Is New York City Immune from the Housing Crisis?

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An artist's rendering of Vornado Realty Trust's proposed 67-story building (right), which would rival the nearby Empire State Building (left)

REUTERS/Pelli Clarke Pelli Architects/Handout

As the rest of the nation clamors about a potential double dip in real estate sales, the biggest building issue in the Big Apple revolves around the preservation of its skyline centerpiece.

The New York Times reports that despite cries from the Empire State Building’s owners, the city has approved the presence of a tower blocks away that will rise to within 34 feet of the current city fixture. The vote passed by a commanding 47-1 margin, with supporters rallying around the new realtor’s desire to improve commerce around a major transportation hub: Penn Station.

As New York wallows in its battle of skyscraper titans, thoughts of the recession are reverberating across the rest of the country. Sales of existing homes fell 27% in July, marking the most sluggish period for single-family home sales since May 1995.

So why is Manhattan tiptoeing past the crunch? One possible cause is that residents are filling spaces without major commitments. Recent studies show that New York is the most favorable locale for renting. Other cities have been decimated by foreclosures, creating circumstances where it’s simpler to buy than rent. But as bank accounts flatten without a steady flow of income, that’s not always an option.

When it comes to jobs, New York is also rebounding at a faster clip. The Times’ figures show that America’s largest city has experienced a drop in unemployment for the past seven months straight. James Brown, a principal economist for New York state’s labor department, told the Times that the city has “been showing smaller losses and now bigger gains every month throughout the downturn.”

In turn, the local government seems prepared to add the structure for both its housing and job markets, regardless of what it does to the caché of current panoramas.

126 comments
AndrewTracey
AndrewTracey

 Yeah! How dare Russia violate another country's sovereignty by invading it with his military. Who does Putin think he is? President of the United States? 

antodav
antodav

This is about as “hands off” an approach as Rand Paul can take I guess without getting excommunicated from the Republican Party. I still see no reason for all of this pretentious moral outrage about Russia moving forces to ITS OWN MILITARY BASES in a region of Ukraine that is primarily dominated by RUSSIANS. But whatever. Rah rah USA #1 hurr durr durr. 

LawireDotNet
LawireDotNet

The first responsibility of the President of the United States is serve the interests of our own people.I can’t see how Rand Paul’s reaction to this so-called crisis serves the interests of the people of the US in any way at all.If any of the actions he proposes should be taken, then they should be done on their own merits, and not under the guise of solving a foreign policy problem.Our objective should be to avoid more government entanglements, not create more of them.If Rand Paul became POTUS,he may have more to fear from the public reaction to his policies than he would from foreign states, friend or foe.Our current president, if he actually did anything significant would be in the same boat.

tool327
tool327

Out of curiosity, how does RP plan on moving natural gas from North America to Europe?  They can move gas buy ship, but many ports ban the floating pressure bombs.  Pipelines are the natural way to move gas.  I guess he plans on building a pipeline that spans the Atlantic Ocean.  Good for him on his ambition.  Bad for him on his grip of reality. 

Roland
Roland

Was this written by Rand Paul or Obama? Oh wait: I found the "Obama hasn't shown leadership" line. Must be by Paul. Or maybe Mitt Romney.

DanielCocciardi
DanielCocciardi

This sounds interventionist to me. He's flip-flopping already.

HoratioN.Fisk
HoratioN.Fisk

How about we all take a stand against Rand Pauls incredible, almost childlike, insulated, provincial ignorance.  He does not even have a clue what he is talking about.

But he does know that white jewish fellows founded the NAACP!  Remember when he asked some African American college kids that patronizing question.   The kids should have run him out of town on a rail.

wernergbrach
wernergbrach

I would say he talks a lot of nonsense. Weeks before the uprising American politicians openly bragged about how the US was using every possible method to undermine Russia's influence in the Ukraine. I'm sure the US meddled in this affair and is wholly responsible for this mess we have now. Did American politicians actually believe, Russia would let them get away with it, depriving Russia of a Black Sea port and so access to the Mediterranean? 

How naive can you get!

The Crimean was given to the Ukraine by a Russian dictator, and now a Russian dictator takes it back: Was any international law broken?

The present administrative government in the Ukraine was propelled into power by hoodlums and only the western nations bullied by the US are recognizing its authority. 

Lets see what the election will bring - maybe a split of the Ukraine? Will the US go to war because of the peoples wishes?

