What will a mayor DeBaslio mean for NYC R.E?

Show some respect. Can't you take the extra second to spell the man's name correctly?

Crime will likely go up....that may impact real estate in certain areas.

> Show some respect. Can't you take the extra second to spell the man's name correctly?

Who, warren?

Bill de Bla will make NYC party like it's 1979.

Happy New Year, gothamsboro.

Happy New Year Truth.

Unfortunately DeBlasio doesn't get it.
He doesn't understnd that when they buy a ten million dollar apartment they are paying a mansion tax, real estate tax, income tax if they move here, sales tax when they go shopping, support the restaurants and if they donate, support the arts as well.

If he discourages the wealthy from moving here, or chases them away the middle class has to bear more of the burden for the social services he wishes to provide the poor.

gotham, your asking respect is pretty funny considering Warren had his henchmen bashing Bloomberg right in front of him at inauguration and can't resist any opportunity to tweak his administration

de Blasio does get it. He understands that the slim one time $100K mansion tax on a $10MM apartment, the 15-20 year abated real estate tax, the zero sales tax on the artwork purchased in New Hampshire and shipped here, the income tax not paid to NYC because the apartment owner lives here under the 183 day threshold, the donations to cultural institutions that further reduce the taxes due, that all these items don't add up to enough to counteract the expensive $10MM real estate that is out of reach of the middle class but 20 years ago would have been on $500K property that would have housed several of the middle class. He understands that billionaires make the city more expensive which hurts the middle class and encourages them to flee. Unfortunately taxes paid by billionaires, and donations to the arts instead of to actual needs of real people, don't cover for the loss of the middle class tax base. And so more and more, we have billionaires, and the poor, but no middle. A tale of two cities.
No surprise though that your argument is shallow, poorly constructed, and reactionary, as evidenced by the stupidity shown in the poorly constructed heading to this thread which you aren't even embarrassed by.

Oh, I see, that why he couldn't name his own Sanitation or Emergency Response commissioner in front of this storm. He was too busy being Robin Hood.

Gothamsboro, you are brilliant!!!

"Crime will likely go up"

One can only pray we get so lucky.

Crescentroll, big storm today, lots of snow, today is the type of day we need the best of the Sanitation Commissioner. Surely you can give us the man's name, without looking it up. Quick ... Give us the name, don't look it up.

Increased rent control, stabilization, low-income regulation, less development and a decreased housing supply. Property taxes will continue to rise in order to make up for the budget shortfalls. Rents will increase due to decreased new development activity and a continued need for housing. The set of young professionals have a need to keep coming to the city for business opportunities so that will not go away regardless of administration. High end sales prices can either go either way depending on how badly the administration scares wealthy buyers away from the city. Wealthy buys have a choice where to live. We will see if they kill the goose that lays the golden eggs, but they will probably just starve it for a while. New York is such a large place and policies and regulations take time to enact and enforce, the ship will not change direction quite so fast and how effective they are at making changes will be determined by how many years they can remain at the helm.

President Obama could not reverse economic inequality and he had 2 terms -- in fact, economic inequality increased. Bill de Blasio will soon discover the limitations of the Mayor's role. Bloomberg spent $600mm out of his pocket during his 3 terms (see NYT article), so he had much wind to his back in appeasing the constituencies. As for Bill de Blasio, nothing like scaring up the popular vote by pointing to the "fat cats" on the hill (or the 40th floor of a gleaming luxury condo, whatever the case may be. But "change" doesn't come easy!

I'm sure out mayor is aware that there are pressing issues he will need to contend with before he tackles inequality. Let's start with the union contracts that need to be negotiated! Nothing like addressing inequality by payback to SEIU 1099. LOL. Let's see how that works out.

NYC is resilient and will come out even stronger. As for property values: they correlate with job formation and NYC is and always has been a terrific place to live and work. Prices for prime Manhattan continue for 2014.

Impressive, Old Grey Hair. I would agree with your analysis for 9 out of 10 scenarios. There is 1 out of 10, lets call it the catastrophe scenario, where highly populist R.E. initiatives are successful, such as expanding rent stabilization through recapture, forced low income in new dev., these would have a very powerful chilling effect on NY Real Estate and will result in a loss of confidence and a plunge. I do not think it is likely either that the initiatives will be successfully enacted or that they are a priority, and agreed the union contracts are paramount. The overall trend is towards increased urbanization and urban revival, and that is not changing in the foreseeable future.

Hi ANagin! To extend rent stabilization/rent control, the NYS legislature and Governor acts, not the mayor. Over time, the impact of rent stabilization decreases as most Manhattan landlords know how to effectively use MCIs and coupled with vacancy decontrol to lessen the impact over time. Rent stabilization does not address income inequity, in any event -- trust me, as a former RS renter! Income test is a 2 year consecutive test, and does not test assets/wealth levels. Low income set asides in exchange for development concessions could be enhanced, but there would still need to be an economic incentive to build -- which for Manhattan means more luxury units. Agree urbanization trend is undeniable.... Best.

>President Obama could not reverse economic inequality and he had 2 terms

Are 2 terms over yet?

>Let's start with the union contracts that need to be negotiated! Nothing like addressing inequality by payback to SEIU 1099. LOL. Let's see how that works out.

Agree and everyone's watching the budget. But the easiest way for him to deal is by giving long-term benefits rather than current raises. So that's not ideal for the future.

>NYC is resilient and will come out even stronger.

We would all like to believe you. But this ignores that NYC has had difficult times and can have them again, regardless of the mayor.

>As for property values: they correlate with job formation and NYC is and always has been a terrific place to live and work. Prices for prime Manhattan continue for 2014.

In part, but NYC has it foreign safe money elements.

> Low income set asides in exchange for development concessions could be enhanced, but there would still need to be an economic incentive to build -- which for Manhattan means more luxury units.

And the tale of two cities. Subsidized housing + billionaire housing with tax breaks.

I didn't realize that Riversider has a history of making fun of liberal politicians by immaturely misspelling their name: http://streeteasy.com/nyc/talk/discussion/13761-elizabeth-waren-we-are-still-screwed

no,just sloppy typing.

Did anyone see the inauguration. Lots of cheap shots against Bloomberg.

Happy New Year Riversider.

I saw some of it and the cheap shots were evident. Bloomberg kept cool about it.
At least he could think warm thoughts about leaving to go on a nice trip as soon as he got out of there.

Happy New Year Truth. I wonder what DeBlasio will say 4 years + years from now when he gets the cheap shot.

Only one cheap shot?!