It would be interesting to hear about projected maintenance cost for these buildings. I can't imagine what it would cost to reglaze the windows or do any other kind of upkeep. Also, local law 11 requires the entire exterior to be inspected every 5 years. This would require at least a sidewalk shed, if not scaffolding to be erected during the process. Also, there is all the special engineering on the inside, pumps, mass dampers, and a whole bunch of other things that I'm sure I have no idea of how they work... These systems would all have to be custom engineered, which means super expensive to maintain. 432 Park avenue is already bitterly embroiled in a lawsuit, I think this is just a tiny glimpse of the chaos that will surround these buildings going forward.

Settle down Bubs, can I get you his number?

@@asmodeus1234 yup ☺️

@@Adamroable It’ll be really interesting 😯

Post-irony at its finest when these comments get liked and pinned by the channel they're lampooning.

Yoo Rossman, didn’t expect to see you here lol

A symbol of our decade

Lmao! Your videos on NYC real estate is probably why this was recommended to me out of the blue...

@@willn8664 I’m aware of that but that doesn’t mean I’d expect him to be on every NYC-related vid lol

wow thats a little scary

Not humanity, just USA. Based on purchasing power parity, USA is probably one of the worst countries in the world.

@@robertchen8297 not even close but go off

I feel so naive. When I learned about these buildings, I was like, "oh cool they're adding more housing for people." How naive I was.

oh yes it will, he he he he he he !

Would they be allowed to change domestic dwellings into offices? Apart from zoning laws, how would the service amenities keep up? The lifts, the water supply, power, garbage collection, the increased number of bathrooms needed.

They left NYC. And they wont return until the wokeness is gone.

@@joefatalooch8057 Many were never _in_ NYC permanently, most were mega-rich who bought the apartments as investments or as an occasional stop-over accomodation. You could easily switch "wokeness" for any other gripe about the city- overflowing garbage, crime, noise, parking costs.

​@@joefatalooch8057define "Woke"

Hey, I'm interested in condominiums for my future home. What progress have you made looking into what and how the luxury buildings' tax cuts came about?

would be a great painting, or photo, "The shadow of capitalism"

I’m sure he’s a nice guy, but I would love to trim Mr Soules’ rat tails 8:48, just sayin’

Shadow ... WOW ! 🤗 🇺🇲 👍

Yes you could afford a home. But it won't be in a city and you would have to build it or fix it yourself

@@alexgunner1882 If you cant afford a property in the city or the suburbs of the city where you work, the system is fucked. Stop apologizing for it.

@@WonderWhile "the system" can't cripple hard workers and wealth builders so much that they'd get outbid by time and money wasters

Yup.

if only you knew how bad things really were

Facts

That would be correct.

When I finally understood what lobbying was my first thought was "how is this legal?"

Just go and marry then, jeeeeesh.

@@peterfioletlmao right!

just make sure some black people are able to live in Melborne, I heard that was a very racist town, not worth investing in.

It’s unsurprising to see Melbourne mentioned. Docklands and south bank resi towers were definitely built with investors or land bankers in mind. A tower like prima pearl for example has three different zones in it depending on whether you’re an average resident or a premium owner (down to which lifts you can call). Then you have mid and lower rise builds around st kilda and Albert park with entire floor apartments that can be purchased as shells so that the owner can fit them out as desired. Nothing like the scale of NYC, but definitely a version of it. Just drive along the bolte bridge at night and you’ll see how dark the docklands precinct really is.

@@blackleague212 what does the color of the residents in an australian city have to do with anything?

@@bobf5360 because blacks are people too.

@@blackleague212what are you talking about? Large populations of Asian ethnicities live their with basicslly no racism

Interesting read, I learned a few things! Thanks

Thank you for this info!

Explain how would developing affordable housing give a similar ROI as a billionaire condo?

