NYC Skyscrapers Sit Vacant, Exposing Risk City Never Predicted

Re:NYC Skyscrapers Sit Vacant, Exposing Risk City Never Pred... by daveslash on Thursday May 18, 2023 @07:46PM (#35995942)

Reading the title, my initial thought was residential skyscrapers. Reading the article clearly indicates that it's discussing offices.

But back to residential: I understand that many wealthy people buy real estate for the prestige of having a certain address or as a way to "lock up" wealth in an asset. See Billionaires Row [0] [1]

[0] https://en.wikipedia.org/wiki/Billionaires%27_Row_(Manhattan...

[1] https://nypost.com/2021/08/05/nearly-half-of-luxury-units-em...

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Re:NYC Skyscrapers Sit Vacant, Exposing Risk City Never Pred... by bobthepanda on Thursday May 18, 2023 @07:55PM (#35996009)

Billionaires and vacant apartments cause issues, but they at least pay taxes. An office building with no tenants will face plummeting property values and a corresponding dive in tax bills.

* Note: residential property taxation in NYC is in dire need of reform but the point still stands

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Re:NYC Skyscrapers Sit Vacant, Exposing Risk City Never Pred... by michaelteter on Thursday May 18, 2023 @08:02PM (#35996062)

Regarding property ownership, for a number of recent years it has been a challenge to find "safe" places to park money. Real estate in NYC and other prime locations is probably seen as pretty safe.

Also, if you have true "FU" money, then owning a piece of prime NYC real estate is just another mark on your bedpost, like your superyacht.

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