September 25, 2015 | New York Observer | Paul Massey Jr.
It’s impossible not to notice all the cranes overlooking
the New York City streetscape these days. Every few blocks there’s
another, reaching into the sky, reminding passersby that New York is
constantly reinventing itself.
But most of the construction we see going up today is for
high-end commercial and luxury residential properties that will open
over the next three to five years. Sure, there will be some set asides
for moderate income New Yorkers, but no one should expect the city to
become meaningfully more affordable any time soon, for businesses or
families. In fact, prices will almost certainly rise along with the new
buildings, just as they always do. New York’s metamorphoses have a habit
of skewing to the more expensive...
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Agents: Paul Massey Jr.