Why Manhattan’s Skyscrapers Are Empty

[☑︎#VoteDemocrat]

 

[dora_da_destroyer]

this is where govt need to do more with housing - subsidzing the cost of building so that costs/unit come down and thus more mid level (and basic) housing can be built, they'll make it up on the back end from property taxes

americans also have a shytty view of housing, we aspire to way more space than necessary per person

Newly built houses in the U.S. are among the largest in the world, and their size-per-resident has nearly doubled in the past 50 years. And the bathrooms have multiplied. In the early ’70s, 40 percent of new single-family houses had 1.5 bathrooms or fewer; today, just 4 percent do.

 

[☑︎#VoteDemocrat]

this is where govt need to do more with housing - subsidzing the cost of building so that costs/unit come down and thus more mid level (and basic) housing can be built, they'll make it up on the back end from property taxes

americans also have a shytty view of housing, we aspire to way more space than necessary per person

won't work

the zoning laws gotta change to introduce density and lower prices out of sheer supply

Theres an actual lack of housing in this country

 

[dora_da_destroyer]

won't work

the zoning laws gotta change to introduce density and lower prices out of sheer supply

Theres an actual lack of housing in this country

zoning is a government issue, and the cost of building is something the government could help with - charging less for land or subsidizing land purchases, tax incentives, materials procurement using their size to purchase at lower prices on behalf of multiple developers/projects at once, decreasing some of the zoning and permit procedures that cost tons of money and time.

it costs ~$400k to build a unit of housing here in oakland, that cost would come down dramatically if govt execute the steps above, and of course builders would also need to stop equipping all their units as luxury units. those things would increase the # of units being built/coming on line, their turnaround time, and lower the cost to buy

 

[☑︎#VoteDemocrat]

zoning is a government issue, and the cost of building is something the government could help with - charging less for land or subsidizing land purchases, tax incentives, materials procurement using their size to purchase at lower prices on behalf of multiple developers/projects at once, decreasing some of the zoning and permit procedures that cost tons of money and time.

it costs ~$400k to build a unit of housing here in oakland, that cost would come down dramatically if govt execute the steps above, and of course builders would also need to stop equipping all their units as luxury units. those things would increase the # of units being built/coming on line, their turnaround time, and lower the cost to buy

If you open up zoning, then it'll cost less to build housing because theres more places to build housing

You gotta remember that it only costs XYZ amount to build in ABC place because of the LIMITS ON WHERE YOU CAN BUILD... remove those limits, and the price goes down

 

[88m3]

this is where govt need to do more with housing - subsidzing the cost of building so that costs/unit come down and thus more mid level (and basic) housing can be built, they'll make it up on the back end from property taxes

americans also have a shytty view of housing, we aspire to way more space than necessary per person

I think subsidizing would help but there need to be other mechanisms built in as well. A lot of these luxury buildings had subsidies that sit empty with however many thousand unsold units total.

If the units were originally priced and sized 400k-800k range they would've all sold for a studio, 1 bedroom, 2 bedroom. Instead developer built massive units, a lot of them don't even have great floor plans, views etc, and they were trying to get 3k-10k sqft.

Our property tax system is a conversation in itself...

Suburban Americans certainly do, I don't think the same can be said of city dwellers at least those that aren't grossly wealthy.

won't work

the zoning laws gotta change to introduce density and lower prices out of sheer supply

Theres an actual lack of housing in this country

The zoning is pretty dense in Manhattan the developer chose to cater to money launders.


As much as it pains me to say this I think there is going to have to be an occupancy restriction going forwards.

 

[dora_da_destroyer]

If you open up zoning, then it'll cost less to build housing because theres more places to build housing

You gotta remember that it only costs XYZ amount to build in ABC place because of the LIMITS ON WHERE YOU CAN BUILD... remove those limits, and the price goes down

you could open up all the land in manhattan and there still wouldn't be enough. same issue with SF, and no one is going to knock over all the SFH's in SF to open up space for multi unit buildings. the govt plays a pivotal role in being able to effect every aspect of construction cost and velocity, the government needs to take a more active role in this

 

[☑︎#VoteDemocrat]

I think subsidizing would help but there need to be other mechanisms built in as well. A lot of these luxury buildings had subsidies that sit empty with however many thousand unsold units total.

If the units were originally priced and sized 400k-800k range they would've all sold for a studio, 1 bedroom, 2 bedroom. Instead developer built massive units, a lot of them don't even have great floor plans, views etc, and they were trying to get 3k-10k sqft.

Our property tax system is a conversation in itself...

Suburban Americans certainly do, I don't think the same can be said of city dwellers at least those that aren't grossly wealthy.



The zoning is pretty dense in Manhattan the developer chose to cater to money launders.


As much as it pains me to say this I think there is going to have to be an occupancy restriction going forwards.

Manhattan allowed developers to do funky shyt like this:

The Visa Program That Helped Pay for Hudson Yards - CityLab

This map, made using records obtained through FOIA, shows Hudson Yards qualifies as a distressed urban area under the EB-5 program, namely by linking the luxury development to public housing projects in Harlem. (Mark Byrnes/CityLab)



How a Trump Tax Break to Help Poor Communities Became a Windfall for the Rich

How Luxury Developers Use a Loophole to Build Soaring Towers for the Ultrarich in N.Y.

 

[88m3]

Manhattan allowed developers to do funky shyt like this:

The Visa Program That Helped Pay for Hudson Yards - CityLab

This map, made using records obtained through FOIA, shows Hudson Yards qualifies as a distressed urban area under the EB-5 program, namely by linking the luxury development to public housing projects in Harlem. (Mark Byrnes/CityLab)



How a Trump Tax Break to Help Poor Communities Became a Windfall for the Rich

How Luxury Developers Use a Loophole to Build Soaring Towers for the Ultrarich in N.Y.

I'm aware. The blame for that really falls on the state/federal government. It doesn't really get to the heart of the issue either.

 

[newworldafro]

NYC.. let developers overstep the public good by allowing these mega tall condo towers that leave vast shadows across Central Park.

It sounds stupid and inconsequential, but you have to consider this is the park for millions of NYers, TriStaters, and visitors. The city let billionaires who may or may not live in these new buildings but a few days a year.....overshadow....public space, especially access to sunlight and open space in the center of Manhattan.

West Side Rag » Billionaire-Building Shadows Creep Across Central Park; ‘Olmsted and Vaux Would Not Be Happy’

Peep how this new tower under construction is leaving a massive shadow over this iconic open space part of Central Park.

 

[analog]

zoning is a government issue, and the cost of building is something the government could help with - charging less for land or subsidizing land purchases, tax incentives, materials procurement using their size to purchase at lower prices on behalf of multiple developers/projects at once, decreasing some of the zoning and permit procedures that cost tons of money and time.

it costs ~$400k to build a unit of housing here in oakland, that cost would come down dramatically if govt execute the steps above, and of course builders would also need to stop equipping all their units as luxury units. those things would increase the # of units being built/coming on line, their turnaround time, and lower the cost to buy

That's how the govt in Japan keeps prices in check in such a dense place like Tokyo by having various legislations in place that promote the building of new homes.

I was shocked to learn property prices in Toronto being similar to that of Tokyo when that City houses damn near the entire population of Canada. Ridiculous.

 

[wtfyomom]

"capitalism is the most effective allocation of resources"

 

[Domingo Halliburton]

Investors arent going to sell at a loss...

 

[88m3]

Investors arent going to sell at a loss...

but they already have in many cases and half of the inventory is unsold

The Decade Dominated by the Ultraluxury Condo