Tuesday, May 8, 2007

In a rush

Developers Are Rushing To Beat the Tax Man

The elimination of the certificates, which allowed affordable housing to be built off-site, and most often in the outer boroughs, was a very cost-effective way of producing affordable units for real working families.

Interesting. So there are no 'real working families' in Manhattan?

"The effects of the 421-a change has not affected the land prices in Manhattan to date," the president of the City Investment Fund, Thomas Lydon, said. "Perhaps the development community feels the state Legislature will not approve it in a timely basis or that a phasing-in or changes in the law will be negotiated before the end of the year."

Funny how these things are assumed.

Another prominent real estate leader who prefers to not be identified said, "As to the reductions in prices for condos, I've never met a market rate developer who wasn't all of a sudden going broke because of any adverse change in the law."

You got that right!


Anonymous said...


The city is chock full of real estate Vampires. Just take a look at Silverstein's face, for example, as living (or "un-dead") proof!

This brand of developer will suck NYC dry. They don't have the good sense to leave a little for the future. They want it all now. They'll kill the cash cow! They're hungry and will even eat the Golden Goose!

They're victims themselves of an innate greed, which usually devours them in the end.

Trump has already fallen from his high perch (although his PR machine would like to convince you otherwise)....he ain't what he used to be!

All return, at the end of a "hard day's work" to their earth boxes.....lined in this case with gold. All fear that their bank vault/coffins will be discovered and a stake driven through their "hearts"!

A case of clinical financial insecurity drives most real estate developers......they never have enough.....until New Yorks life's blood is drained dry!

They take without giving a crumb back!

Anonymous said...

Please, this affordable housing crap is just another excuse for development.

Cut taxes if you want to make housing more affordable. Everyone benefits.

Building new units by contrast are measured by at best a few thousand.

Anonymous said...

Could be a good thing but affordable housing will not go to local people from the neighborhood that could use the help. It will be misused; who knows who will get the benefit. The hard working middle class that can really use it won't even know about it. It goes to the ones who know how to work the system.

Anonymous said...

It's been historically proven that the success of any city is highly dependent on the existence and success of its middle class!

If the middle class becomes an endangered species in NYC our "Urban Mecca" will, likewise soon become equally endangered!

Cities like ancient Rome learned too quickly that top and bottom heavy cities (containing excesses of the rich and poor) with a dwindling middle class are soon to be relegated to the history books as collapsing and corrupt failures!

You're a "smart" imperial mayor, yourself, Mayor Mike !

Are you listening? Are you going to support the middle class? We need a good financial Jock strap your honor?