Krah Američkog sna

Why Manhattan’s Skyscrapers Are Empty

Approximately half of the luxury-condo units that have come onto the market in the past five years are still unsold.

Derek ThompsonJanuary 16, 2020




In Manhattan, the homeless shelters are full, and the luxury skyscrapers are vacant.

Such is the tale of two cities within America’s largest metro. Even as 80,000 people sleep in New York City’s shelters or on its streets, Manhattan residents have watched skinny condominium skyscrapers rise across the island. These colossal stalagmites initially transformed not only the city’s skyline but also the real-estate market for new homes. From 2011 to 2019, the average price of a newly listed condo in New York soared from $1.15 million to $3.77 million.





But the bust is upon us. Today, nearly half of the Manhattan luxury-condo units that have come onto the market in the past five years are still unsold, according to The New York Times.

What happened? While real estate might seem like the world’s most local industry, these luxury condos weren’t exclusively built for locals. They were also made for foreigners with tens of millions of dollars to spare. Developers bet huge on foreign plutocrats—Russian oligarchs, Chinese moguls, Saudi royalty—looking to buy second (or seventh) homes.

But the Chinese economy slowed, while declining oil prices dampened the demand for pieds-à-terre among Russian and Middle Eastern zillionaires. It didn’t help that the Treasury Department cracked down on attempts to launder money through fancy real estate. Despite pressure from nervous lenders, developers have been reluctant to slash prices too suddenly or dramatically, lest the market suddenly clear and they leave millions on the table.

[size=13]The confluence of cosmopolitan capital and terrible timing has done the impossible: It’s created a vacancy problem in a city where thousands of people are desperate to find places to live.[/size]

From any rational perspective, what New York needs isn’t glistening three-bedroom units, but more simple one- and two-bedroom apartments for New York’s many singles, roommates, and small families. Mayor Bill De Blasio made affordable housing a centerpiece of his administration. But progress here has been stalled by onerous zoning regulations, limited federal subsidies, construction delays, and blocked pro-tenant bills.

In the past decade, New York City real-estate prices have gone from merely obscene to downright macabre. From 2010 to 2019, the average sale price of homes doubled in many Brooklyn neighborhoods, including Prospect Heights and Williamsburg, according to the Times. Buyers there could consider themselves lucky: In Cobble Hill, the typical sales price tripled to $2.5 million in nine years.



This is not normal. And for middle-class families, particularly for the immigrants who give New York City so much of its dynamism, it has made living in Manhattan or gentrified Brooklyn practically impossible. No wonder, then, that the New York City area is losing about 300 residents every day. It adds up to what Michael Greenberg, writing for The New York Review of Books, called a new shameful form of housing discrimination—“bluelining.”

We speak nowadays with contrition of redlining, the mid-twentieth-century practice by banks of starving black neighborhoods of mortgages, home improvement loans, and investment of almost any sort. We may soon look with equal shame on what might come to be known as bluelining: the transfiguration of those same neighborhoods with a deluge of investment aimed at a wealthier class.

New York’s example is extreme—the squeezed middle class, shrink-wrapped into tiny bedrooms, beneath a canopy of empty sky palaces. But Manhattan reflects America’s national housing market, in at least three ways.



First, the typical new American single-family home has become surprisingly luxurious, if not quite so swank as Manhattan’s glassy spires. 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. The mansions of the ’70s would be the typical new homes of the 2020s.

Second, as the new houses have become more luxurious, homeownership itself has become a luxury. Young adults today are one-third less likely to own a home at this point in their lives than previous generations. Among young black Americans, homeownership has fallen to its lowest rate in more than 60 years.





Third, and most important, the most expensive housing markets, such as San Francisco and Los Angeles, haven’t built nearly enough homes for the middle class. As urban living has become too expensive for workers, many of them have either stayed away from the richest, densest cities or moved to the south and west, where land is cheaper. This is a huge loss, not only for individual workers, but also for these metros, because denser cities offer better matches between companies and workers, and thus are richer and more productive overall. Instead of growing as they grow richer, New York City, Los Angeles, and the Bay Area are all shrinking.



Across the country, the supply of housing hasn’t kept up with population growth. Single-family-home sales are stuck at 1996 levels, even though the United States has added 60 million people—or two Texases—since the mid-’90s. The undersupply of housing has become one of the most important stories in economics in the past decade. It explains why Americans are less likely to move, why social mobility has declined, why regional inequality has increased, why entrepreneurship continues to fall, why wealth inequality has skyrocketed, and why certain neighborhoods have higher poverty and worse health.

In 2010, one might have thought that the defining housing story of the century would be the real-estate bubble that plunged the U.S. economy into a recession. But the past decade has been defined by the juxtaposition of rampant luxury-home building with the cratering of middle-class-home construction. The future might restore a measure of sanity, both to New York’s housing crisis and America’s. But for now, the nation is bluelining itself to death.

Kraj americkog sna ...

E sad sam se nasekirao ...

Ringo10 wrote:Kraj americkog sna ...

E sad sam se nasekirao ...

... jer je blagostanje u Australiji posve neovisno o ekonomiji SAD...

prije se radi da USA države koje kontroliraju demokrati počinju lagano propadati

marcellus wrote:

Ringo10 wrote:Kraj americkog sna ...