@@Colleoleen As I mentioned in my comment, I would have to research the market in New York to determine what kind of ROI could be reasonably expected for development in that area. Ultimately, you need to determine how much housing would go for. In short, when planning a project, a developer is going to look at how much they can pay for empty land in the area or how much they can pay for an old building they can repurpose into something like condos. Then they look at what they need to build and determine the costs that the project will be. The big thing with planning the project (and looking for a place to build) is what the city ordinances allow. Zoning laws will describe what kind of land use of allowed for a certain area. It's not uncommon for zoning laws to require certain looks for buildings in a given area, which often will increase the cost of a project and/or reduce the total number of housing units you can build, which directly affects the market. Then they look at how much they can sell each housing unit for. If the cost of land and the interest for carrying any loans for the project is less than what you can sell each unit for, then you've made a profit. Otherwise you've either broke even or took a loss. I don't know the New York market, but I know it's highly dense and therefore has a lot of demand and little supply. I also believe they likely have a lot of regulations that are specific to what a developer can build (mostly just guessing since typically larger cities have a lot more regulations on what gets built and how). So the cost of development is going to be pretty high. Without doing the research, I can't say what the ROI is for new developments in new York City. It may be that doing any new residential developments would result in a loss. My comment was about the fact that typically, investing in real estate is about buying it for a solid return which typically involves adding some kind of value to it. It can be a great place to store money if you have a lot of it and can pay cash. The prices are typically stable, and it often grows with inflation. However, if you want to protect your investment, you need to have insurance, and you don't ever get out of paying property taxes. So it still requires money to maintain. Three reality is that you would get a better return putting your money into an index fund rather than just sitting on real estate that doesn't produce any income. Especially if any of these billionaires are carrying a mortgage on it. I'm short, without more research, I can't make any claims about whether in this specific case putting money into real estate development for more housing still have a better ROI than just buying a billionaire condo that does nothing. City zoning can have a huge effect on this. But in general, finding a development project will give a higher return than just sitting on real estate that you haven't added any value to and that doesn't produce any income. I hope that makes sense and I didn't just ramble.

Affordable housing in Manhattan?

Do you know Mr Rainer Winkler?

And it's definitely a great change of pace. This is fantastic journalism

Its the difference of what money and capitalism can do vs done through loopholes. This video is brilliant.

The more you look into it the more you hate it

Memory is tied to emotion. You may have strong feelings about this video and can remember more of it due to that

Fred is an excellent presenter, and he's HOT!

What about the 60 low income homes they built?

@@kirkkeeling9436what about the 1.7 billion dollars that the city could have used to build affordable housing, but didn't collect because of the tax exemption that incentivized those mere 60 allow income houses in the first place? did you even watch the video? it explained this already.

@@milkflys The city isn't the one investing that much money, the contractors build those big towers are. They want to stay in business and building an additional 60 homes is done out of charity. These "low income" properties don't upkeep them selves and are often unprofitable. You're literally complaining about people who house poor people because they didn't go out of business as a result.

​@@kirkkeeling9436 You understand wealth disparity? Anyone that invests in those properties have already swallowed all their morals. Money is just a game to those people while the poorest never get a chance to play. Its just a joke at this point but one that drives people to despair. If anything its the cities planners and lawmakers jobs that should be questioned as they aren't putting the people of the city first.

agree with you

Lol..then do something

You have a better system? I doubt it

@@sant1970 yep, america actually has the least homelessness and poverty of other similar countries. we also have the best access to medical care and really good birth mortality rates :)

I was like "it's obviously right but judging by your vibes I don't think you understand what it means, mate".

When he went on that little rant after his while "Capitalism is the way of the world" solliloquy I felt the overwhelming urge to try to throatpunch him through the screen.

Serhant is human waste.

Yeah, it's totally not the working class that gets screwed the most. Tough times for me, I can't afford a place with a swimming pool anymore

It's especially bad in places with mainly R1, low density residential housing. Cities need to get more comfortable with mid and high density housing

Cope

I was just thinking the same thing the other day, while watching Architectural Digest. New York is losing its soul and turning into one big monstrosity, like Dubai. A small handful of egotistical men are fighting over who can make the tallest, shiniest building. And they don't even care if anyone inhabits the living spaces!! The most incredible views in the world, and nobody is there to enjoy them. And people are literally homeless and can't afford a place to live. That's capitalism for you....

