Bed-Stuy Gentrification | SCOTUS on Property Rights | East Midtown Rezoning

July 3rd 2013

  1. Back in a bubble? “It’s been less than four years since the end of the Great Recession, yet signs point to another potential bubble in the housing market. The Case-Shiller index of house prices in 20 U.S. metropolitan areas showed a 12.1 percent increase in April; it’s biggest annual gain in seven years. Furthermore, the biggest gains occurred in the same areas (California, Arizona, Nevada and Florida) that saw the largest gains, and subsequent losses, in the mid-2000s. ” [Rooflines – 07/02/13]
  2. Bedford-Stuyvesant record-breaker as apartment goes for $1M. “The gentrification of Bedford-Stuyvesant continues. This week, a two-bedroom apartment on Lexington Ave. went for the Brownstown Brooklyn price of $1 million - a sale that is believed to be a record in the rapidly upscaling neighborhood.” [New York Daily News – 07/02/13]
  3. The Supreme Court Just Handed Real Estate Developers a Huge Win. “The Supreme Court handed down a decision Tuesday morning that’s gotten considerably less attention than this term’s blockbuster battles over same-sex marriage and voting rights. But Koontz v. St. Johns River Water Management District will likely prove a historic property-rights ruling, with far-reaching implications for the leverage local land-use agencies may use to extract concessions from property owners and developers for the common and environmental good.” [Atlantic Cities – 06/25/13]
  4. As Bay Area strikes idles trains, commuters scramble. “The San Francisco Bay Area’s commuter train service was shut down by a strike on Monday, forcing hundreds of thousands of people onto overcrowded roads, bridges, buses and ferries. The dispute appeared headed into a second day as negotiations between the Bay Area Rapid Transit System and two of its largest unions broke down. No new talks were scheduled.” [New York Times – 07/01/13]
  5. Majority of Manhattan Community Boards Oppose East Midtown Rezoning. “Eight of Manhattan’s 12 community boards have come out in opposition to Mayor Michael Bloomberg’s proposal tooverhaul a 73-block area of East Midtown to allow for newer and larger skyscrapers. Community boards 5 and 6, which formally rejected the rezoning plan Friday, were supported by boards 1, 2, 4, 7 and 8 in the form of draft letters or resolutions. Board 10, in an email to DNAinfo New York, said it, too, ““supports the opposition of rezoning.” [DNA Info – 07/02/13]
  6. Opening Doors by Day, Painting on Canvases by Night. “For the last eight years, 32BJ has invited its members, who spend their days working as doormen, porters, janitors and window washers, to submit their artwork for a month long art show.” [New York Times – 07/28/13]
  7. Time Warner deal near. “A decade after its then-new headquarters helped anchor a Columbus Circle revival,Time Warner Inc. is poised to move again to a planned 80-story skyscraper developed by Related Cos. on Manhattan’s far West Side, said multiple people familiar with the company’s plans. The media giant would move to Hudson Yards and sell center to Related Cos.” [Wall Street Journal – 07/01/13]
  8. If you live in New York and you pay rent, you’re paying a tax you don’t even know about. “If you live in New York City, you probably know that your income taxes are high. A combined city and state tax rate of 10.4% kicks in at just $22,000 of taxable income for a single person. You probably don’t know that New York city has some of the country’s highest taxes on apartment buildings - and if you’re not subject to rent regulation, much of that cost is flowing through to you as a renter.” [Business Insider – 07/28/13]
  9. Federal Reserve approves banking reform measures. “The Federal Reserve laid out plans for future banking institution reforms Tuesday, approving the final regulatory capital rules for the Basel Committee on Banking Supervision. While there have been hiccups along the way - specifically,delays in regulatory implementation - the new rule will help ensure banks maintain strong capital positions.” [Housing Wire – 07/01/13]
  10. Loan practices of China’s banks raising concern. “Text message solicitations began arriving on the mobile phones of many of China’s wealthy last month, promising access to lucrative wealth management products with yields far above the government’s benchmark savings rate. The offers are not coming from fly-by-night operators but some of China’s biggest banks. They are raising huge pools of cash to finance a relatively new and highly profitable sideline business: lending outside the scrutiny of bank regulators. China’s regulators - and a fair number of economists, policy makers and investors - worry that legitimate banks are using lightly regulated wealth management products to repackage old loans and prop up risky companies and projects that might not otherwise be able to borrow money.” [New York TImes – 07/01/13]
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