new mayor. What if property prices will go down?

With almost certain outcome of the mayor election in NYC, I suspect that Bill de Blasio will instill policies and rearrange city budget so the property prices will go down in the city. I do not want to go into discussion why I came up to this conclusion. Just let’s say this is my gut filling. So is there any hedge can be made to cover for a potential loss of the house. I guess the simplest one is to sell house and move to Suburbs :). Another is to get second and third mortgage so the falling prices will get the value under water. can you suggest something less extreme?

bobjohn

in About Brooklyn 11 years and 11 months ago

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Putnamdenizen | 11 years and 11 months ago

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Shh, HansDelbruck, we aren’t allowed to talk about the silly rich person who is scared the black folk won’t be kept in their place assumptions of the original poster, only how he can protect his investment agains the mobs with torches. Your point (beyond being silly) is out of order.

HansDelbruck | 11 years and 11 months ago

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Bobjohn, Buy a rental property 2-3 family in Ridgewood Queens.Thats your hedge. The Bloomberg effect won’t just disappear. Very good article about his legacy in September 16 New York mag, might make you feel better. Jay and Putnam denizen: please look up the crime stats for Philly,Chicago,Newark and Atlanta. Tell me their common thread in leadership. This is why people are apprehensive about DeBlasio.

NeoGrec | 11 years and 11 months ago

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I tend to agree with Bob that prices are due for a slight downwards correction or at least a plateauing. Some of this for the reasons he mentions. Some because De Blasio may cause very wealthy investors (including those from oversees) to look more cautiously at the NYC market — and consumer confidence is key in RE. I am not a fan of De Blasio (to me he’s all politics and no action/experience), but it’s not in his interests to try to push property prices down. Nor does he really have that kind of power. Bloomberg was a different kettle of fish. Like him or loathe him, he made things happen in this city at a truly macro level. I wouldn’t expect either Lhota or De Blasio to come anywhere near Bloomberg’s legacy of changing the city so fundamentally. However I am concerned about rising property taxes!

BobMarvin | 11 years and 11 months ago

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Actually, I think that prices _will_ go down, _slightly_, not because of who becomes mayor, but simply because the current extraordinarily high prices are largely a function of extremely low inventory. At some point these prices will lure owners, who may have been sitting on the fence, to sell, increasing supply and causing prices to level off, or even fall a little. When this happens I have no doubt that some will blame our likely “socialist” mayor, but the same thing would happen in the unlikely event that Lhota were to win.

cate | 11 years and 11 months ago

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If you stay in your house for the long term, why will it matter if prices go down? Not that I think they will.

jay | 11 years and 11 months ago

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Bobojohn, I am sure you can make parallels with anything, but you completely ignore that as a national trend, crime has been declining regardless of the political party in office. I don’t quite understand the leap from “not good with administrating” to “crime will go up.” Further, I’m sure you have included social issues in your analysis like the crack epidemic, white flight and other things that contributed to the state of the city at the time. If you want a hedge, (1) leave, then (2) execute a lease for your current place for the term of de Blasio’s mayoral term in the rental market.

bobjohn | 11 years and 11 months ago

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Just to be clear. I am registered democrat and watch Daily Show not Fox News. Still I know about previous mayors of the City and can make parallels between de Blasio and some of the guys who turn the city to the worst. He is good with public relations not with administrating and he will need to deal with a lot of contract negotiation, which were pushed from Bloomberg. I expect under de Blasio schools will become better but the crime rate will go up. Again, I asked your advice on hedging, not political expression.

Putnamdenizen | 11 years and 11 months ago

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Some you are asking me to accept your premise without engaging with your reasoning? Okay then, while obviously NYC is a house of cards unable to survive a term or two of a moderately progressive mayor. So we should all sell our homes and move to (where again?) since there was no there there to begin with. Silly rabbit!

jay | 11 years and 11 months ago

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Dave, I was talking to the OP.

HansDelbruck | 11 years and 11 months ago

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It’s a valid question, but predicting the future in this instance is really difficult. I believe prices in general will hold and continue the upward trend. The hotness of the market in NYC and particularly Brooklyn can transcend a change in mayoral leadership ( I hope). NYC is a lot more than just it’s Mayor. Having said that, it confounds me how Mr. DeBlasio can be such a strong candidate based on his campaign for change from the ways of Bloomberg. The implication is that the city is in trouble.In my 35 years here it has never been better. I’m worried about our prosperity under Mr. DeBlasios rule. Mr Bloomberg DOES tax the rich highly and also attracts them to our city. It is that very tax base that pays for all the programs and entitlements.

daveinbedstuy | 11 years and 11 months ago

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Bob, I have to admit, I’m just trying to revive the old Open Thread here!!!! Ahhhhh the good old days

BobMarvin | 11 years and 11 months ago

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“I guess the simplest one is to sell house and move to Suburbs” An excellent idea, if you really believe that nonsense. You might be more comfortable if you moved to another state where many people share your fantasy. (BTW this is directed at the original poster, not DIBS who, I suspect, really knows better).

daveinbedstuy | 11 years and 11 months ago

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I did. I sold my Bed Stuy house and I’m now a retired resident of PA while still staying in Brooklyn Heights for about a week or so a few times a month so I can still go into the old office. I won’t miss NYC/NYS taxes one bit.

jay | 11 years and 11 months ago

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You should probably just leave.

daveinbedstuy | 11 years and 11 months ago

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“Yes, in socialism the rich will be poorer – but the poor will also be poorer. People will lose interest in really working hard and creating jobs.” – Thomas Peterffy And so it will be if you elect a socialist here.

ewfan | 11 years and 11 months ago

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Yes. Stop watching Fox News.