Is a Housing “Shortage” Really the Cause of Unaffordability?

 May 15, 2024 / NYC Government & Politics / NYC Real Estate & Business / City of Yes Special Report Series / News Analysis & Opinion / Manhattan Buzz. Published with permission from Andrew Berman, Executive Director of Village Preservation in NYC.

With the recent conditional repeal of the state’s cap on the allowable density of new residential construction in New York City, and the Mayor’s “City of Yes” proposal making its way through the public approval process, it’s an opportune time to look at the arguments behind this ever-growing push to increase the permitted size and amount of new residential development in New York City. Undergirding all of these is the contention that housing prices are up in New York City because we’re not building enough market-rate housing, and that certain parts of the city, like most of Manhattan south of Harlem, aren’t doing their fair share to address New York City’s housing needs. Let’s look at how well these claims line up with the facts.

Some data points often cited include the large increase in New York City’s population, which according to the census rose from 8.175 million in 2010 to 8.804 million in 2020, or a 7.7% increase. Figures from this same period say housing prices in New York City also rose dramatically, and the recent NYC housing vacancy survey shows record low housing vacancy rates in the city. Taken alone, this would seem to present a compelling argument that housing construction in New York City is not keeping up with population growth, leading to insufficient supply and rising prices.

But the complete picture tells a very different story.

• CLICK here to read the rest of Andrew Berman's report examining the City of Yes and NYC's unaffordable housing crisis.

City of Yes Text Amendments - Huge Zoning Changes in the Works - Part II.

The Proposed 'City of Yes Text Amendments' will Roll Back Local Community Board [and Hence Communities] Input into What is Built & What Activities are Allowed in Their Communities

April 2, 2024 / Brooklyn Neighborhoods / NYC Real Estate / NYC Government & Politics / News Analysis & Opinion / Gotham Buzz NYC.

Just over a week ago I attended a Zoom call, organized by Community Board 6 in Manhattan, regarding the proposed City of Yes Text Amendments Part II being promulgated by Mayor Adams and his Administration. We collectively sat through about an hour long presentation, which I found to be most enlightening as well as a bit disconcerting should the proposed changes pass without significant alteration.

I have obtained permission to publish the slides, which due to technical issues, I have had to publish in the three [vs one] slide shows you see below [they are in chronological order].  I'll post my full report early next week, but in the meantime the slides should give you an idea of how big the changes really are and has been done in such a manner that you can begin to figure out how these changes may affect you.

Whether you are a tenant, landowner or real estate developer - and no matter in which borough you live - these changes, if passed unalterred, are going to significantly change how things are done in NYC. And the more I dig into this, the more it seems to be a roll back of community input, which is - in my mind - an essential / core element of any democratic process.

Isn't it?

While I'm still not done with the research, these changes look to be quite harmful to the people of NYC, in so many different ways, while failing to provide any sure path to growing our inventory of truly affordable housing.

Much more coming next week and over the next couple of weeks.

•  CLICK here to view the slide show presentation made regarding the City of Yes at the Manhattan Community Board 6 Meeting on March 25, 2024.

I. Queens & NYC Real Estate

Amazon Backs Off Building HQ2 in LIC NYC

Have the Opponents of the Deal Lost by Winning the Battle?

February 14, 2019 / Long Island City Neighborhood NYC / Queens Business NYC / Queens Buzz NYC.

Amazon, one of the world's largest and most successful companies, has withdrew its plans to locate a second headquarters in the Long Island City neighborhood of Queens. The giant retailer / technology company said it would continue with its other development plans in Nashville, Tennessee and in Arlington, Virginia - but was withdrawing from its plans to set up a second headquarters in New York City at this time.

Queens & NYC Residents Favor Amazon's Plan for HQ2 in NYC

According to a Quinnipiac Poll in December of 2018, 60% of Queens residents and 57% of NYC residents favored the arrival of Amazon HQ2. The reasons for favoring Amazon's move to New York include:

1) The promise of 25,000 new jobs.

2) Pricing pressure to lift rents and real estate prices [beneficial to property owners].

3) Higher tax revenue for the government because of economic growth. The arrival of Amazon HQ2 would increase the NYS / NYC taxable base by billion(s) in annual wages and commercial sales, although some of this would likely have come at the expense of existing businesses.

4) The promise of a tech / business eco-system.

But a Sizeable & Vocal Minority Oppose Amazon's Arrival

But a sizeable and vocal minority opposed the plan. The Quinnipiac poll indicated that 39% of Queens residents opposed the tax incentives [versus 55% who supported them], while majorities in Manhattan and Brooklyn opposed them, and majorities in Bronx and on Staten Island favored them.