The US should stay out of it - its meddling in other countries has only caused uproar and despair.

jrawlings99
jrawlings99

Senator Paul as usual sounds as stupid as he is.  He might talk his Dad about the 13 days the World waited to see if Russia and the US would have a Nuclear Weapon.  Paul knows very little about anything and less about Foreign policy.  He is entertaining the Conservative donors for money.   Like Father like son they get the crazies all worked up.  Putin knows how far to go and when World sanctions cut off Russia he will look to change his mine.  What is sad and embarrassing for the US is for the World to watch the Republican/Tea Party lawmakers Clown Show.  

Cuse89
Cuse89

I'm sure his OP-Ed type commentary is quite common practice in the political world with eager contributors from both parties.  Whether anyone likes it or not, he is a leader, an elected member of Congress and can provide his views. Some forget that Paul is one of the very few Republicans which has openly agreed with Obama on a few issues.  He makes no reservation to criticize those on either side of the isle.  If we can't have diversity of opinion, then lets just cancel all the media political talk shows such as: Meet the Press, CNN, FOX, MSNBC, Politico, The Washington Post, and the Wall Street Journal for starters. Let's just cancel them all, and while were at it, go ahead and eliminate the 1st amendment too.  These last two administrations have been tinkering with it, so just get out the pen and phone and do away with  it.   Interestingly,  the plan for the Feds to "monitor" news rooms for content was revealed not too long ago, so perhaps some here would have gotten their way after all.    


gordo
gordo

Lot's of one liners. No significant indication of this guy having done his homework. Pandering to the Tea Party sector and trying to lay down markers for his probable Presidential bid. Predictably he places much of the blame for perceived problems on Obama - but ignores the time line of what has taken place. This guy is not Presidential material and time will bear that out.

eagle_blue
eagle_blue

I am not fully acquainted with the situation.

I do not understand Russian or Ukrainian (languages), and I know little about the history and geography of that area. My knowledge about all that is average. 

There was turmoil in Ukraine for several weeks, and probably the Russian had to enter in emergency to protect Russian-speaking Ukrainian citizens, and to protect the naval base they have in Crimea.

It does not matter how much we love Russia and Ukraine, we consider that a country can not be crossing borders like that. As far as I know military Russian forces entered into Crimea.

They should have called us (I mean they should have called China, Europe, U.S.A., U.N., the entire world) before entering. 

We should also consider the fact that probably they consider Crimea as part of Russia, and not a part of Ukraine. You need to understand the history; but there are a lot of experts.  

From my point of view Russia should probably apologize. 

On the other hand U. S. A. is the big brother. It is pretty obvious that people and Government should be worried there. 

It is also important not to offend the Russian people, or to offend the people of North America.

It is a very surprising move indeed. 

Every body remember Hitler´s style of invading countries. 

If one country wants to become part of another country, or to put it in another way, if two countries want to unite their territory, no problem,but that should be done in a civilized way.

I do not know if this behavior has something to do with the (apparently) wide spread cases of corporate corruption, and if there is in Russia fear about the "free" economy.

We certainly live in a complex world. But Russia has not made a mistake by turning to a "free" enterprise policy.

The economy all by itself does not work. But freedom is the best way to go.

Let us hope for a quick fix to this strange (weird, unusual, unexpected) situation.

The aim is a better world in the future.

We now live (very much) in the World Village; the entire world belongs to us; to all of us, including, of course, the Russian, and everybody else. 

Trying to expand our territory sounds, a little bit, like something of the past.

JudeO'Connor1
JudeO'Connor1

Why the BS from any politician going for an office making the USA the worlds policeman. The father has more sense than the son. 

eagle_blue
eagle_blue

I am not fully acquainted with the situation.

I do not understand Russian or Ukrainian (languages), and I know little about the history and geography of that area. My knowledge about all that is average. 

There was turmoil in Ukraine for several weeks, and probably the Russian had to enter in emergency to protect Russian-speaking Ukrainian citizens, and to protect the naval base they have in Crimea.

It does not matter how much we love Russia and Ukraine, we consider that a country can not be crossing borders like that. As far as I know military Russian forces entered into Crimea.

They should have called us (I mean they should have called China, Europe, U.S.A., U.N., the entire world) before entering. 

We should also consider the fact that probably they consider Crimea as part of Russia, and not a part of Ukraine. You need to understand the history; but there are a lot of experts.  

From my point of view Russia should probably apologize. 

On the other hand U. S. A. is the big brother. It is pretty obvious that people and Government should be worried there. 

It is also important not to offend the Russian people, or to offend the people of North America.

It is a very surprising move indeed. 

Every body remember Hitler´s style of invading countries. 

If one country wants to become part of another country, or to put it in another way, if two countries want to unite their territory, no problem,but that should be done in a civilized way.

