See this is from our winter stock, where supply and demand have a big problem.
Posted on 04/21/2015 7:43:24 AM PDT by SeekAndFind
Eighty-Eight thousand people (so far) have applied for 55 low-rent apartments in a fancy new condominium building on Manhattan's upper west side. The lucky few could get a two bedroom apartment for less than $1100 a month in the West 60's of Manhattan. To get tax breaks, developers of luxury buildings make some units available at below market rent rates, and this is what happened here.
But as you can see from the number of applicants, this program will never produce enough low income housing. Rent control is the biggest obstacle to building new affordable housing; that's why nearly all new construction in the private sector are luxury units not subject to rent control.
This is the way the liberal mindset works. The Left promises everything: low cost healthcare, high paying jobs, and low cost apartments. The only catch is that most people never see these benefits. The new Obamacare plans sharply limit the choices of doctors and hospitals that are available. Raising the minimum wage and Obamacare healthcare requirements sharply reduce the number of jobs. Low cost apartments are available in less than one percent of the amount needed to meet demand.
But this is an old story that many of you know. There are two things about this particular building, however, that you probably don't know that makes for entertaining news:
1) This building has two separate entrances, one for the low income renters and one for the condominium owners. How shocking! How elitist!
2) The condominiums in the building go for prices ranging from 4 million dollars to 25 million dollars. And what do you get for that money? A building right next to the fumes and noise of the West Side Highway.
(Excerpt) Read more at americanthinker.com ...
If I was going to spend $25 million for any property, it would not be in Manhattan and would have a lot of land.
What’s the problem?
That’s only 1,600 people per apartment...
...and think how cheap the rent will be on a per-person basis...
I would buy as much land as $10 million would buy me [in Wyoming], and pocket the rest.
$25 mil for the nice ones?
Could be a nice “move up” place for Chelsea Hubbell-Mezvinsky.
Although I assume she’ll be relocating to DC in Jan 2017 to have a federal job.
There’s plenty of affordable housing.
That it’s not where you want it to be isn’t somebody else’s problem.
Luck? Can you say: Key money?
Isn’t it separate but equal, to have a separate entrance for the poor people??? How can this be??? Aren’t these laws passed by liberals???
I didn't know that until I watched an episode of Blue Bloods. The low renters are also not allowed to access any of the amenities provided to the high renters such as saunas, pools, fitness rooms and the like. But it meets the liberal definition of equality.
I’m with you there.
Manhattan is one of the most expensive pieces of real estate in the country.
There are reasons for that, but, I personally would never live there. I couldn’t get a job that would pay me enough to tolerate having to live in New York City in the first place.
Published: July 11, 2008
While aggressive evictions are reducing the number of rent-stabilized apartments in New York, Representative Charles B. Rangel is enjoying four of them, including three adjacent units on the 16th floor overlooking Upper Manhattan in a building owned by one of New York’s premier real estate developers.
Mr. Rangel, the powerful Democrat who is chairman of the House Ways and Means Committee, uses his fourth apartment, six floors below, as a campaign office, despite state and city regulations that require rent-stabilized apartments to be used as a primary residence.
Rep. Charlie Rangel Fined $23K For Using Rent-Stabilized Harlem Digs As Campaign HQ
Published March 26, 2012
The Federal Election Commission found that Rangel and his campaign got a sweetheart deal on the rent for a 10th-floor one-bedroom apartment -- what amounted to "excessive in-kind contributions" that Rangel's campaign didn't disclose in its campaign financial forms.
The building's owners should have evicted Rangel from the rent-stabilized apartment once they learned he wasn't living there, the FEC opined.
Instead, the building's owners, Fourth Lenox Terrace Associates, allowed the congressman's campaign to rent the space at well-below market rates from 1996 until the cozy deal was exposed in 2008 and Rangel moved his campaign offices.
The congressman and his wife lived in three adjoining rent-stabilized apartments on the 16th floor of the same W. 135th St. complex.
See this is from our winter stock, where supply and demand have a big problem.
If this is the same project, the original plan called for a separate entrance for the low-rent hoi paloi — but the city bitched about that. The developer should have eaten the taxes, and spent about $5000 a head to cap the entire commission and mayor.
“What’s the problem?
That’s only 1,600 people per apartment...
...and think how cheap the rent will be on a per-person basis”
Yeah but getting into the bathroom is gonna be a BITCH!
Rock, paper scissors, for the Master Suite?
“If I was going to spend $25 million for any property, it would not be in Manhattan and would have a lot of land.”
Kinda what I was thinking, I wouldn’t go to ny to throwup.
Really, for a hundredth of that It’s gonna have to have provisions to set up a 500-1000 yard range...
what do they consider ‘low rent’? Under $100 a month?
25 million will buy a lot of land on the Llano Estacado, mineral rights included.
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