E sad sam se nasekirao ...

... jer je blagostanje u Australiji posve neovisno o ekonomiji SAD...

Australia je politicki i vojno naslonjena na Ameriku ali ekonomski... prilicno slabo

AssadNaPodmornici wrote:prije se radi da USA države koje kontroliraju demokrati počinju lagano propadati

California je u totalnom komunalnom kaosu, New York isto gomila pobleme.


Texas je pristojan... go figure...

Dobra reportaža Tuckera Carlsona...

da li sve te promene imaju
veze sa laganom promenom
strukture stanovnista u odnosu
na zlatne sedamdesete.
ta tema ne moze da bude jeres.
nije smanjena traznja
smanjeno je ucesce onih koji
doprinose stvaranju viska vrednosti.
verovatno lupetam !

Tako to ide , imperij se urusava pomalo, to je proces...

pizzon wrote:da li sve te promene imaju
veze sa laganom promenom
strujture stanovnista u odnosu
na zlatne sedamdesete.
ta tema ne moze da bude jeres.
nije smanjena traznja
smanjeno je ucesce onih koji
doprinose stvaranju viska vrednosti.
verovatno lupetam !

Ne lupetas

epikur37 wrote:Tako to ide , imperij se urusava pomalo, to je proces...

Zato su Rusi danas alergicni na svaku pomisao da ponovo budu imperija

HRVATI SPASAVAJU JEMERICKU EKONOMIJU...



https://www.jutarnji.hr/vijesti/hrvatska/mirjana-sanader-placala-je-za-stan-na-manhattanu-6000-dolara/3126815/

AssadNaPodmornici wrote:prije se radi da USA države koje kontroliraju demokrati počinju lagano propadati

Kao kod nas di vlada ADEZE 
TO JE SVE U KURCU 

Besumnje kod izbira mjesta stanovanja treba pitati di je Adeze na vlasti 
Tu kidaj na lijevo 

epikur37 wrote:Tako to ide , imperij se urusava pomalo, to je proces...

Nek ne zaborave koju atomsku isprobati 
Mislim da ionsko žude za tim negdje daleko od sebe

80000 nesretnika u Njujorku,kao beskucnici..uzas..!!!

Kako je to moguce,kad yoda kaze da jemericka ekonomija puca u nebesa..???

Legendovich wrote:80000 nesretnika u Njujorku,kao beskucnici..uzas..!!!

A super duper 
Komunizam je veliko zlo 

Legendovich wrote:Kako je to moguce,kad yoda kaze da jemericka ekonomija puca u nebesa..???

pa normalno da jest,  nezaposlenost 3,4%(kod nas je 7% i teška nestašica radnika) , plaće radnika na dnu kace rastu brže nego managera ,  prosječna godišnja plaća recimo muža i žene nešto manja od 1milijun kuna, propada.. godišnji minimalac im je preko 100 000kn 

a rusija, bosna, hrvatska, herceg bosna, i republika srpska, gdje većina ljudi radi za 500€ su prosperitet i napredak. 

u USA crnac sa IQ 80 koji okreće hamburgere u mc donaldsu ima veću plaću nego u RH inžinjer koji radi u tvornici koja izvozi proizvode u njemačku. propada amerika, a republika srpska će sve da smrska

opet sa druge strane USA je teritorij veći nego EU, i ima 320 milijuna stanovnika, tako da se možeš zaista nagledati svega. kao i USA , tamo postoje razlike između država.. recimo Kalifornija i New York su bili nekada daleko najbogatije države u Americi, a sada zbog vlasti demokrata poprilično propadaju.. 

sa druge strane države kojima vladaju Republikanci, tipa Florida, North Carolina, N.S Dakota, Texas, rasturaju... zanimljivo bijelci koji glasuju za demokrate(koja postaje socijalistička stranka) biježe iz Kalifornije u Texas, i dođu tamo gdje su Republikanci napravili jebačku ekonomiju i onda i tamo krenu glasovati za demokrate za iste ekonomske politike koje pomalo razjebavaju New York i Kaliforniju

AssadNaPodmornici wrote:

Legendovich wrote:Kako je to moguce,kad yoda kaze da jemericka ekonomija puca u nebesa..???

pa normalno da jest,  nezaposlenost 3,4%(kod nas je 7% i teška nestašica radnika) , plaće radnika na dnu kace rastu brže nego managera ,  prosječna godišnja plaća recimo muža i žene nešto manja od 1milijun kuna, propada.. godišnji minimalac im je preko 100 000kn 

a rusija, bosna, hrvatska, herceg bosna, i republika srpska, gdje većina ljudi radi za 500€ su prosperitet i napredak. 

u USA crnac sa IQ 80 koji okreće hamburgere u mc donaldsu ima veću plaću nego u RH inžinjer koji radi u tvornici koja izvozi proizvode u njemačku. propada amerika, a republika srpska će sve da smrska

Jebeni partybreaker. Bilo kako bilo jos kada Brazil, Rusija i Kina, potpomognuti Iranom uvede najnoviju valutu i sruse dolar. kuku Kila mozga...