1,500 Rental Units for DoBro
It’s hardly news for anyone who’s been paying attention, but yesterday Crain’s took the time to point out that three new rental developments in Downtown Brooklyn are all hitting the market at roughly the same time: Avalon Fort Greene (left, 650 units), 80 Dekalb (center, 365 units) and The Brooklyner (right, 490 units); studios at…
It’s hardly news for anyone who’s been paying attention, but yesterday Crain’s took the time to point out that three new rental developments in Downtown Brooklyn are all hitting the market at roughly the same time: Avalon Fort Greene (left, 650 units), 80 Dekalb (center, 365 units) and The Brooklyner (right, 490 units); studios at all three places are expected to start at about $1,700 a month. (Free rent concessions, though, bring the cost down close to $1,300, which starts to look pretty attractive.) While one of the developers involves admits that she we have preferred a little less competition at the start, we’re not so sure the confluence of launches is such a bad thing. (The article also dangles the possibilities of the Forte and be@schermerhorn getting repositioned as rentals.) The biggest barrier to people deciding to rent in these new buildings in Downtown Brooklyn is the lack of a critical residential mass. With all three coming to market at the same time it’s a potential game-changer for the area. Now if one of these places could just get a gourmet market or decent restaurant to sign on, they’d be all set.
Get Ready, Brooklyn: Flood of Luxe Rentals [Crain’s]
I’ll grant you that the relationship isn’t a simple correlation but both common sense and social science support the view that street crime rises when legitimate employment’s in short supply. I can’t view the link you posted on my phone unfortunately. I’m pretty sure a google search would turn up studies backing both our points of view (though I’m confident that work on large metropolitan areas would support BHO’s suggestion). It’s clear that you’ve done some work in this area, so please explain which of Bloomberg (or Rudy’s?) policies/initiatives were responsible for the big drop in crime in the late ’90s. Copstat? Broken-windows enforcement? If so, why do you think Thompson would kill these ‘efficient’ projects?
’01 – ’03 unemployment was nowhere in the range of 10.3%, as I recall. BHO has also explained how different that technical recession was from the widespread downturn we’re feeling (and will continue to feel).
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.
Exactly why would the city become significantly less desireable under Thompson than Bloomberg, fsrq?
***Bill Thompson for Mayor***
Bad argument about crime, fsrq. Crime lags as does it’s downward trend when employment rebounds. The 2001-2003 “recession” was not. It was rescued by this massive worldwide credit giveaway and housing bubble. Your NY Times quote gives me no number. Performed worse by how much? Most pensions nationwide were slammed.
Bizarre indeed, CG. Just like they’ll want to blame this depression on Obama although some of it is deserved because he’s kicking the can down the road. Again, how much worse have New York’s pensions suffered compared to the national average? -75% loss vs -50% loss. Number please.
***Bill Thompson for Mayor***
It’s bizarre to ignore the effects of unemployment on crime stats. If crime does soar under a Thompson administration, it would reflect the bursting of our latest economic bubble more than his skills as a public servant. A sensible critique wouldn’t blame him for what is essentially a national problem escalated by our local dependence on the financial sector.
I do agree with Fsrg that the city’s pension funds have done worse than others nationally.
Someone let us know if the Toren starts offering 1 beds at $1700/month. I’d consider being yuppie scum or whatever at that price.
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.
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!
fsrq – I am quite old enough to remember but not so old that I don’t remember, thank you.
you are still spin making. Democratic mayor = crime. sorry.
You are fearmongering. There were many reasons for increases in crime in this city and country and many reasons for decreases. Increases and decreases did not happen over night.
Big city Democrats (esp NYC and Chicago) give a bad name to all Democrats. If I had grown up in NYC I think I would have ended up a Republican.