Close Menu
    Trending
    • New York Top Real Estate Deals: Wednesday, July 8
    • Mamdani Remains Bullish on Office-to-Resi Conversions
    • Billionaires’ Row is Not Why New York City is Unaffordable
    • Anthropic Finalizes Hudson Square Lease as it Grows in NYC
    • Affinius Ramping Up Lending Prominence in Garden State
    • Engineering Failure Likely Behind Pfizer Project Scare
    • Stabilization Efforts of Compromised Pfizer Building Persist
    • New York Top Real Estate Deals: Tuesday, July 7
    WorldEstateUSA
    • Home
    • Real Estate
    • Real Estate News
    • Real Estate Analysis
    • House Flipping
    • Property Investment
    WorldEstateUSA
    Home»Real Estate News»Billionaires’ Row is Not Why New York City is Unaffordable

    Billionaires’ Row is Not Why New York City is Unaffordable

    Team_WorldEstateUSABy Team_WorldEstateUSAJuly 9, 2026No Comments4 Mins Read
    Share Facebook Twitter Pinterest LinkedIn Tumblr Reddit Telegram Email
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Ben Kallos was upset. Not hostile, however undoubtedly not completely happy.

    The previous Council member had referred to as this spring to object to my column about Hal Fetner’s failed try and construct housing on a NYCHA website.

    This paragraph particularly bothered him:

    “Mayor Zohran Mamdani and different progressives at the moment are pushing for extra inexpensive housing in wealthier neighborhoods. The place had been these folks in 2017 when Hal Fetner and NYCHA leaders had been getting pummeled by idiots like Ben Kallos?”

    “Idiots” was the flawed phrase. Nothing will be gained from calling somebody an fool, apart from a quick dopamine hit.

    In addition to, Kallos was like most Council members within the 2010s in that they failed to know the urgency of constructing housing of every kind, not simply inexpensive, and didn’t battle constituents who opposed it.

    Because the supply-demand stability worsened, elected officials ruled with a mix of financial ignorance, ideological blinders and political expedience. They weren’t idiots a lot as creatures of their surroundings.

    To clarify my unlucky alternative of phrases, I advised Kallos, “Effectively, you realize I prefer to be provocative.” Then I turned the dialog round and requested, “Have been any initiatives constructed or permitted in your district throughout your tenure?”

    Kallos instantly rattled off all of the homeless shelters and supportive housing he backed from 2014 to 2021. “What I didn’t help,” he mentioned, “was housing for billionaires.”

    Sorry, not impressed. New York Metropolis has fewer than 150 billionaires amongst its 8.5 million people. What about outsiders? Rich nonresidents do purchase locations within the metropolis, however not sufficient to crowd out housing for New Yorkers.

    Their footprint is small as a result of in Manhattan the ultra-wealthy prioritize not land however views, the sort you get from towers (this full-floor condo unit, listed for $54.9 million, went into contract July 5). Wealthy patrons who need sq. footage and a yard buy a townhouse, double-wide if possible. Those that need each views and house purchase a duplex or triplex in a tower.

    “Housing for billionaires” shouldn’t be the supply of our affordability drawback. Opposing it scores factors for politicians however accomplishes nothing, apart from distracting from their different failures.

    Billionaires’ Row condos equivalent to CIM Group’s 432 Park Avenue, Vornado’s 220 Central Park West and Gary Barnett’s 217 West 57th Street do little to ease the housing disaster, however actually don’t exacerbate it.

    Housing manufacturing within the metropolis has been pushed by 421a (mixed-income multifamily) and backed inexpensive initiatives. The latter are not possible to construct in rich neighborhoods such because the Higher East Facet as a result of they can not compete with market-rate initiatives for costly websites.

    However the 421a tax abatement additionally didn’t create a lot housing within the Silk Stocking District. Aggressive rezoning in principle may have allowed some initiatives to pencil out, however builders knew which Council members would refuse. Kallos, as he proudly acknowledged, was one.

    He deserves credit score for supporting shelters, which aren’t fashionable. Nevertheless, shelters don’t treatment homelessness. Housing does.

    Housing manufacturing in Kallos’ former district, which incorporates Roosevelt Island and a small piece of East Harlem, has been virtually nonexistent. It’s by far the bottom amongst Manhattan Council districts and among the many worst in New York Metropolis.

    Some years, the district really loses houses! That’s as a result of owners mix extra models than builders construct. In 4 of the ten years from 2014 by way of 2023, District 5 had unfavourable housing development. Its common yearly enhance was simply 85 houses.

    Council districts have about 160,000 folks. Eighty-five houses shouldn’t be even a rounding error.

    By comparability, 5 Manhattan districts gained between 250 and 700 houses yearly, one gained greater than 700 per 12 months and three averaged greater than 1,500.

    In October, the Mamdani administration will reveal the 12 least productive districts. Most shall be middle-class and upper-middle-class enclaves dominated by single-family houses. A new rule will velocity initiatives in these districts.

    The fast-track rule wasn’t designed for dense areas, but the Higher East Facet would possibly make the bottom-12 record anyway. Whether or not builders may discover viable websites there’s unclear, however at the very least no Metropolis Council member may cease them.

    Learn extra

    In Bay Ridge, impossible to build becomes impossible to stop


    Housing suffers crushing defeat as mayor, speaker do nothing


    4 ballot questions could defang City Council’s stronghold over rezonings and housing






    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleAnthropic Finalizes Hudson Square Lease as it Grows in NYC
    Next Article Mamdani Remains Bullish on Office-to-Resi Conversions
    Team_WorldEstateUSA
    • Website

    Related Posts

    New York Top Real Estate Deals: Wednesday, July 8

    July 9, 2026

    Affinius Ramping Up Lending Prominence in Garden State

    July 8, 2026

    Engineering Failure Likely Behind Pfizer Project Scare

    July 8, 2026
    Add A Comment
    Leave A Reply Cancel Reply

    Top Posts

    Illinois moves to boost housing by curbing parking mandates

    November 17, 202511 Views

    Billy Joel Sings Softer Tune for Centre Island Estate

    December 4, 202520 Views

    Top Connecticut Broker Leaves Sotheby’s for Douglas Elliman

    February 26, 202610 Views

    Jemal Family Trades Brooklyn Home For $14M

    March 30, 20264 Views

    Flagstar Back to Profitability After Slashing CRE Exposure

    February 3, 20263 Views
    Categories
    • House Flipping
    • Property Investment
    • Real Estate
    • Real Estate Analysis
    • Real Estate News
    Most Popular

    2026 Home Price Predictions: The Correction Continues?

    December 8, 20251,820 Views

    Real Estate Scion is Holdout Against Artists in Soho Drama

    November 28, 202549 Views

    Larry Ellison Buys Two Pierre Units From Shari Redstone

    November 27, 202537 Views
    Our Picks

    The Top 10 States For Cash Flow—And Why Property Taxes Can Make or Break You

    April 13, 2026

    Sonic Fire Tech launches infrasound wildfire defense system in California

    December 20, 2025

    Better Home & Finance Q3 revenue hits $44M

    November 13, 2025
    Categories
    • House Flipping
    • Property Investment
    • Real Estate
    • Real Estate Analysis
    • Real Estate News
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • About us
    • Contact us
    Copyright © 2025 Worldestateusa.com All Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.