is so foreign to me that I cannot even comprehend it.

It's admittedly unusual, but every city has regulations meant to control the quality of life and the character of the city. A property owner might well resent the zoning laws that impact his or her plans, but few cities go without them.

NYC is a unique situation. Four of the boroughs are on islands. The city can't expand outward; it can only grow upward (as it has certainly done in the past century), and the most desirable borough (though some would disagree) is a narrow island approximately 13 miles long. It's already by far the most expensive borough to live in; should it be abandoned entirely to the most well-to-do, or should it retain some economic diversity among its residents?

Again, zoning laws exist across the country (and around the world, I would guess) -- why not allow property owners to do whatever they like with their property? Because it impacts the quality of life in the city.

A city like New York, that values -- and thrives because of its -- cultural diversity has every right to try to preserve that diversity. I would go further if I had my way, and institute some kind of commercial rent regulations. We lose treasured, valuable restaurants and stores all the time -- establishments that have been in operation for decades and are still doing a good business -- because their lease ends and the landlord decides to jack up the rent drastically. You may say that's within his or her rights -- and I don't disagree, in theory -- but the life of the city is impacted negatively by the loss of those businesses.

And almost invariably, those popular businesses of long standing are replaced by one failed endeavor after another. Anyone who's lived in NYC more than a few years can cite favorite restaurants and businesses that were closed before their time, and it ought to count for something, in my opinion, that you've been a successful operation (and consistently put money in the landlord's pocket) for decades.

Again, I'll say, if the laws were so unfair, why would people be lining up to own property in NYC? The property owners do just fine.

 

[sys]

keep in mind also that the ability to build and sustain such high density living space is due to massive public investments in urban infrastructure. why should a private real estate owner have carte blanche to benefit from public investment without reciprocal considerations?

 

[DenverSooner]

Who decides which areas are zoned for rent control? (If you know the right people you avoid zoning?) Who compensates these landlords? I would assume you get something for joining the program.

Calling it zoning is fine provided that the zoning existed when the building was constructed. Forcing this on someone after the fact to satisfy the wishes and desires of some people over others is just not right. I doubt it actually works where it is forced on property owners. I suspect they get tax credits or something to join the program (NYC has high local taxes so they may have local tax credits).

People are not lining up to purchase real estate in NYC any more than any other place. It all trades on cap rates and the most profitable investments are often not where you might suspect.

Fascinating information. I would never fit in NYC. I view the world so vastly different.

 

[bocabull]

You have to trust those that came before you in most regards. All regulations were put in place to address issues that previously caused systemic problems. It never fails when the regulations are weakened or removed the problems come back bigger and more damaging than before. See the Phil Gramm repeal of Glass Steagall. in less than a decade our entire financial system was brought to the brink of collapse. Rent control is in place because it's necessary.

 

[MsProudSooner]

There is a show on HGTV called Selling New York. It's mostly about people who are purchasing rather than renting, but they sometimes show rental properties. It might help you get an idea of costs and neighborhoods. There are 3 episodes on tonight 7:00, 7:30 and 8:30.

 

[bocabull]

Thanks. Will check it out.

 

[DenverSooner]

There is a show on HGTV called Selling New York. It's mostly about people who are purchasing rather than renting, but they sometimes show rental properties. It might help you get an idea of costs and neighborhoods. There are 3 episodes on tonight 7:00, 7:30 and 8:30.

That show isn't exactly about ordinary people. The prices and the places are off the chart in many if not most cases.

 

[playmakr]

Boca will you have a spare room? Me and my wife are going on a two week long trip to Chicago (for Ryder Cup), DC, and New York. Need a crash pad in Manhattan lol

We will reciprocate when you take a vacation in Edmond lol

 

[MsProudSooner]

That show isn't exactly about ordinary people. The prices and the places are off the chart in many if not most cases.

Sometimes they have more 'ordinary people'. One time someone was buying a pied-à-terre and it was about 300 sq feet - $300K. But most of the time, it's about how 'the other half lives'. It's funny to compare the Selling New York show to the Selling LA show - Much more botox per square inch of skin in LA. :facepalm

 

[DenverSooner]

Sometimes they have more 'ordinary people'. One time someone was buying a pied-à-terre and it was about 300 sq feet - $300K. But most of the time, it's about how 'the other half lives'. It's funny to compare the Selling New York show to the Selling LA show - Much more botox per square inch of skin in LA. :facepalm

I will have to pay attention and see what people get for $300K in NYC. I can not even imagine living in 300 square feet. I don't think I have ever seen a 300 square foot home.

 

[bocabull]

Thank you so much for recommending that show Ms. I enjoyed watching it and found it interesting that the issues they discussed were some of the same items in this thread. It looks like the prices are about what I expected. Around a million for a solid 2 bedroom which would lease for $4-7k a month.

 

[MsProudSooner]

I will have to pay attention and see what people get for $300K in NYC. I can not even imagine living in 300 square feet. I don't think I have ever seen a 300 square foot home.

If I remember correctly, it was smaller that an efficiency apartment you might see in flyover country. You have to be very organized to live in a space that small!