Opponents cited the following rationales for opposition to the Amazon move.

1) The $3 billion in NYS and NYC tax breaks.

2) Opposition to unionization by Amazon.

3) The expected inflationary impact on local rents and real estate prices [negative impact for tenants / prospective home buyers].

4) The ground terms of the deal were secretly negotiated by the Governor & the Mayor without legislative input.

The Opposition by Local Pols Was Cited as Squelching the Deal

Amazon issued a statement citing opposition by local pols as its reason for withdrawing from its plans at this time, while simultaneously thanking NYS Governor Cuomo and NYC Mayor de Blasio. Here are a few excerpts from a statement issued by Amazon.

“... we’ve decided not to move forward with our plans to build a headquarters for Amazon in Long Island City, Queens. For Amazon, the commitment to build a new headquarters requires positive, collaborative relationships with state and local elected officials who will be supportive over the long-term ... While polls show that 70% [Editor's Note: the percent favoring the move differs from the independent Quinnipiac poll taken in December 2018] of New Yorkers support our plans and investment, a number of state and local politicians have made it clear that they oppose our presence and will not work with us to build the type of relationships that are required to go forward ... We are deeply grateful to Governor Cuomo, Mayor de Blasio, and their staffs, who so enthusiastically and graciously invited us to build in New York City and supported us during the process ... We do not intend to reopen the HQ2 search at this time. We hope to have future chances to collaborate as we continue to build our presence in New York over time.”

I added the bold on the last couple of lines, because it seems to indicate that Amazon is still interested in expanding here. As of just before 11 am today, only an hour or two before the announcement was made [lunchtime EST], Amazon's ads pitching the community continued airing on the New York Times website - see graphic above right.

So what's next? Dunno, and I am not sure anyone else does either. Perhaps nothing for a while.

But I conjecture that Amazon, like Google and Facebook who preceded them, will grow its footprint in New York City, even without the special tax incentives. Why? Because New York City is one of the few places equipped to provide a diverse, well-educated, sophisticated workforce to accommodate large and rapid corporate growth. It's worth mentioning that only a couple of months ago, in November 2018, Google announced that it would proceed with a $1 billion expansion in New York City without any special tax incentives.

Meanwhile, remember to do something nice for your loved one and yourself, for Valentine's Day. Life goes on.

The Times They are a Changing

Amazon Coming to LIC w/ Sites Secured

New Jobs, Tax Incentives, Real Estate & Housing Impacts & Dissent

November 13, 2018 / Long Island City Neighborhood / Long Island City Real Estate / Queens Buzz NYC.

According to a November 13, 2018 Washington Post report, yesterday Amazon, NYC and NYS made public, that half of the second headquarters for Amazon would be erected in Long Island City. The other half is going to Crystal City in Arlington, Virginia; and there was a third award - not of headquarters - but rather a new operations center which is to be erected in Nashville, Tennessee which is expected to create 5,000 additional new jobs there.

The photo at right shows Hunters Point Park South along the East River in LIC. This park is just south of and adjacent to Anable Basin, one of Amazon's new HQ2 sites, and only a ten minute walk from the other one on Jackson Avenue near Citibank.

New High Paying Jobs?

The announcement included that the two new HQ2 units would eventually create 25,000 new jobs - EACH [Long Island City, NY & Arlington, Va]. In Long Island City it was expected that 3,000 new jobs would be added over the next three years, with the remaining 22,000 coming roughly over the course of the coming decade [ending 2030]. The hiring for the new locations will begin in 2019.

The NY Times in a November 12, 2018 report indicated that many of the salaries paid to the people working at the new HQ2 would make upwards of $100,000*, which they contrasted to the median income of those living in the nearby Queensbridge Housing projects where the median income is $15,000. They noted in that report that many local citizens are leery of the change, feeling rents and the cost of real estate will rise forcing many residents to move. We've heard this anecdotally as well.

HQ2 Near Low Income Queensbridge Housing Projects

The same NY Times report also stated that Amazon said it would spend $5 million on jobs training programs and resume workshops to assist Queensbridge Housing project residents. They also said they would provide incubator space for artists and tech start ups.

The November 13, 2018 Washington Post report included some indication of the upside / downside in the real estate market stating,

"Amazon’s growth is also likely to put new strains on housing. Since Amazon’s arrival, Seattle has become one of the most expensive places in the United States to live, forcing lower-income residents to move to far-off suburbs. The city and surrounding King County declared a state of emergency in 2015 over homelessness."

