1,500 Rental Units for DoBro

Oversupply=more affordability....

The real rent for these buildings is currently 1300mo for a studio (and I bet you could do better).....

If they dont rent at these prices, expect even lower....anyone who wants affordable housing in NY should be jumping up and down with excitement.

Posted by: fsrg at October 13, 2009 10:22 AM

Oversupply=more affordability....

The real rent for these buildings is currently 1300mo for a studio (and I bet you could do better).....

If they dont rent at these prices, expect even lower....anyone who wants affordable housing in NY should be jumping up and down with excitement.

Posted by: fsrg at October 13, 2009 10:22 AM

BHO - you couldnt be more right

If and When Bill Thompson becomes mayor, $1300 for a studio will be ridiculous - it should only be about 2yrs before we are back at 1991 price levels - figure a studio in the $800 range!

Posted by: fsrg at October 13, 2009 1:45 PM

No didnt forget, thought it was obvious! And not just crime 1991 dropout rates, and 1991 level services, and 1991 City Park maintenance and 1991 level homelessness, and 1991 level riots.....etc, etc, etc

Posted by: fsrg at October 13, 2009 2:07 PM

NYGuy7 - have no fear - in 1yr the incentives will be even greater...the supply will be huge for well more than a year.

Posted by: fsrg at October 13, 2009 2:09 PM

BHO - you know more about RE than crime....

Unemployment has been climbing for well over 18mo in NYC, the Banks imploded over a year ago...and crime is WAY down this year (11%) [Murder - a VERY reliable statistic is down 12%, from a record level last year]

Crime is not and has not been correlated to economics cycles - but in a way you are correct, because if and when Bill Thompson gets elected and he (inevitably) reverses the policies that brought us to this pre-1960's level of crime, We KNOW that Bill Thompson will cite "the economy" as the reason....and many of the sheep in this city will buy it.

Posted by: fsrg at October 13, 2009 2:16 PM

Thompson knows ZERO about finance - he was simply the political head of the office...all he did was hire fund managers who contributed to his campaign coffers - the NYC Pension fund has significantly underperformed similar sized funds nationwide.

http://www.nytimes.com/2009/08/19/nyregion/19pension.html

Posted by: fsrg at October 13, 2009 2:20 PM

Yeah right Pete - real fear mongering....the NYC I describe is EXACTLY the NYC we had the last time a lifetime member of the democratic political machine was in charge of the city. Thompson is a hack. You may not have been here (or be old enough to remember) but the scenario I paint isnt some fantasy - its a relative recent fact and a reality that other poorly run large cities (see Chicago) are still in the grips of....Despite what you hear from the radical right - Government does matter - and there is ZERO indication that Thompson is capable of running ours.

Posted by: fsrg at October 13, 2009 2:40 PM

BHO - I can focus on whatever you like - but despite the fact that unemployment in NYC (10.3%) is higher than at anytime since 1993 - crime is at 40-50 years low (and falling) - I also note that crime fell throughout the last downturn (2001-2003) and in the first few years of the 90s (when unemployment was rising)

Re The pension fund - I'll quote the NY Times article linked above:

Over the last seven years, four of the five city pension funds performed below the median for similar funds around the country. In fact, more than two-thirds of big public pension funds did better than the city’s largest fund, the New York City Employees’ Retirement System, according to a widely used financial yardstick compiled by Wilshire Associates, an investment advisory firm.

But Mr. Thompson has benefited from his association with the pension system, collecting more than $500,000 in campaign contributions from its growing roster of money managers since he first entered the 2001 race for comptroller. In some cases, the executives gave to Mr. Thompson just months before the pension funds hired them to manage tens of millions of dollars, according to interviews and public records.

Bill Thompson is a hack!

Posted by: fsrg at October 13, 2009 3:34 PM

No Pete - I did not say Democratic Mayor = high crime

- I AM saying a machine politican, with no real accomplishment, no demonstrated political courage and tied to all the same old corrupt forces as past failed mayors WILL equal high crime.

Why wouldnt it? NYC crime reduction has defined all the statisticians that tried to tie crime to demographics, economics, etc....Government and policies DO MATTER and NYC crime reduction (which exceeded everywhere else) is proof.

Posted by: fsrg at October 13, 2009 3:40 PM

Its not "bizzare" -since the relationship between unemployment and crime is weak (some for property crimes - almost none for violent crime) - and causation has not been established - additionally, NYC has seen ZERO correlation (and btw - unemployment did rise here 01-03 - credit bubble or not)
I am sure you can use google as well as anyone but:

http://bk.ly/MY

and if you read the article I linked you would have read:

Through June, the median annual return for large public pension funds for the past seven years was 4.5 percent, according to the Wilshire Associates data. For that same period, four of the five city pension funds had returns below the median. Although the difference was less than one percentage point, that amounts to tens of millions of dollars over a long period of time. The fifth and smallest fund, the Board of Education Retirement System, was at the median.

Under Mr. Thompson’s predecessor, Alan G. Hevesi, the city’s pension funds outperformed their peers. For the seven-year period that ended in June 2001, the year Mr. Hevesi left office, the median annual return for large public pension funds was 12.16 percent, according to Wilshire. For that period, four of the city’s five pension funds delivered returns above the median, records show.

Posted by: fsrg at October 13, 2009 4:33 PM