Andrew Rice:

And so New Yorkers with garden-variety affluence—the kind of buyers who require mortgages—are facing disheartening price wars as they compete for scarce inventory with investors who may seldom even turn on a light switch. The Census Bureau estimates that 30 percent of all apartments in the quadrant from 49th to 70th Streets between Fifth and Park are vacant at least ten months a year.

30 percent. That’s insane.

Hard to know what a good solution is. A law requiring you to be present for a certain amount of time seems too restrictive. So does one requiring you rent it out full-time. So maybe Airbnb? I’m only half kidding.

  1. blam reblogged this from parislemon and added:
    Well, one solution would be to tax the holy hell out of the top 1% of the 1% and start erasing the enormous income...
  2. willayork reblogged this from parislemon and added:
    Either Ulster or Sullivan Co (less than 2 hours from NYC) just sent out warnings that airbnb violates county law and...
  3. accomplicerex reblogged this from jrichmanesq and added:
    Imagine having enough money to own an apartment and almost never go there.
  4. jrichmanesq reblogged this from zzarrillo and added:
    imagine having enough money to own an apartment
  5. zzarrillo reblogged this from parislemon and added:
    This is wild.
  6. fleetwytchmac reblogged this from parislemon
  7. parislemon posted this