I do not know if this behavior has something to do with the (apparently) wide spread cases of corporate corruption, and if there is in Russia fear about the "free" economy.

We certainly live in a complex world. But Russia has not make a mistake by turning to a "free" enterprise policy.

The economy all by itself does not work. But freedom is the best way to go.

Let us hope for a quick fix to this strange (weird, unusual, unexpected) situation.

the aim is a better world in the future.


    


RichardShuster
RichardShuster

The Senator is no Ronal Regan.....he is an empty suit!

SamirRauf
SamirRauf

He sounds just like any other politician. Seems they're all convinced that the American People are itching for war, and they have to act tough.

jsantang719
jsantang719

Obama did the same thing with anti-war Left. He told them what they wanted to hear and then he executed the wars like he was told to do. Afghan war is still going on. We continue to occupy Iraq with the US Vatican-City style embassy compound. Gitmo is still open... If our elite masters wanted war over this, Obama would gladly comply or the pics of Obama on his knees would suddenly surface.


Paul is playing politics... plain and simple. That's how one gets to the White House, or haven't you noticed.

StephenSwain
StephenSwain

Note to the junior Senator from Kentucky:  "Oh you would, would you?"  


Most probably there are a number of people who would agree with you in principle.  I might even agree with a number of your suggestions.  But, you see, President Obama has not only to contend with Col. Putin from abroad, but he also has to contend with you, the senior Senator from your state, the ludicrous Mitch McConnell, with Speaker Boehner, and with the various Tea Party propeller heads who don't know what they are talking about, either.  Why don't you and your colleagues help your country by supporting your Commander-in-Chief once in a while, instead of constantly caviling the way you did in the op-ed?

When you run for president and win, (shall we stipulate) then, you will be faced with the limitations on your range of options that actually determine what the president can do.  Anybody can rehash his druthers, as you have done.  But there is still only one president of the United States, sir, and you are not  he.  So, respectfully, may I suggest that you go back to the cloakroom and take stock with your fellow nay-sayers.  


ARTRaveler
ARTRaveler

Put the SOB on a white horse and send him in.  It is amazing that the non-interventionist now says we should intervene.  Even McCain realizes that you can't "bomb,bomb, bomb" without getting yourself into a mighty big war rather fast.  So "crash" McCain said the military options aren't many.  That is right.  It has to be sanctions but that pipeline across the heart of America to get oil for China and cash for Canada while leaving the spills and environmental damage here isn't the answer.

CinGermany
CinGermany

Would somebody please ask Senator Paul to stay in Kentucky and do what he is paid to do? Represent the folks from there?

And would somebody please ask him to allow responsible people who are not limited to one dimension and see more than black and white in their vision to handle this situation? And stay out of the way and quiet?

Actually I would recommend a dose of 24 hours of Russian TV to him - granted, we'd have to strap him down to stay put, but that would be a small prize to pay...for something that is probably impossible: moving him towards the vague possibility that there might be more than one perspective in this world and more than his perceived truth...

People like him make me angry...and then sad...it feels like these folks have a 5-year olds conflict resolution skills. Not a good situation in a grown-up world. When will they realize the damage they do, coming out with this kind'a stuff from their comfortable back rows with not even an ounce of responsibility in the process under way?


Trap12
Trap12

Basically he is saying I would do what President Obama is doing but would have done it sooner because of my excellent skill in negotiation and personal and professional connections European leaders who probably fear loss of energy supplies from Russian but will nevertheless step up to Putin based upon the promise of legislation reversals in a Congress already so cooperative on all matters and our own supplies and replenishment capabilities.  Seriously, I would do exactly what President Obama is doing...

rutnerh
rutnerh

Rand is a loose cannon ignorant of the facts as Obama was when criticizing Bush. Outsiders can spout outrageous and foolish fixes that are often totally unrealistic. 

HumgoodyTrogdrup
HumgoodyTrogdrup

Regardless of what the outcome is with the Ukraine situation, history shows that it won't matter. Borders will change again and again as they have so often done so in the past. Countries will go to war, whether or not they are declared. Many people will die, some people will be enriched, and ultimately the human species, as trillions of others have, will go extinct, quite possibly by its own hand. 

AlphaJuliette
AlphaJuliette

Basically he would do everything President Obama is currently doing.

Got it!

As for reinstituting the missile defense system in Poland and the Czech Republic I would say that would be a huge escalation that would blow up in our faces.  Putin wouldn't stand for that at all.  And I'm doubly sure the Europeans wouldn't support it nor pay for it.

Replacing Europe's Russian source of oil with U.S. oil sounds good but will take a long time to effect that.  It sounds nice but the reality is that there is no immediate effect.  So there would be no inclination for Putin to leave the Crimea.  Same goes for lifting restrictions on the Keystone pipeline.

