LandlordsNY Briefing for May 11th

ReThink Studios, a New York City think tank, is proposing a novel means of easing the woes of commuters who use the Long Island Railroad and New Jersey Transit. According to ReThink, the Gateway Tunnel Project is flawed because it leaves Penn Station at the center of a vast infrastructure system. By design, this produces a massive traffic snarl at the heart of the system. The daily delays are a necessary consequent of this flaw, one that has been addressed and fixed in major metropolises like Philadelphia, London, and Paris.

While ReThink is entirely on board with creating another tunnel under the Hudson River, they argue that Penn Station should become just another stop for the LIRR and NJ Transit, and that rail termini should be moved to locations outside of Manhattan: one in the Bronx, one in Sunnyside, and one in Secaucus, NJ.

Crain’s New York has more.

___________________

A close analysis of housing data indicates that starter homes are soon to be a hot commodity as millennials cease renting and start buying. The share of first-time buyers reached 35 percent last year, which is still below the historic average of 40 percent, but significantly higher than the 32 percent reported the previous year. Developers have taken notice, and are now eager to supply these younger individuals and families with smaller and more affordable homes.

As inventories shift away from luxury, it is likely that these affordable homes will become less expensive. It is possible that this could cause renting to become less attractive to younger individuals.

The Wall Street Journal has more.

___________________

In a Landlords New York Minute – A (Very) Brief Look Around the World

London may cease to be one of the world’s premier financial hubs due to Brexit, Qatar has become one of New York City’s biggest commercial owners, a university in Japan will soon have a ninja studies center, the largest uncut diamond discovered in decades will be auctioned off in Sierra Leone, and Kosovo’s coalition government lost a no-confidence vote. In Washington, the Trump administration continues to face criticism for firing James Comey, the man leading the investigation into the administration’s ties to Russia; the Senate intelligence committee issued a subpoena for former national security adviser Michael Flynn; and the president plans to sign an executive order that will create a commission to look into voter fraud and voter suppression. Betsy DeVos, the Secretary of Education for the Trump administration, was booed off the stage while giving a commencement speech; the Vice President, Mike Pence, hit a child in the face; and President Trump either joked about coining the phrase “prime the pump” or used it to describe a tax break, thereby suggesting that the president has no idea how Keynesian economics works. A principal in Park Slope is under investigation for communist activities. Meanwhile, in tech news, Juicero may be a sign of how anti-innovation the American economy has become, regulations on e-cigarettes may force many vape shops to close, and instruments capable of sensing emotions can evidently spot criminals before they commit crimes. Star Citizen, a video game that allows players to explore fictional solar systems in a spaceship received $148 million by crowdfunding, which is approximately 0.8 percent of the total annual budget for NASA. The Dakota Access pipeline recently had its first leak, even though the controversial pipeline has yet to become fully operational. In good news, the Cross Harbor Freight Project, which will connect freight lines in Brooklyn with rails in New Jersey and reduce commercial traffic throughout the city, took another step towards becoming a reality.

You may never have to hear the Cellino & Barnes jingle again, everything you know about salt may be wrong, avocados are a health hazard to stupid people, Burger King wants to serve beer in its Garment District location, a Maryland man has been charged with indecent exposure for acts that took place in a McDonald’s, an Australian man stripped naked and straddled a dead shark for reasons that no one seems to be able to fathom, and you can name the foal of a mini-donkey rescued from a farm in Pennsylvania. Allie, the kitten that was reported stolen yesterday, has been found and safely returned to Lollypop Farm.

Welcome to LandlordsNY

Have a question about LandlordsNY?

Please email: Info@landlordsny.com

Wish you knew what fellow landlords and property managers know?

You're in the right place! Join now for free and get instant access to a network of thousands of vetted owners and managers in NY.

Have a question for an Expert?

Join now! LandlordsNY members can ask questions to various industry Experts or DHCR, HPD, or Property Management Counselors and get quick answers when you need them.

Sign Up