01:17 Real estate
01:20 Why I cover this
03:12 Building for lease
03:35 39% retail availability on Madison
05:22 Madison ave prices
07:12 Excuses, excuses
09:40 The problem – commercial mortgage backed securities
10:50 This needs to crash
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A quality read. https://www.reddit.com/r/nyc/comments/innhah/nearly_twothirds_of_new_york_restaurants_may_have/g4ai27m/?context=3
Its the same in the uk even with residential properties. If you look to rent a studio flat at say 500 (genuinely seen this) they expect you to be earning double that a month to ensure you can afford the bills reasonable requirement yes however the average person is paid around 9 an hour. Equalling around 111 hours of work per month or 28 hrs (rounded up) per week most companies wont allow contracts much higher than 16 to 24 hours a week essentially making a studio flat impossible to rent let alone purchase without financial support
No, let them die
My tiny living room would cost $170,000 dollars a year at $1,000 a square foot. Thats ludicrous.
You know, they usually measure the good and bad times of Ancient and Medieval civilizations by urban population trends. For example, in the golden ages of the Western and Eastern Roman empire, people would be flooding into the cities, but in the hard times or dark ages there would be a huge exodus of people from the cities into the outer provinces because living in the city was no longer sustainable. Just food for thought to the people who tell young people complaining about city real estate pricing to just not live in the city, you are admitting that the economy is failing, which means the young person is right that something is very wrong.
That is one handsome cat.
Not without admitting we're in a depression
Is nobody gonna talk about our boy Clinton
Wait, people still live in NYC? Well color me surprised 😱
Special bulletin Rich people moving out High crime,High Rents
Come Florida you can buy your retail stores
Same story in cities and towns everywhere.
If they can't get someone to rent it just take it off them.
Don't worry it can all be done legally.
It's called a revolution.
That’s not how it works. You need incentive. Like vacancy tax.
NYC must put a heavy monthly tax on empty stores that are not rented within a few months of being closed. same as they should on empty super expensive apartments. want to keep your store closed? fine, pay $400 per sq/ft tax each and every month until you rent it out!
I had a thought.
What if there was a tax on vacant property as a disincentive to just sit on it?
It would need a bit more work than just my afternoon tea musings to be functional, but I feel like it would be good for the city's health.
Maybe they don't want people to live in the city because then they'll be there.
NYC needs to buy the buildings (retail and apartments) then lease them out at a much lower rate. It will get rid of the millionaires sitting on it for investment, and NYC can get some revenue back. It might take several years to bounce back. Seems like a good move, but they may not have the money to do it now.
9:07 kitty cut
Greed will get the best of them eventually
supply and demand
A result of money printing and inflation.
6:44 ghost makes guest appearance
NYC doesn't seem all that welcoming with their COVID craziness…why would I go there as a tourist if I'm not welcome…
Cool cat sounds like a party noise maker
Building probably owe more in taxes and mortgages that they can't run for less so they're screwed
Retail is dead. Oh no. I'm so surprised.
Landlords are the scum of the earth.
Maybe they can't afford to lock in leases at lower prices due to taxes being too high (or having mortgages)
lol, California just passed the indoor vaccine mandate, now we are back to ordering out if ur not vaxed, adding more stress on resturants
Chilling at grandma's house again
A lot of people live on the streets off Madison Avenue. Madison Avenue itself is commercial. But it's sad that the small shops that made it unique are gone. There's nothing but vacant store-fronts on either side of the street.
A year later get at the landlords then about renting something the tune will have to change and I'm hoping for hard laughter
Shhhit … when a guy can be CREATIVE (writer, radio host, knitter, Movie Director, MacPro DiY Repair Teck., etc.) 'in his Lazy-Boy chair' sitting at home (in a 4 ft x 8 ft space) and reach 1.69 million subscribers eye balls, g2gONEx , x = (you) don't have to be a 'IDIOT Savant/Genius' to see ALL of society 'beating a path to your (better) mouse trap' or 'Lazy-Boy chair' Globally. Maybe ALL commercial real estate will fill up with 'RENT a Lazy-Boy spaces' for the hour/day/week/month, etc. … add a Enterprise (level) Virtual Machine login and a Global Fortune 10 company workforce will self-assemble before your very eyes.