At right is a photo of one of the Queensbridge Housing projects in LIC a couple of years ago. The Queensbridge Housing projects have been the recipient of government investments in recent years, including significant roof repairs. Queensbridge Houses are located about a half mile north of the old downtown LIC by 50th Avenue and Vernon Blvd [St Mary's Church is the landmark] and only a stones throw from Queens Plaza.

Amazon Founder Pledges $2 Billion to Address National Housing Crisis

The report went on to include some heartening news for those feeling threatened stating,

"Since beginning the headquarters search, Bezos and the company have made several announcements that could soften Amazon’s image as it moves to open its second hub. Bezos announced in September that he would donate $2 billion of his own money to support groups battling homelessness in America and to create a network of preschools in underserved communities. In October — after bearing months of criticism from Sen. Bernie Sanders (I-Vt.) over its treatment of workers — Amazon announced that it would raise its minimum wage for all employees to $15 per hour."

The photo at right shows Sunnyside Yards, for which a development plan is in the process of being drafted. Sunnyside Yard is on the eastern border of LIC and it is a large swath of over 192 acres of land that separates Long Island City from the rest of Queens. An NYEDC [New York Economic Development Corporation] spokesperson told me that a study indicated that 180 of the acres are potential development property.

Click here to view a special report series on the Sunnyside Yard.

Market Turbulence: LIC Real Estate Market Supply, Demand & Prices

But real estate speculation appears about to begin, as the November 13, 2018 report by CNN noted,

"The real estate listing website Redfin found searches in the first six days of November grew 345% from the same period last year in Crystal City and 659% in Long Island City."

This has roiled the real estate markets, with sellers ratching up their asking prices, or deciding to rent instead of sell. A memorable quote by developer Tien Vominh in the CNN report was,

"everything's kind of cloudy ... I think it'll settle down once people realize that those 25,000 people are not on a plane headed in this direction."

In recent years LIC has seen the largest residential unit growth of any neighborhood - not just in NYC - but in the nation as well, according to a September 2017 report in the National Intelligencer. Prices for LIC rentals had been languishing the last year or so because of the rapid growth in residential unit supply. There have been reports / rumors of generous incentives being offered to potential tenants, and LIC residential unit sales prices have reportedly been softening. Continued demand, rapidly growing supply and ongoing price fluctuations seem likely in the coming years, as Amazon begins hiring in 2019, while many more residential units are scheduled to come online over the next couple of years. And there's the big unknown regarding the development of most of the 192 acre site of Sunnyside Yard.

In the photo at right is the Anable Basin during the summer time. The Anable Basin is located just north of, and adjacent to Gantry State Park along the East River in LIC. According to the LIC Post, this is where part of Amazon's HQ2 will be located using a combination of public and private land. I hear that the site deals have already been secured.

Dissent: Pros / Cons of Governor Cuomo's Generous Incentives

A November 13, 2018 NY Times report also said that NYS Governor Cuomo pledged up to $1.5 billion** in tax incentives / credits through its Excelsior discretionary fund. And NYS Governor Cuomo offerred up to $500 million in a capital grant to aid Amazon in erecting new buildings. Traditional local and state tax incentives will also be made available to the retailing giant.

In a November 9, 2018 Op Ed in the NY Times former gubernatorial and NYS Attorney General candidate, Zephyr Teachout, and NYS Assemblyman Ron Kim of Flushing / Whitestone / College Point / Murray Hill, took a strong stance against the deal, stating the NYS return on incentives given to businesses is the second worst in the nation [based on a study by the Citizens Budget Committee NY a non-profit watchdog] and that the incentives given by NYS represent 77% of the total tax dollars paid by businesses.

In a November 14, 2018 Democracy Now interview, Queens Assemblyman Ron Kim also accused Governor Cuomo of bypassing the legislature in order to allocate billion(s) of taxpayer funds, to a company controlled by the wealthiest man in the world, to subsidize expansion plans that likely would have occurred with or without the subsidies.

The map at right shows approximately where the Amazon sites are being developed. The Sunnyside Yard, just east of them, represents over 192 acres of a mix of federal, state and municipally controlled land [per Wikipedia] of which 180 of the acres are currently in the planning process for potential future development [NYEDC spokesperson]. A mix of affordable housing has been mentioned as one of the top contenders for site development, but it should be noted that the Administration of former Mayor Michael Bloomberg labeled apartments that rented for over $48,000 per year in Hunters Point South - affordable.