Paul also states several times that the greatest threat to national interests is our national debt and that many time administrations, both Democratic and Republican, don't account for how they are going to pay for the actions they employ in international situations like this.  He is correct.  But how is he going to take care of that. 

What we are seeing in the Crimea, just like what we saw during Bush's term in Georgia, are symptoms of a bigger issue which is the global perception of American power and influence.  Richard Haas talks about this in "Foreign Policy Begins at Home."  It's a good read that every single politician in America should be compelled to read.  Until we can get our own act together we won't be able to adequately address this or future international issues.


Dangoodbar
Dangoodbar

And they say Rand Paul is dumb.

Well his comments prove he is dumb.

It would take too long to go over all Paul's dumb comments above, so I will just take the first, "His continuing occupation of Ukraine is completely unacceptable and Russia’s President should be isolated for his actions."

Putin is not occupying the Ukraine, he is occupying Crimea which was never a part of the Ukraine in any fashion until 1954 when as a Soviet Republic Nikita Khrushchev added it to the Ukraine to give Russia more influence in the Ukraine. Putin's actions are a major defeat for Russia as it gives up the other 85% of the Ukraine, the real Ukraine often called the breadbasket of Europe for its 18 inches of top soil, to the European Union (EU). The only way this is not a huge victory for America is if the EU begins to challange the economic hegemony of America or if idiots like Rand Paul manage to start another Cold War.

I cannot speak to the former but as to the latter, thank God Obama is president and Paul will never be.

Анна
Анна

А сколько крови на ваших американских руках сенатор и таких как вы?, когда вы вторгаетесь в страны, оставляете людей без домов, отцов, матерей, сыновей, дочерей, просто ломаете жизни, а сами сидите и вершите судьбы, кто Вам дал такое право? А что Вы, сделали хорошего своими собственными руками? думаю ничего. Большинству народу война не нужна, это уже достало!!

RichardBroderickJr
RichardBroderickJr

"The real problem is that Russia’s President is not currently fearful or threatened in any way by America’s President, despite his country’s blatant aggression. But let me be clear: If I were President, I wouldn’t let Vladimir Putin get away with it."


First he suggests to other countries that our country is weak - that is a lie.


Then he suggests that he "He wouldn’t let Vladimir Putin get away with it" - that is another lie.


Shame on you Mr. Paul. You smear your own country to try to gain some personal advantage. 


eqxander
eqxander

What a crank!


If Paul wants a strong US response, he can do his PATRIOTIC DUTY and support his president. Nothing weakens an administration more than sniping for purely political purposes.


Obama has already implemented a set of sanctions against Russia and has helped Ukraine secure the eastern portion of the country, vital to any weakening of the country's territorial integrity.


Getting Russia to loosen its grip on the Ukraine isn't going to be easy, but maybe someone with some untraditional thinking can solve this crisis without more angst:


Why doesn't Ukraine trade rights to a Sud Stream type pipeline for Crimea?

jason024
jason024

We are doing most of the things he wants to do.....yet he is whining only b/c there is a Dem in the WH. What a tool. And people say he is presidential material?


And giving a shout out  to the the Keystone Pipeline? This  would do NOTHING to help the current situation and little to alleviate the EU gas imports from Russia in the long term since most of the oil and gas will be headed to China and India.

DanielCocciardi
DanielCocciardi

That's exactly the same feeling I got. He seems so interventionist.

StephenSwain
StephenSwain

@ARTRaveler  I will underwrite a portion of the cost of his magical armor if you will join me.  He needs a white horse, shiny silver armor, a lance and his lady's fluttering undergarment for his flag.  This guy doesn't begin to know what he doesn't know.

rob3930
rob3930

@Trap12 Exactly.  "I would do what President Obama is doing, but I would do it louder."

StephenSwain
StephenSwain

@mantisdragon91  As full of it now as before they quadrupled our national debt with their serial unfunded wars? Totally and absolutely full of it!

RamKumar
RamKumar

@Dangoodbar So post-1954 is not real? Is it imaginary? I have seen my share of nincompoops, but you take the cake. You are an unvarnished idiot.

manlyman
manlyman

@Dangoodbar "thank God Obama is president"

That's funny when you think about it. Obama being president is the reason Putin is doing what he's doing. Mind-numbed liberals aren't the only ones who had orgasms when "the one" was elected. The spineless ditherer-in-chief is a dictator's wetdream.

AlphaJuliette
AlphaJuliette

@Dangoodbar

He's not dumb.  You can bet he's not.

