> If New York becomes a wasteland of empty apartments
> held by overseas billionaires
No chance of this happening. NYC has over 3 million housing units. There are many fewer overseas billionaires, fortunately.
I own and occupy a 2-bd 2-bath condo in NYC. It's in Central Harlem and I love it here. I have no thought of moving and am not worried that Russian oligarchs are going to turn the city into an empty wasteland.
Real estate prices in Manhattan are heavily influenced by neighborhood naturally and, on the very high end, signature amenities such as wrap-around terraces and views of Central Park. But we're talking about 10,000 ultra-high-end units out of 3 million across the 5 boroughs.
In my Manhattan neighborhood, even new condos in full-service concierge buildings are vastly more affordable than the small slice of luxury units described in this article. The price per sq ft in Harlem is one-third of what NY Mag is talking about.
I say, let the billionaires blow their dough on my town. Their market is small and finite; long-term consequences are small. Meanwhile, the rest of us, a vast number in comparison, as a result will see our home values appreciate a little faster over the long run, probably.
No chance of this happening. NYC has over 3 million housing units. There are many fewer overseas billionaires, fortunately.
I own and occupy a 2-bd 2-bath condo in NYC. It's in Central Harlem and I love it here. I have no thought of moving and am not worried that Russian oligarchs are going to turn the city into an empty wasteland.
Real estate prices in Manhattan are heavily influenced by neighborhood naturally and, on the very high end, signature amenities such as wrap-around terraces and views of Central Park. But we're talking about 10,000 ultra-high-end units out of 3 million across the 5 boroughs.
In my Manhattan neighborhood, even new condos in full-service concierge buildings are vastly more affordable than the small slice of luxury units described in this article. The price per sq ft in Harlem is one-third of what NY Mag is talking about.
I say, let the billionaires blow their dough on my town. Their market is small and finite; long-term consequences are small. Meanwhile, the rest of us, a vast number in comparison, as a result will see our home values appreciate a little faster over the long run, probably.