Amazon Cites Economic Impact Using Seattle as Example

According to the LIC Post, One Court Square West [aka the Citibank Building] is where one of the Amazon HQ2 buildings will be located. An NYEDC spokesperson said that Amazon has rented some of the floors in the Citibank Building on Jackson Avenue, but that he was not familiar with any of those details as they were part of a private transaction. In the photo at right you can see the Citibank Building where Amazon will begin working / hiring in 2019.

Winners & Losers of Amazon Arrival

On November 13, 2018 CNN reported that Amazon said that from 2010 to 2016 it added $38 billion to the economy of the city of Seattle - its current headquarters. In a November 11, 2018 report CNN also said that employees who work in Seattle will have an opportunity to relocate.

Lastly, there was a second report in the Washington Post on November 13, 2018 - which by the way is owned by Amazon founder Jeff Bezos, so the Washington Post ought to know - that outlined who it expected to be the winners and losers. The winners are property owners and developers and highly skilled workers, while the losers will be renters, low income residents, commuters due to increased transit volume, some small businesses and rival tech companies.

* The incomes reported by Governor Cuomo have been higher than those reported by news outlets [I heard $150,000 in one report]. This may possibly be due to Governor Cuomo's use of 'average' income versus a more fair metric of 'median' income. Using average income can significantly distort the picture - as by averaging in one or a few very high income earners - the average amount can rise significantly, making up for a lot of lower earning jobs. While median income means that half of the people are earning more than the median amount and half the people are earning less than the median amount. Hence median income is generally considered a more fair metric, as a few big wage earners' incomes won't distort this measure.

** The tax incentives / government subsidy numbers reported / estimated by Amazon and government officials - appear to lower than those reported / estimated by opponents - by totals ranging from $600 million to more than $1 billion.

De Blasio's State Of The City Address

NYC Mayor Maps Out A Framework To Tackle NYC's Affordable Housing Crisis

Real Estate Lobbyist: "Zoning Is The Equivalent Of Minting Money"

February 9, 2015 / NYC Neighborhoods / NYC Government & Politics / Gotham Buzz NYC.

Mayor Bill de Blasio sent the NYC political, media and real estate worlds abuzz on Tuesday, February 3rd, 2015 when he laid out his administration's plan to solve one of the severest shortages of affordable housing in the history of New York City. It seems everyone had something to say in response to it - from the folks on the street to the NYS Governor. NYC Mayor Bill de Blasio is shown standing in the bottom left corner of the photo, after giving his first State of the City Address.

The housing crisis in New York City reached crisis proportions during the Bloomberg Administration. Former Mayor Bloomberg's approach to the issue was to let rent regulated apartments expire or become transformed to encourage investment, provide generous tax incentives and city land deals to real estate developers to build luxury high rise apartments, and build more homeless shelters.

A severe shortage of affordable housing was lurking in the background, as candidate Bill de Blasio began running for the office of mayor with the theme of "the tale of two cities". His campaign keyed into the pinch being felt by the 70% of New Yorkers who rent.

Thus one year later, while giving his first State of the City Address, the 109th Mayor of New York City put the affordable housing problem front and center for his Administration in a manner similar to what he had done on the campaign trail.

And in doing so, the Mayor set afire talk about affordable housing by city and state pols, the media and city real estate developers.

Click here later in the week to read the rest of our report about Mayor Bill de Blasio's State of the City Address, including reactions by banking and real estate executives, members of labor unions and other government officials. By Michael Wood.

NYC Landlord Harassments Continue

NYCCM Helen Rosenthal Hosts Housing Clinic to Inform Renters of Their Rights

May 29, 2018 / Upper West Side Neighborhood / Manhattan Real Estate / Manhattan Neighborhoods / Manhattan Buzz NYC.

MB - S.

On Wednesday, May 25th I went to the Goddard Riverside Community Center on Columbus Avenue at 88th Street to attend a housing clinic designed to inform renters of their rights.

***The following introduction is based on prior research done by me, and was not information provided at the housing clinic. I'll let you know when I segue out of my preamble and into the housing clinic.***

Over the past decade landlords appear to have become increasingly aggressive in trying to wriggle out of NYC and NYS rent stabilization regulations, that govern the rental payments under which about two million New Yorkers live.

