20% of New York retail space is sitting vacant


#21

Yeah we have that weird archepeligo thing where you cant just move to the outskirts. Because its either another state or water. Seems to restrict and ratchet things up a bit.


#22

Those gaps… Jane Jacobs warned about them in Death and Life of American Cities (and again in Dark Age Ahead). She called them Deadenings. We’re also having them in (used-to-be) hip Plateau in Montreal. That area has been gentrified but not mortified yet. The Village (near one of the bridges that span the St.Lawrence River) however, is hit hard by the end of homosexual tourism from the US. The gaps there are chasms.


#23

I guess it makes sense in a twisted rentier way, but… crazy, man, crazy.


#24

Wait, there’s no property tax in NY? Is the city insane?

…How do they keep the roads intact, provide social services etc etc?


#25

No there’s property tax. Ridiculously high property tax. But thanks to those sweet, sweet, real estate developer grade tax write offs. A building that sits vacant basically becomes a tax write off. And you end up paying less tax over all. Which means that while people who own their homes personally and live in them pay fairly high property taxes. Business entities that own rental units and commercial spaces actually have an incentive to leave them vacant. Which is really useful if all you’re interested in is investment properties that will pay out when you sell them. Rather than income from a rental business.

It pushes rents up and fosters real estate speculation. And its an issue in most cities with a housing problem.


#26

Jerimiah’s Vanishing New York is a great blog that has been tracking this trend of speculation (exorbitant rent hikes to kick out the essential local businesses and wait to snag a whale tenant like a bank or chain store - sometimes for years) and the destruction it leaves behind for the neighborhoods.


#27

Not the same thing, at least if I’m interpreting @zoltron’s post correctly.


#28

When writing about “New York” and you’re actually referring only to the city (soaring prpery prices, ha ha), it would be realy helpful if you say “New York City”.

Many Thanks,
The rest of New York State


#29

It’s the same small downtown America too. Rent seekers are asking for more than the market can bear everywhere I look.


#30

Well that’s about where I live, my town has only around 4k year round residents, the Township we’re nested in 20k, across 10ish hamlets and villages. Heavy tourist trade drives up property value. Seasonal residents about triple that population for 3-4 months of the year.

The NY metro area is huge and varied.


#31

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