4 ms·
The NYC government, like most city governments, exists primarily two serve two constituents: 1. Property developers; and 2. Police unions. Eric Adams embodie
by jmyeet 4y ago
The NYC government, like most city governments, exists primarily two serve two constituents:
1. Property developers; and
2. Police unions.
Eric Adams embodies both special-interest groups in spades.
We have the infrastructure to deal with this. You encumber the property with a lien. You treat it like unpaid property tax. That means it accrues interest and penalties and at some point the state can seize it if it's sufficiently in arrears and sell it to recover those fines.
Stamping out AirBnBs is incredibly easy if the will exists. It does not. It should AirBnB is cancer.
- hahaxdxd123 4y ago%s/Property developers/Property owners If developers are so well represented, why is it so difficult for them to build in most American cities?
- deleted 4y ago[deleted]
- mjmahone17 4y agoWell-connected property developers is probably the right term. Random out of town or new to the game property developers looking to start building are effectively priced out, while those with political connections learn about public property sales, are able to get special one-off rezonings, can grease the wheels to get their permits unstuck, etc. There’s not enough development, which keeps the gap high between what it costs a well-connected developer to build vs what a finished building is worth.
- jamestimmins 4y agoThis is wrong. Developers make money from developing, which they can't do in the majority of major cities due to regulations outright banning development and cost burdens that make most development unprofitable.
- dhbanes 4y agoLast time I checked, plenty of properties are developed in NYC and Los Angeles. Also, although my day job is in tech I play a lobbyist on the side in my small Los Angeles county town. Development happens despite onerous and burdensome municipal code.
- miguelazo 4y agoExactly. Development absolutely happens in these places, but big capital is only interested in fat margins, thus virtually all of that development has been luxury condos (and in LA suburbs, McMansions).
- jamestimmins 4y agoLuxury condo development occurs because LA, and California as a whole, have onerous costs that make any other type of housing not pencil. The fixed costs for development are so enormous that it's often impossible to make any profit while building affordable housing.
- miguelazo 4y agoReally? LA voters have passed literally billions of dollars in funding for affordable housing. California has passed bill after bill to overcome regulatory hurdles for approval of housing that includes even a tiny amount of affordable housing. Private developers simply aren't interested.
- jamestimmins 4y agoI think that's a common misconception. If you dig into those numbers you'll probably find a regulatory burden that is not actually gone, massive local pushback on development, or a cost structure that still doesn't work. California refuses to learn the lesson that throwing money at a problem doesn't just mean it's fixed (see: the high speed rail).
- Analemma_ 4y agoDude, what? I wish most city governments were in thrall to property developers. That would be a massive improvement over the situation we have now.
- Dreako 4y ago[flagged]