It is my understanding that the government contributed land and / or financing to build or repair the buildings governed by NYC / NYS rent stabilization laws in exchange for the pricing rights on rent stabilized units. Many of the new landlords who have acquired rent stablized buildings, may possibly be in violation of approaching their business contract(s) in good faith, as the definition of good faith according to Wikipedia is:

"In contract law, the implied covenant of good faith and fair dealing is a general presumption that the parties to a contract will deal with each other honestly, fairly, and in good faith, so as to not destroy the right of the other party or parties to receive the benefits of the contract. It is implied in every contract in order to reinforce the express covenants or promises of the contract. A lawsuit (or a cause of action) based upon the breach of the covenant may arise when one party to the contract attempts to claim the benefit of a technical excuse for breaching the contract, or when he or she uses specific contractual terms in isolation in order to refuse to perform his or her contractual obligations, despite the general circumstances and understandings between the parties. When a court or triar or fact interprets a contract, there is always an "implied covenant of good faith and fair dealing" in every written agreement."

What is at stake, throughout the city, is literally hundreds of millions and more likely billions of dollars in - rental benefits or rental income streams - depending on which side of the struggle you're on. The landlords appear to be trying - using the torturtous side effects of construction including noise, health risk dust [inhalation], privacy loss and apartment functional loss - to wrest away the billions of dollars of rental pricing rights benefits from tenants to be pocketed by the landlords themselves. Given the high dollar value of what's at stake - including people's homes - this seems like attempted grand larceny, especially in cases where landlords are breaking the law to achieve their goals.

This will be continued at a later date. Including the segue into the information provided by the Housing Clinic to inform tenants of their rights.

Tenants' Rights March & Rally - June 14th Midtown at 4.30 pm

P.S. There's a March & Rally scheduled for June 14th, beginning at 4.30 pm, at the NY Public Library at 5th Avenue and 40th Street. They plan to march to Governor Cuomo's office at 3rd Avenue and East 41st Street. For details contact info@realrentreform.org or call 212.979.6958. All but one of the No IDC NY senatorial candidates have been invited to participate, and there's a possibility that NYS gubernatorial candidate Cynthia Nixon will be there too - as this seems to coincide with her reasons for challenging Governor Cuomo.

II. Queens Neighborhoods Real Estate

Plans for Sunnyside Yard Moving Along

Window of Opportunity Closing for Residents' Input into Likely the Single Most Important Real Estate Development in Queens in a Lifetime

May 14, 2019 / Queens Neighborhoods / Queens Real Estate / Queens Buzz NYC.

The Sunnyside Yard development effort began on February 9, 2015, when Mayor Bill de Blasio presented a vision for the development of Sunnyside Yard in his first State of the City Address. The first effort in the project was a Feasibility Study, which began soon thereafter.

Two years ago, on April 18, 2017, I attended a session where the NYC Economic Development Corporation presented the results of the Feasibility Study to the Community Board in Sunnyside regarding the building of a deck over Sunnyside Yard, in a fashion similar to what was done over a century ago, when the rail lines heading north from Grand Central Station were decked over and Park Avenue was paved over them. Click here to read our series on the History of Sunnyside Yard.

The photo to your right shows Park Avenue between 1910 - 1920, being decked up above NYC infrastructure.

Sunnyside Yard Public Meetings: Moving Along the Development Curve

Last year, on October 24, 2018, the NYC Economic Development Corporation hosted an estimated 375 people at the NYCEDC's first Public Meeting at La Guardia Community College in Long Island City. I was told that they had modified the process and expanded the venue there in order to accommodate the community interest. The goal of the meeting was to obtain community input on how to utlize, the largest publicly controlled space in New York City, likely to be developed in our lifetimes.

The photo at right shows some of the elevated roads traversing Sunnyside Yard, in the same manner as some of the east / west roads traversed Park Avenue in the early 1900's. The plan is to deck it over to make use of the nearly 180 acres that encompass the space.

And on March 26, 2019 the NYCEDC held their second Public Meeting at PS 166Q Henry Gradstein Elementary School in Astoria. At this meeting the NYCEDC and the committee presented the findings of the first Public Meeting, and then oversaw breakout sessions by topic for anyone interested in contributing input into the direction of the Sunnyside Yard development project.

Sunnyside Yard Development & Community Input: Three Categories

The breakout sessions centered around three primary topics: 1) Urban Design, 2) Transportation and 3) Open Space. I chose to attend the transportation session, as it represents the underlying infrastructure - but I must admit that I would have also liked the opportunity to sit in on the two other sessions, as each has its own set of opportunities and costs.

More coming later today. I also placed a request earlier this morning with the NYCEDC as to the timing of next steps, as the information was not available on their website.