He is taking this opportunity to grandstand and promote himself with the 2016 elections in mind.

No doubt about it.

jgfsmf
jgfsmf

@Dangoodbar Maybe you ought to read the article.  You might learn something.

StephenSwain
StephenSwain

@Анна  And how much blood on your hands U.S. senator and like you? When you are meddling in the country, leaving people without homes, fathers, mothers, sons, daughters, just break the life and themselves sit and decide the destinies of those who gave you that right? And what you have done good with his own hands? I think nothing. Most people do not need war, it already got!


Очень хорошо, Анна. Сенатор молод и невежественны, мы согласились. Но то, что дает полковник Путину право налагать свою волю Украины, и угрожать всей Европе в то же время? Как вы оправдать это? Мы поговорка: "Два ошибка не дает право".

PatrickDeBurgh
PatrickDeBurgh

@Анна I agree with your sentiment. Sen Paul has actually done nothing outside of playing to the choir with the stale, puerile blandishments Republic/conservative/Libertarian- ism's we have grown ear-weary hearing these last several decades. 

Let me tell you, as one who is not new, these are all tired old talking points that the world has tired of, along with those of us in the US. The world has changed, we are no longer able to dictate policy overseas. We are, however able to influence affairs and we must allow our elected leader in the Executive office deal to with matters. Foriegn Policy is in the hands of the Executive branch not the Senate. Maybe a more experienced Senator would take the junior Kentucky Senator aside and explain that.

StephenSwain
StephenSwain

@RichardBroderickJr  Thank you!  This guy, Rand Paul, serves the purpose of court zany.  He simply bloviates to the neocons who dwell to the right of the Great Khan and the Dark Troll, Limbaugh.  What a waste!

AlphaJuliette
AlphaJuliette

@eqxander

What Paul is doing is grandstanding with the 2016 Presidential elections in mind.  And you're right, our politics should stop at the waterline. 

President Obama is doing almost all of the above in trying to counter Putin's aggression.  This was an internal Ukrainian affair. 

I have never seen the Honorable Senator from Kentucky miss an opportunity to promote himself.

psoggy01
psoggy01

@eqxander I agree the polticial jousting by both parties and the kneecapping of the respective presidents has made us appear weak and unable to respond in a unified way. 

psoggy01
psoggy01

@jason024 We are not doing the only things that could have an impact, there is no support among the other G-8 members to throw out Russia and there is no way that western europe is going to risk an interruption of its oil supply during winter.   Any oil and gas strategy is a long ways off...there is really nothing we can do now about Putin going into Crimea...the fact that Putin did not give two seconds concern for what the USA might say or do shows how little regard he has for our leadership...in both parties.

PatrickDeBurgh
PatrickDeBurgh

@jgfsmf @Dangoodbarperhaps you could have taken the trouble to list a couple items one may learn from the article. 

@Dangoodbar is correct.

jason024
jason024

@psoggy01 @jason024 You are right, we  are attempting to do what we can unilaterally but  have zero leverage to force our allies to cut their economic noses to punish Russia.

It has nothing to do about leadership. You said it yourself we have NO OTHER OPTIONS. It is just convenient for you and the GOP to blame  leadership when we can't do squat about Russia's invasion. Let alone the American public has no desire to use our troops to be the world police in any scenario.

jason024
jason024

@psoggy01 @jason024 "providing oil and gas at a competitve rate and in sufficient quantities to meet the need...the reason our allies will not follow us in an effort to throw Russian from the G-8 or boycott the meeting later this year is that they dont trust us anymore"

 ------

FYI: We have little to do with setting the oil and gas rates...


Their resource consumption is tied closely to Russia that even if there was a trust problem, it would not make a difference because they don't have other options.


They already boycotted one G-8 meeting so why do you think they wouldn't boycott additional ones?


They are following through on some sanctions now and looking into others that don't involve natural resources for reasons I articulated above (has little to do with "trust").

psoggy01
psoggy01

@jason024 @psoggy01 its not about he GOP for me...I have never belonged to either of the criminal organizations that mask themselves as poltical parties.  The botched and drawn out invasion of Iraq left us weaker in the eyes of the world as has the Obama "bluster and capitulate" foreign policy.  The reason our allies will not follow us in an effort to throw Russian from the G-8 or boycott the meeting later this year is that they dont trust us anymore and dont believe that we will hold the line...likewise they have no faith that if they were to join us in economic sanctions that we have the ability or will to challenge russia economically by providing oil and gas at a competitve rate and in sufficient quantities to meet the need...our allies wont go along with us because they no longer trust us...and that is why we cant put more pressure on Russia