Economy

Demeter

(85,373 posts)

26. Introducing Ghost Skyscrapers... In New York City

Fri Jul 11, 2014, 07:01 AM

Jul 2014

http://www.zerohedge.com/news/2014-07-10/introducing-ghost-skyscrapers-new-york-city

Late last month, New York Magazine published a lengthy and very important article titled: Stash Pad – Why New York Real Estate is the New Swiss Bank Account. The entire article is well worth a read, and left me shaking my head in disbelief the entire time. As someone who grew up in New York City, it’s a real shame to see the continued transformation of Manhattan into nothing more than an oligarch playground, or as I sometimes like to call it, “Disneyland for Wall Street.”

One of the most shocking and disturbing revelations from that article was the fact that:

“The Census Bureau estimates that 30 percent of all apartments in the quadrant from 49th to 70th Streets between Fifth and Park are vacant at least ten months a year.”

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