Sunnyside Yard Inches Closer to Development

The Wheels have been in Motion Ever Since Mayor de Blasio First Unveiled his Vision for Sunnyside Yard in 2015

January 7, 2018 / Sunnyside Neighborhood / Long Island City Neighborhood / Queens Neighborhoods / Queens Real Estate LIC Astoria Sunnyside / Queens Buzz NYC.

On Tuesday, February 3rd, 2015 - in Bill de Blasio's first State of the City Address in Manhattan - the Mayor unveiled a vague vision for for the development of Sunnyside Yard in Queens. Following Mayor de Blasio's announcement, the city initiated a feasibility plan to investigate the issues associated with developing the space atop what is now the open space of Sunnyside Yard. Sunnyside Yard lies near the eastern side of Long Island City and the western side of the Sunnyside neighborhood.

Prior to the Mayor's announcement, and continuing to this day, western Queens - but most specifically Long Island City - has been under siege by real estate developers. They have bid up the prices on old buildings and empty lots, and following the purchase of them, have then erected tall skyscraper buildings at a rapid, mind-boggling pace. By the early 2020's, NYC real estate developers will have added tens of thousands of residential units to the Long Island City neighborhood alone, in less than a decade and a half.

In the photo at right, Mayor de Blasio talking to members of the press and audience, following his first State of the City Address in 2015 in Manhattan.

A Changing & Evolving Landscape in Queens

Like all change - there are winners and losers and there are good things and bad things - that come of any change. I've tried to capture a bit of both in my reporting of Long Island City's growth over the past decade or so, but for the purpose of this report, I will leave a discussion of the many issues associated with change, here.

In October of 2018 there was a community meeting at LaGuardia Community College regarding future plans for Sunnyside Yard. Over 300 people came to watch the slide show, view the exhibits, and interact with the NYC Economic Development [EDC] team that is spearheading the effort to include community sentiment and address community issues in any future development of Sunnyside Yard.

This is the beginning of an 18 month long process to engage the community in identifying and managing issues associated with the development of Sunnyside Yard.

In the photo at right are various members of the Queens community who came out to view the exhibits and slide show put together by the NYC EDC regarding the future development of Sunnyside Yard.

WORK IN PROGRESS - more to come later this week.

Astoria Real Estate Section - Multiple Stores over Multiple Years

CLICK here for the Astoria Real Estate Section.

Steinway Mansion Special Report Series - 2009 - 2016 - QB 566

Click here to view over a dozen reports on the Steinway Mansion in Astoria Queens. Click the report below to see a few additional shorter reports.

Update: LaGuardia Airport Development Project

First Phase Moving Along with Second & Third Phases About to Begin

April 24, 2017 / Astoria Neighborhood / Queens Real Estate / Gotham Buzz NYC.

I attended a Community Board One meeting at the Astoria World Manor on Wednesday, April 19th. People representing the LaGuardia Airport development project were scheduled to provide the community with an update regarding several of the multi-billion dollar renovation projects associated with LaGuardia Airport, that are either currently in the works or nearing the end of the planning process.

The presentation was split into three parts: 1) LaGuardia Airport development project construction updates, 2) traffic mitigation efforts and 3) community outreach including job opportunities related to the projects.

Click here to read our report on the LaGuardia Airport development project & expansion, related job opportunities, its possible impact on travel times to the airport and the public hearing details on May 3rd, 2017 in Flushing. We have also included a small bit of history about the airport and the fight over the property and development in Flushing Meadows Corona Park. The graphic at right was created as part of the LaGuardia Airport development project.

Flushing Real Estate Section - Multiple Stores over Multiple Years

CLICK here for the Flushing Real Estate section.

Michael Bloomberg's Real Record as NYC Mayor

This Contains the Part of Bloomberg's Record You Won't See in His Ad Campaign

December 16, 2019 / NYC Neighborhoods / NYC Politics & Government / News Analysis & Opinion / Gotham Buzz NYC.

I started reporting for Queens Buzz in the second half of 2007, in anticipation of the website opening in 2008. At the time, politics wasn't in the docket. But over time, as I watched government and political events unfold, I couldn't ignore the huge gap between what was happening - versus what was reported to be happening.

Thus over time I began reporting on NYC, NYS and eventually national politics, doing in-depth research along the way, so that I could provide our readers with a fresh point of view, based on facts and knowledge, with scant pandering to the politicial spin.

