lpetrich
Contributor
Cooties Zine: Alexandria Ocasio-Cortez - she talked about how the global 1% buy apartments in places like Manhattan to store their wealth -- and how empty the streets look, with boarded-up shops. They are trying to zone other parts of NYC for such luxury apartments, like Jerome Avenue, a major street in the Bronx.
Global 1% including Russia, China, the Middle East, and the US.
The Fountainhead: Poor Doors | Adam Lee - New York City is far from alone.
Global 1% including Russia, China, the Middle East, and the US.
The Fountainhead: Poor Doors | Adam Lee - New York City is far from alone.
Some of the world’s most expensive cities are witnessing a trend: new residences get snapped up as fast as they’re built, but not for anyone to live in. They’re being bought by ultra-rich elites who care about the properties only as investments to flip later. In the meantime, they’re left unoccupied.
Many of the buyers are oligarchs from autocratic and corruption-plagued countries like Russia, China or Saudi Arabia. Rather than keep their money where it could be seized at the whim of the authorities, they park it in real estate in foreign nations with a stronger rule of law than their own. Expensive real estate is even better for the purpose, since it lets them squirrel away more cash. New York City and London have been particularly plagued by this trend, as have Toronto and Vancouver.
These “safe-deposit boxes in the sky” are so common, they create a bizarre spectacle: in the most expensive, exclusive neighborhoods in the world, block after block sits vacant. In ultra-luxury buildings like 432 Park in New York or the Shard in London, multimillion-dollar apartments sit empty year-round. Meanwhile, ordinary people who actually live and work in these cities can’t keep up with soaring real-estate prices and are pushed out farther and farther, to distant suburbs and increasingly onerous commutes. Local businesses go under as they unexpectedly find themselves in ghost towns.