Plutocrats

It looks like November was the last time I wrote anything here.  Most probably I was burned out about something.  Who knows what and does it matter?  I'm back.
Today I would like to focus on what is going on in the city in reference to real estate and their owners.  I believe they are as dominant a force in the city as Wall Street.  Which is a major problem.
The cost of living in Manhattan has forced a lot of people over the years to look for affordable housing in the outer boroughs and the outer boroughs are becoming too expensive for people like myself.

Although the change has been happening since the Koch mayoralty.  A defining moment came in October of 2006 when Metlife sold Stuyvesant Town to Tishman Speyer for 5.4 Billion $.  Stuyvesant Town was originally built for returning WWII Veterans and working class families.  Tishman Speyer paid 5.4 Billion because they expected to remove rent stabilized tenants.  According to friends who lived in the complex they did this by "modernizing" lobbies, laundry rooms, vacant apartments, etc.  They increased rents for those changes and disrupted the lives of the tenants which forced many of them to leave.  According to an article in the NY Times in 2007 those residents of Stuyvesant Town took the "L" train on 14th St. to Brooklyn.  There they found affordable housing in Brownsville, Bushwick and Ridgewood.

According to current research conducted by "StreetEasy", the average New York household spends 60% of its income on rent.
Astoria, Bedford-Stuyvesant, Bushwick and Crown Heights are considered affordable areas.
The median rental price for those areas is $2200.  That equates to a yearly net income of $44,00 leaving a balance of $1100 to live on for the month.  So it would appear that the city is a home for the affluent.
However what I see and have heard from landlords in the area persuades me that it is more complex than that.  The city apartments are filling up with young people.  Groups of young people sharing apartments.  Sometimes as many as three to a one bedroom apartment.  They come here to work and also to "hook up", get married and then move away to raise a family.  You will not find these young Manhattan residents at the Theater, Ballet, Opera or a Museum.  They are in the bars and restaurants that cater to them.
The classic restaurants and bars of my neighborhood, Theresa's, Chop Suey, Mars bar, Candlewood are all gone.  They even took away the Chop Suey neon sign which they promised to keep.  What is in there place: Momofuku, Hearth, DBGB etc..  I've eaten in DBGB's once.  It's Daniel Boulud's "downtown" restaurant.  The Martini was not top shelf and cost $17.  Obviously "downtown" has a different meaning now than it did years ago.

New York City and specifically Manhattan has changed.  Are those changes good or bad?  For me the change is not good.  The city is more expensive.  The streets are much more congested.  The people on the street are looking at cell phones.  There is no eye contact, no interaction.  If they bump into you they just keep walking.  Lately, I have noticed that I am being jostled from the rear.  They don't even notice who or what is in front of them.  It's the cost of living and the people

I sometimes wonder if NYC may be dying.  My New York is and may already have died.  Some professionals believe a city dies because of loss of income.  Or it may be the drop in the average income of the people in the city.  Which occurred in many cities in the 1960's.  When "white flight" happened the city was left to those who could  not afford to leave, the poor.

From Jane Jacobs' The death and Life of Great American Cities":
  "Cities have the capability of providing something for everyone, only because, and only when they are created by everyone."

From Forbes Magazine, "10 American Cities that are Dead Forever"
Buffalo, the deindustrialization of America
Flint, the birthplace of GM, their cars are now made in 13 different countries
Hartford, consolidation of the Insurance industry ... loss of jobs and revenue
Cleveland, jobs moved overseas mostly to Japan
New Orleans, Hurricanes, oil spills, automation
Detroit, loss of the auto industry
Albany, loss of manufacturing jobs
Atlantic City, loss of tourism and the proliferation of other gambling locations
Allentown, the production of steel went to Japan
Galveston
Well now Galveston is interesting.  According to Forbes it was the Sodom and Gomorrha of the southwest.  The mob owned the town and created jobs.  Cleaning up the city and some hurricanes brought a loss of work and revenue.

So my city, New York, which is growing richer and richer must be healthy according to Forbes.  And I believe change is good.  But is the change because of the needs and skills of everyone or just the realtors and landowners?