While I only began tuning into NYC politics as a reporter during Michael Bloomberg's third term, I had picked up information about him prior to that as an aware NYC resident / voter. My first glimpse into Republican Mayor Michael Bloomberg's anti-democratic tendencies came about in 2004, during the Republican Presidential Convention, when Bloomberg appeared to illegally lock up people protesting the wars and policies of then president George W. Bush. But before I delve into that aspect of Bloomberg's performance, I want to highlight a few others.

Disdains Democracy: Overturns Mayoral Term Limits

In 2008, just a year before former Mayor Michael Bloomberg was about to be term limited out of the Mayor's Office, he convinced the NYC City Council to override the plebiscite that term limited his time in office as the Mayor.

Thus Michael Bloomberg sought and won a third term - which he essentially bought - by funding his campaign with nearly $100 million of his own money, to defeat an relatively unknown candidate, retiring City Comptroller Bill Thompson.

Thompson was not given much support by the Democratic Party in that election, likely because they didn't believe he would do anywhere near as well as he did, and they were competing with a billionaire who could / would and did greatly outspend the competition. The final vote was 50.7% for Bloomberg and 46.3% for Thompson.

Did Former Mayor Bloomberg Override Term Limits in Order to Cash In NYC's Municipal Real Estate Holdings?

The deals on the Bronx Terminal Market, Hudson Yard, Hunters Point South & Flushing Meadow Corona Park were all begun in 2007. So were the two multi-billion dollar [each] subway line extension projects - the Q and the #7.

All of the real estate developments and the two major subway infrastructure projects seemed to greatly benefit one person - Stephen Ross and his privately held Related Companies. Stephen Ross went from not being counted as a billionaire at the beginning of Bloomberg's Mayoralty, to becoming the richest real estate developer in New York City within a couple of years after he took office.

It's worth noting that Bloomberg's net worth during this period shot up too. And that Bloomberg LLP, the company he founded, also operates in NYC and is also privately held.

Former Mayor Michael Bloomberg's Real Record as Mayor

The Real Record of Mike Bloomberg's Accomplishments as Mayor - Doubling of Homelessnes, Taxpayer Funded but Privately Owned Luxury Apartments, Massive Public Land Giveaways to Friendly Developer, Massive Public Transit Spending Benefitting Same Developer, Privatization / Profitization of Many Public Schools, Failure to Negotiate with Unions, City Time Scandal & Racist Stop N' Frisk Policing Program

The report includes:

1) HOMELESSNESS: Bloomberg had a horrendous record on homelessness which broke all records & doubled during his Mayoralty.

2) AFFORDABLE HOUSING: Bloomberg sold the public on funding 'affordable' apartments that rented for $48,000 per year. These were publicly funded but privately owned apartment units that Bloomberg sold to the public as 'affordable' in order to gain passage of the bills authorizing them.

3) PUBLIC LAND GRAB. Four huge real estate developments appeared to be given to Stephen Ross & Related Companies which are now worth billions. The public lands reportedly sold for $1 apiece include Hudson Yard, Hunters Point South and the still pending Flushing Meadows Corona Park development. I'm not sure but Bronx Terminal was also transferred in a sweet deal to the real estate developer Stephen Ross & Related Companies.

4) PUBLIC SPENDING BENEFITTING FRIENDLY DEVELOPER. Bloomberg pushed two subway line extensions that seemed to disproportionately benefit Stephen Ross & Related Companies. The subway line extensions were 1) the #7 subway line extension that supported Stephen Ross & Related Companies Hudson Yard development and 2) the Q subway line extension which greatly enhanced the value of Stephen Ross and Related Companies Upper East Side properties.

5) PRIVATIZATION OF PUBLIC SCHOOLS. Bloomberg's privatization of a significant portion of the NYC public school system which appeared to tear apart the NYC public school system by enabling for profit private charter schools, disproportionately favoring Eva Moskowitz and Success Academy, to recruit the best students of the NYC public school system, while leaving the rest behind in the hands of the public and unions;

6) UNION BUSTER? Bloomberg's failure to sign a single major union contract during his 12 year administration and the

7) GIULIANI / BLOOMBERG CORRUPTION. City Time corruption scandal.

8) RACIST POLICING POLICY. Presided over racist Stop N' Frisk policing policy.

CLICK here to read the rest of our report on the part of the Mike Bloomberg's record of Mayor. The part of the Bloomberg record you won't see in his $33 million ad campaign to convince Democrats to vote for him. Billionaire Bloomberg, like the billionaire President, seems to have an inclination to distort the truth.

