Monday, April 28, 2014

Pope Francis' Inequality Tweet-And the Housing Crisis in NYC

On Monday, Pope Francis tweeted the following, "Inequality is the root of social evil." It was retweeted over 10,000 times by the afternoon. Some think the Pope may have read or heard about Thomas Piketty's best selling book about capitalism titled, "Capital in the Twenty-First Century?"
There happens to be an interesting article on Huffington Post about what's happened to NYC real estate over the last decade. Recently it reached the absurd point.  One bedroom apartments in trendy NYC neighborhoods are selling for $500,000 -$800,000, that's for one bedroom.  The article at HuffPost Business titled, "NYC Is Even More Unaffordable Than You Think In 6 Charts," reports about the rents in NYC which have skyrocketed over the last decade, along with prices for homes and apartments while incomes have remained stagnant  or fallen.
I know about this firsthand. I hear about the frustrations that young people in NYC are facing as well as others, from my sons, whose friends have the same problem they have. Everything is too expensive and overpriced and whatever comes on the market, if someone is looking to buy, is difficult to purchase because sellers get multiple offers. The whole situation is absurd and frustrating. It's so sad because the middle class is being pushed out of New York. The poor are in an even worse situation and there doesn't seem to be any solution.
The artists, writers and artistic communities which add to the cultural interest and vitality of NYC can't afford Manhattan, parts of Brooklyn such as Williamsburg and Bushwick and trendy areas of Queens anymore, unless they're rich and famous.
Unless more affordable housing is built, the cultural and ethnic diversity that makes NYC great will be greatly affected and harmed.
Young people continue to find NYC a great place to live, and they're still moving here, but unless they have rich parents or grandparents or a trust fund, there aren't too many options. Or they try to find a neighborhood alittle further into the boroughs, that's not on everyone's radar yet.
I think greed, besides being a deadly sin,  is the root of social evil. And if you dig deep enough you'll find that greed is a part of the problem.
I still believe in capitalism, and America is still the greatest country in the world, in my opinion.
But something has to be done to improve the housing situation in America's popular cities. I'm not sure how it can be fixed but something is very broken when rents and prices of apartments and homes are unaffordable for most of the population, except for the rich.

"NYC has gotten less affordable much faster than the rest of the U.S."
"Brooklyn had it the worst. Rents rose there more than any other borough."