I agree. I love Art Deco. I’d buy an older apartment over once of these any day. I want a soul.

NO doubt these Buildings are Beautiful Architecture Works, Only for the Billionaires, Commoners, Working Class, Middle Class Need Not Apply. 🛸

Welcome to the future. 16 million vacant houses in the US and two generations of Americans can't afford even one.

@@anthonyrios8566 What are you paying for, really? One great big chunk of square footage, encased in sterile glass? Where are the breathtaking appointments, where are the things that make you go "WOW!!!" and where is the uniqueness of the residence itself??? Give me Sutton Place or The Village, any day of the week!

and the architecture is backward

The buildings are nothing crazy tbh

Very cool! I hope you have keep some personal photos. I’m an interior designer so I’m very envious to check out those units and views.

@@whitneyjory8749 it's a small world! Who knows, I may run into you one day doing a Drapery and Shades installation for one of your clients. I wish you the best!

@@ZxSkyLineKidxZ Likewise!

Wow.. such a unique job with incredible views!. Are you allowed to share photos of just the views? .. while on a break? I bet lots if people would love images from the sights you brave guys see up there. .. safety first ; )

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People should be able to do what they like with their money. I know that means we have to try not vomit when we see what stupid shit they do spend their money on, but you cannot tell people how to spend their money. That's also sort of evil.

Maybe put the homeless people in skyscrapers. Is the least system abusers can do.

@@MrRandomcommentguy We can and do tell people how to spend their money all the time. Building codes and zoning regulations are all ways of telling you how you can and can't 'spend your money', but I think most people would prefer to live in a world that has them than not.

@friedzombie4 and basically "capitalism" isn't and should never be a "do what you want" card, especially in city planning.

Yeah, Aus rentals are messed up, especially in the bigger cities like Melbourne and Sydney

You have had strict rent control laws in Melbourne - the end result of these laws is scarce housing for most people, indulgently cheap living for a few and an excess of luxury property as the city eventually makes exceptions for the top end of the market. The same thing happened in Stockholm, Cairo and Hong Kong. The chain of causation between rent control laws and this end result is very well understood by anyone with even a cursory knowledge of economics.

That’s so cool I love lonely buildings and’s streets I’m very emo like that

There's nowhere to live in Brisbane, everyone from Sydney and Melbourn is moving up here and the rents are skyrocketing.

@@toni4729 why

Lists a bunch of taxes that he knows full well his clients have offshore companies to avoid paying, and then sarcastically criticises the existence of tax itself. It's difficult to imagine someone more deplorable than that guy

Realtors are the scum of the earth

Ryan Serhant is his name, he has a tv show and deals with luxury real estate.

You're just salty because he does more in one week than you do in an entire year.

Economic development. And since the billionaires that do live there pay the most to live there as well. Pretty sure they pay atleast 100x what the average person does.

@@cryingafrican6858 Why should they pay less % though 🤔

@@cryingafrican6858 also how does a city benefit from being an asset? that 169mil is mostly going to the guys that built the giant matchstick and from that point onwards there's barely any money rolling.

@@gideonkloosterman less property tax because they’re trying to invite wealthy people into the city to boost economic prosperity. By that I mean a lot of wealthy people know New York City is a horrible financial investment, so if they can bring in more wealthy ppl they can tax more money off their profits, the wealthy will spend more money on housing and consumables. It’s like a business doing a discount to increases sales and volume. And look at it like this. Who pays more? A middle class person with a 10% tax rate on $850,000 or a rich person paying 5% on $10,000,000. I do agree apartments like these are kind of stupid, but understand that there will always be the poor. There’s absolutely nothing you can do about that. In fact I want to do philanthropy and create shelters when I go into business, but no matter what there’s always going to be more Homeless or starving people.

