Why take 5k a month in rent when you can wait for someone who can pay 25 k? The result is lots of boarded up storefronts. More here:https://www.nydailynews.com/opinion/change-math-keeping-nyc-storefronts-vacant-article-1.3932715 …
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Favorite paragraph: An online search showed that building, 396 Avenue of the Americas, is owned by Friedland Properties, valued at $3 billion dollars. They are leasing the space monthly for $139,533 which, if accurate, means the next tenant would have to pay $1,674,396 a year.
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It's part of a global trend in which not only commercial properties but housing is whats called financialized. It's increasingly a way to make money (versus say store money). https://www.ohchr.org/EN/Issues/Housing/Pages/FinancializationHousing.aspx …
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That's how you end up as
@stefanoschen reported a quarter of apartments in new condo buildings resting vacant even as the city struggles under a massive housing crisis.https://www.nytimes.com/2019/09/13/realestate/new-development-new-york.html …Prikaži ovu nit -
This
@reveal article from 2017 lays out how its played out as single family homes shifted from being owner occupied, or rented by individual owners with a handful of properties to being part of mass market portfolios. Rents increased, quality declinedhttps://www.revealnews.org/article/profiting-off-pain-trump-confidant-cashed-in-on-housing-crisis/ …Prikaži ovu nit -
One of the things that they note, is that when you're dealing one on one with a small landlord there's usually built in flexibility. The landlord knows that you get paid on the 6th not the first, so though the lease says the 1st, you have a tacit agreement to pay on the 6th.
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But as landlords get bigger, those kinds of soft agreements disappear, and late fees get tacked on which on top of increased rents puts renters in financial distress. From the article, the " aggressive approach takes good tenants and turns them into bad ones."
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This is happening in places that you don't necessarily think of as hot housing markets - it's not just NYC, SF, and LA. It's Baltimore. It's rural communities. And it's why "building more" in many places is true but on its own many housing experts say not sufficient. /end
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Addendum: These financial practices erode community ties as long term residents get pushed out of neighborhoods. These community ties are often critical in preparing, weathering, and recovering from the sorts of increasing disasters we see under climate change.
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In Eric Klineberg's excellent book Heat Wave: A Social Autopsy of Disaster in Chicago he points out that the poor, predominantly black neighborhoods in Chicago with strong social cohesion fared better in the 1996 Chicago heatwave than many affluent white communities.
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The metric of a neighborhood that did poorly, were the ones that had been systematically under resourced. They didn't have libraries, they didn't have modes of soft interaction so people didn't trust their neighbors. They kept their windows closed even as they lacked a/c
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So the implications of what's happening go far beyond struggling to make rent. It literally shapes the conditions under which people live or die.
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*The heatwave was in 1995. What is time really? (and yes I'm mad at myself)
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