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zsreport t1_izgfdq4 wrote

Reply to comment by irdonut2 in New York’s ‘zombie’ office towers teeter as interest rates rise by rootbeer_racinette

Unfortunately, I'm sure developers will be more interested in converting them into "luxury" apartments instead of anything affordable for most people.

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Head_Acanthisitta256 t1_izhcsv7 wrote

You get downvoted for stating the obvious?! This sub is absolute trash.

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NewYorker0 t1_izik243 wrote

You can’t just turn a skyscraper in Manhattan into a affordable housing lmao. That’s common sense

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Head_Acanthisitta256 t1_iziuyya wrote

Of course not, but creating housing to alleviate a housing shortage was never the goal of developers in any borough. So it’s just common sense to call out the myth of increasing stock to drive down prices. It’s just a flat out money grab. It’s ok to be honest about it instead of this false virtuousness.

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NewYorker0 t1_izivxd0 wrote

First of all prices are set on supply and demand if you didn’t know, and you shouldn’t expect a affordable house in a tiny island called Manhattan where demand is so high and space doesn’t exist. Investments are done in the basis of ROI, I’m sure you, like everyone else don’t work for free and expect profits form your investments like everyone else, it’s all money grab.

To really answer your question, the demand in NYC, specially in Manhattan is Soo high that any new developments are sold out almost immediately. The solution is to heavily upzone rest of the city where population density is only 1/4 of Manhattan because they have a lot of space for new developments

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Head_Acanthisitta256 t1_iziwrt0 wrote

Blah blah blah.

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NewYorker0 t1_iziwwh8 wrote

It’s not my fault you’re illiterate

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Head_Acanthisitta256 t1_izixs6j wrote

If calling the commodification of housing common sense makes you somehow smart then I definitely don’t want to follow your loser example.

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NewYorker0 t1_iziybib wrote

You don’t have to follow any examples. Just understand how the economy works. You can’t even explain your policies why should anyone bother listening you.

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national_wildant t1_izhfqqr wrote

Luxury apartment is better than no apartment, specially in FIDI which means less wealthy people moving to the adjacent neighborhoods to remain closer to their office if they work hybrid

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Head_Acanthisitta256 t1_izhhn5m wrote

Trickle down philosophy is a fairytale. Less wealthy people(whatever that means)weren’t moving to adjacent neighborhoods in the first place. Battery Park, TriBeCa, Chinatown, are already unaffordable thanks to new developments in those areas along with new developments in FiDi. Just call it what it is the city as a whole is becoming a yuppie wasteland.

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