

Housing Prices in New York City - mgalka

Two recent articles:<p>Over 7,000 homes in New York City are now worth over $5M (the most expensive one ever was just sold for $100M).
http:&#x2F;&#x2F;www.wsj.com&#x2F;articles&#x2F;mapping-the-wealth-of-new-york-city-by-housing-values-1422929059<p>Rental apartments in New York are now being leased for as much as $500k-per-month.
https:&#x2F;&#x2F;revaluate.com&#x2F;blog&#x2F;highest-rents-in-nyc&#x2F;<p>I have always considered myself a libertarian, believing in the invisible hand of the free market.  But this is just crazy!<p>Can anyone justify why people are paying $500,000-a-month for an apartment?  How many lives around the world would that save?
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akrymski
I suggest you take a look at the stats for the number of billionaires in the
world over the past 10-20 years. Most likely that chart is very much
correlated to house prices in prime areas.

[http://www.wsws.org/asset/571f64b3-ef4c-400b-8c88-ebf662f82c...](http://www.wsws.org/asset/571f64b3-ef4c-400b-8c88-ebf662f82cbM/forbes-
chart.jpg?rendition=image480)

[http://www.the-crises.com/wp-
content/uploads/2010/12/wealth-...](http://www.the-crises.com/wp-
content/uploads/2010/12/wealth-inequality-usa-09.jpg)

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mtmail
I'm not biting. Your blog (revaluate.com) has posts like "5 of the strangest
building in NYC" and "5 most famous apartment buildings in NYC" so the post
"the highest rents in NYC" fits great to create some controversy but not
sincere discussion on money inequity. In other words I think you're looking
for extremes so people click on articles.

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mgalka
If you are alleging that the content on the Revaluate blog is created so that
people want to read it, then guilty as charged. However, neither of the posts
that you mention are particularly controversial.

If you do not think this is sincere discussion, I suggest you read some of
these articles.

[http://observer.com/2014/11/pied-a-terre-owners-use-city-
ser...](http://observer.com/2014/11/pied-a-terre-owners-use-city-services-too-
on-the-myth-of-the-benevolent-billionaire/)
[http://www.nytimes.com/2014/10/26/realestate/pieds-terre-
own...](http://www.nytimes.com/2014/10/26/realestate/pieds-terre-owners-
dominate-some-new-york-buildings.html)
[http://www.nydailynews.com/opinion/grateful-nyc-pied-a-
terre...](http://www.nydailynews.com/opinion/grateful-nyc-pied-a-terre-
article-1.1953048) [http://www.nytimes.com/2015/01/11/realestate/new-york-
citys-...](http://www.nytimes.com/2015/01/11/realestate/new-york-citys-
emptiest-co-ops-and-condos.html)

The libertarian in me says that taxing these ultra high end units is crazy.
But there are tens of thousands of people homeless now in NYC (more than ever
before), meanwhile all of the city's resources are going to build towers for
billionaires that will end up being vacant for most of the year. If you were
one of those families losing their home, I think you might feel very
differently

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babnik63
Really not many lives, they will spend it on another thing if they don't rent
apartment. People just loves their own life. :-)