Sterling Equities & Related Companies Lose Court Battle - JULY 6, 2015 - BK 58 (below)

Sterling Equities & Related Companies Lose A Court Battle

Plans to Build Shopping Mall on Flushing Meadows Corona Park Land Reversed on Appeal, but Legal Wrangling will Continue

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">July 6, 2015 / Flushing Neighborhood / Queens Real Estate / News Analysis & Opinion / Gotham Buzz NYC.

This report is based on an Associated Press report dated July 2, 2015 and a Queens Tribune story dated August 28, 2014.

In August of 2014, New York State Supreme Court Judge Manuel Mendez decided in favor of Related Companies / Sterling Equities by throwing out a lawsuit filed by the City Club of New York and NYS Senator Tony Avella.

The plaintiffs alleged that billionaire Stephen Ross's Related Companies, the real estate developers of Hunters Point South and the Hudson Yards, and the Sterling Equities which was co-founded by the NY Mets owners, mega-millionaires Saul B. Katz and Fred Wilpon, had not gone through the NYS legislature for the approval of the transfer of the parkland as required by law.

The lawsuit, filed in February 2014, alleged that the transfer of 47 acres of Flushing Meadows Corona Park land that currently represents the western part of the Mets parking lot, was done without following the procedure for a proper public review [see photo above right]. The City had proposed transferring the 47 acres to Related Companies / Sterling Equities who had planned to build a 1.4 million square foot shopping mall next to Citifield.

The NY City Council and the billionaire former Mayor Bloomberg approved the project in October 2013, but the proposal never went to Albany for a vote. According to the Queens Tribune report one of the plaintiffs said that the Judge Manuel Mendez's ruling goes against the Public Trust Doctrine, ignores longstanding case law history, and bestows too much power that was formerly the purview of the Board of Estimate in one person: the NYC Mayor.

On Thursday, July 2nd, 2015, the four-judge Appellate Court overturned Judge Mendez's decision and ruled that the Willets West Mall Project was illegal because the land is a part of Flushing Meadows Corona Park, in spite of its current paved over status as a parking lot [see 2009 photo above].

And because it is a part of the public parkland of the people, it may not be turned over to the real estate developers without approval of the NY State Legislature. The judges rejected the ruling in favor of the mall development made by Judge Manuel Mendez, wherein Mendez sided with the wealthy real estate developers who argued that the 54 year old, 1961 law authorizing the construction of Shea Stadium, also included a mall.

The photo above shows the Citifield parking lot in 2009, as it was being paved over following the demolition of Shea Stadium which was authorized in 1961. The new Citifield stadium built to replace Shea, is smaller.

According to the Associated Press report, a spokesman for the real estate developers said that they would appeal the decision.

Click here for the full report on Sterling Equities Saul Katz Fred Wilpon / Related Companies Stephen Ross lose court battle over Flushing Meadows Corona Park development in Flushing Queens.

Use of Eminent Domain by Bloomberg / NYC - April 14, 2011 - QB 648

Long Island City Real Estate Section - Multiple Stores over Multiple Years

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How The Other Half Lives

September 23, 2013 / Long Island City Neighborhood /Manhattan Real Estate / Gotham Buzz NYC _ D.

I attended a reception hosted by TF Cornerstone in late September to celebrate the official opening of their fifth property. The building had been completed earlier this year and the first tenants had moved in sometime in May. I understand they've rented about 70% of the units, so they've been moving briskly.

I visited a couple of the units for rent, including a studio that started at about $2,300 per month and a two bedroom corner that likely rented for something like $5,000 per month [give or take several hundred]. To those of us who live in Queens, these are expensive units, but to those who live in Manhattan - given the views and amenities - these are good value. Like the headline says : )

The photo to your right shows a view of one of the new properties currently lining the LIC waterfront, with a northward looking view of Manhattan.

NYC Real Estate Market - Apartments, Condos & Office Rentals & Sales - October 1, 2013 - QB 885

Stringer Conditionally Approves Midtown East Development

September 12, 2013 / Manhattan Real Estate / Gotham Buzz NYC _ D.

We attended the Community Board 6 Meeting in Manhattan on Wednesday following the election and heard the announcement that outgoing Manhattan Borough President Scott Stringer had conditionally approved the large scale development in the eastern section of Midtown Manhattan.

Stringer noted that the new developments would put significant stress on existing infrastructure and must be addressed as part of the plan.

Sunnyside Woodside Real Estate Section - Multiple Stores over Multiple Years

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Queens Real Estate Section - Multiple Stores over Multiple Years

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