Wow... Just wow. I'm honestly speechless, don't even know how to begin replying. Stunned

I present 21:04 to you

It's not us, it's each individual problem, get it right

@@herbertant4096 It's us, we live in a society. And societies have systemic societal issues. To deflect the problems in society on to individuals is disgusting.

@@tristanwh9466 Human capital is not fair. We are not all created equal, and are never going to be equal. Somewhere along the time we are given a value by our peers and that’s what will decide what your status will be in terms of finances. One thing is certain, however. The poor are not always the fault of the rich, but the rich are always the fault of the poor.

Make sure you come up to the bronx and spend some of your tourist money in some BLACK communities.

Eh, just about any European city has more beautiful and more interesting architecture than NYC.

@@blackleague212 I was in Harlem last time, that OK with you?

@@camthesaxman3387 I've been around a lot.

@@jonbeargenx Oh, well that is very good, I expect you to visit Harlem. The Demon King is from Harlem, and His writing will destroy Heaven, forever, Amen. His beauty will wash over all prophesies created by mankind. NYC is his gemstone, and Harlem is at His feet. You have earned a dark spiritual blessing on this day, Sir Bjømerud. A kiss of the Loa, and the charm of the santeria. How lucky are you!? Your soul be sealed and counted on this auspicious day. Amen æl dimm thaRR.

A giant pile of money that is pegged to a real estate dollar, sure. And that's horrifically volatile. Which means even MORE money is spent padding the pockets of assessment agencies while ensuring "premium demand" (talking up the value within the real estate sector, buying up real estate to ensure scarcity, lobbying politicians to approve gentrification projects, etc.).

kind of like nfts

not quite, its speculative investments actually. when wall st controls the value of the dollar, owning anything is better than owning a dollar.

Imagine being a billionaire and knowing you could comfortably invest and keep making money and at the same time, help your city or your country. But not doing it, ever. Instead, just spend it in pleasure.

L know❤🎉

This statement speaks volumes as a recent Architecture school grad... definitely an interesting future ahead of us.

deciding how to develop these properties is a task I would not wish to undertake. No best choice with so much at stake. Get multiple proposals than eini meani miney moe?

The problem is shown in the UK where the housing is used to a large extent as a money laundering asset repository for the funds pouring in to London which creates prices that bleed out in to the provinces. The middle classes cashing in buy in to the provinces for a second or primary home outbidding the locals and prices spiral leaving them homeless or with their parents until old age. The pressured limited housing stock in the UK coupled with its unsustainable population level is a major social disaster in the making.

@@michaeld5888 Almost with you until you claimed "unsustainable population level" - the UK is nowhere near as densely populated as Hong Kong and others!

Unfortunately that is true not only for housing, food, fuel, toilet paper. Everything seems to become an investment destabilizing our world... :(

mass hypnosis myst suit your sort.......

Preach !

There's just less money in doing the right thing. No one is interested.

No, demand needs to be backed by funding... I'd not get too preachy unless you want to disclose how much of your personal wealth you're gonna give up to contribute toward building regular homes for buyers with no money........

Thanks to restrictive building codes, it's not profitable to build new construction for affordable housing.

@@sabni8668 so you just keep building houses for rich people who don't want them....

Then talk to the government and ask them why they keep inflation going... people HAVE to sell their properties for more the next year cause the government inflates our dollar every year. That's not our fault.

This needs to stop.

Welcome to the last days of the empire. Enjoy the spectacle while it lasts.

Only the rich can stop the rich.

@@BeyondDaX you make it sound like the rich are attacking you

Sounds exactly like the conditions in Venezuela for the working class

@@KPCienega ........ if they get a U$ supported gummint. Send in more assassination squads.

@@KPCienega will be the same in the US if people continue to allow corporations to buy out the federal government, thanks Regan.

Thank you Fed.

Also helps to reduce money laundering and tax evasion. Kudos to the Netherlands.

Holland looks like old crap. They take good care of their old crap. :) I love it there but when I get the urge to see the 21st century I look elsewhere.

@@truthvigilante2180 Uh, no.

@@clintonflynn815 there’s absolutely no other way around it