City of Yes Passes by a Vote of 31 - 20

Stephen Ross, REBNY Members & the Adams Family Won & NYC Lost

December 6, 2024 / NYC Real Estate & Business / NYC Government & Politics / City of Yes Special Section / News Analysis & Opinion / Gotham Buzz.

The City of Yes for Housing Opportunities bill passed yesterday afternoon / evening in the City Council Chambers at City Hall. The City of Yes or NYC Municipal Legislative Bill - L.U. 181 & Res 689 - App. N 240290 ZRY (City of Yes Zoning for Housing Opportunity) amendment of the Zoning Resolution of the City of New York, modifying multiple Sections to expand opportunities for housing within all zoning districts, Citywide. *

The photo snapshot at right shows the NYC Council voting on the City of Yes.

City of Yes [Wo]Men - Roll Call Vote Tally 31-20

Voting For the City of Yes Members. Carlina Rivera District 2, Eric Bottcher District 3, Keith Powers District 4, Julie Menin District 5, Gale Brewer M District 6, Shaun Abreu District 7, Diana Ayala District 8, Yusef Salaam M District 9, Carmen De La Rosa M District 10, Kevin Riley Bx District 12, Pierina Ana Sanchez District 14, Oswald Feliz District 15, Althea Stevens District 16, Rafael Salamanca Bx District 17, Amanda Farias District 18, Francisco Moya Q District 21, Tiffany Caban Q District 22, Shekar Krishnan Q District 25, Julie Won Q District 26, Nantasha Williams Q District 27, Speaker Adrienne Adams Q District 28, Selvena N. Brooks-Powers Q District 31, Lincoln Restler District 33, Jennifer Gutierrez District 34, Crystal Hudson District 35, Chi Osse District 36, Sandy Nurse District 37, Alexa Aviles District 38, Shahana Hanif District 39, Rita Joseph District 40, Justin Brannan Bk District 47.

Pay attention to the delineation of NYC Council members by the boroughs noted above by letters. Speaker Adrienne Adams delivered enough Queens council member votes (7) in favor of the legislation, which had they voted as their Community Boards did, would have killed the City of Yes bill.

Did Adrienne Adams and these NYC Council members betray the people of Queens they were elected to represent? Well, if so, keep in mind they are up for re-election in June 2025. So please educate yourself, fact check the statements made herein by using the power of the internet, and then after you've done enough research to know what's true, start spreading the news and get behind people who will represent you, the voters, not the big money that funded their campaigns.

Voting in the Negative. Joann Ariola District 32, Chris Banks District 42, Joseph C. Borelli District 51, David Carr District 50, Eric Dinowitz District 11, James Gennaro District 24, Kamillah Hanks District 49, Robert Holden District 30, Linda Lee District 23, Farah N. Louis District 45, Kristy Marmorato District 13, Christopher Marte District 1, Diane Mealy District 41, Mercedes Narcisse District 46, Vickie Paladino District 19, Lynn Schulman District 29, Sandra Ung District 20, Inna Vernikov District 48, Kalmar Yeger District 44, Susan Zhuang District 43.

We will keep this roll call of the vote on our site indefinitely in the City of Yes Special Report Section, because you, the voters, can use it as one benchmark vote, that helps you understand who is representing you, and how they are representing you. This becomes particularly important as there is the Democratic Primary in June 24, 2025 and the general election is November 4, 2025. Almost all of the elections are decided in the June primary because 56% of NYC is Democratic and only 26% is Republican. The remaining 18% are independent.

* Editor's Note.  The summary of the bill leaves out the part about the NYC Council members forfeiting their power, and because they represent us, they are forfeiting our power and legal rights to weigh in on new developments in our neighborhoods.  The summary also leaves out the part where by rushed passage of the 1,388 bill, the real estate developers and international investors can harvest a huge amount of tax abatements for 'affordable housing' that would be 'affordable' to individuals making up to $141,000 and a family of three making up to $183,00 per year or making rental payments of $4575 per month.  And the summary leaves out the part about the negotiated deal, wherein how Eric Adams is going to miraculously fund the $4 billion, that magically appeared just by Eric Adams promising it, after Eric Adams tried to cut $100 million from the budgets of public schools in January 2024 and cut $22 million from the budget for public libraries as recently as November 2023.  Adams promise of $4 billion is just that, and only that - a promise - as it is NOT IN THE BUDGET. And we all know the value of a politician's promise, especially when it's made by someone like Eric Adams, who has a documented history of lying, and is managing a tight budget that doesn't have $4 billion of funding lying around. He's going to have to take that funding from other places like public schools, public libraries and the NYPD.

* Just Saying No to the City of Yes

See What's Driving the Urgency to Pass the 1386 Page 'City of Yes' Bill Now ...

... in Addition to being a Dishonestly-Sold, Anti-Democracy Bill, that Strips Communities of their Rights, Guarantees NO Affordable Housing, Likely will Inflate the Cost of NYC Real Estate, and Mostly Benefits the Elite, Super Rich Class of Real Estate Donors who Staffed the Group that Wrote the 1386 Page Bill & Funded the Campaigns of Mayor Adams and Numerous NYC Council Members, and Deprives NYC & NYS of Much Needed Future Tax Revenue for 10 to 40 Years

December 3, 2024 vs 11.29.24 / NYC Neighborhoods / NYC Things To Do Events / News Analysis & Opinion / Gotham Buzz NYC.

The photo above or at right shows NYC Council Speaker Adrienne Adams, who made an effort to rectify some of the deceitful promises of the City of Yes zoning changes, by negotiating some changes which are more likely to result in the creation of some truly affordable housing - but still very far short from justifying the incredible amount of government tax abatement giveaways that the City of Yes will enable, in light of the 421a NYS property tax law extension, wherein the taxpayers give the rich developers' properties 10 - 40 years tax free, in exchange for the real estate developers building apartments for tenants who earn up to between $141,000 and $183,000 per year.

Is this kind of public policy borderline or outright insane?

• CLICK this link to view our report about how Adrienne & Eric Adams sold the City of Yes, taking away New Yorkers' rights & power, without any guarantees of affordable housing.

* What did the NYC Council Speaker get After 'Negotiating' a 'Better' City of Yes Law?

She got 29,000 Fewer Affordable Housing Units, for which the Taxpayers will Pay $5 Billion More

November 27, 2024 / NYC Neighborhoods / NYC Things To Do Events / News Analysis & Opinion / Gotham Buzz NYC.

If this wasn't real, I'd be laughing pretty hard.

But because it is real, so I'm only laughing cynically, because it is so close to unbelievable ... and it's happening in - as Eric Adams likes to say - 'the Greatest City in the World'. To which I would comment, 'not for long, if this keeps up'.

Evidence Indicating the City of Yes Legislation has been Dishonestly Sold to Us

To give you an idea of how dishonestly the City of Yes legislation appears to have been sold to us by Mayor Eric Adams and Daniel Garodnick of the Department of City Planning - consider this.

Last week, City Council Speaker Adrienne Adams, 'negotiated' a better City of Yes legislative package.

So what did she / we get?

She / We got a package that costs $5 billion more, of our hard earned tax payer money, to be used to support wealthy and super rich real estate developers' and investors' projects; and in exchange she / we got 29,000 LESS AFFORDABLE HOUSING UNITS promised. So when is the last time you negotiated a better deal, for which you paid billions more, and got tens of thousands of units less, and walked away thinking you got a 'better' deal?

Come on. This is funny.

But in reality it is not very funny at all. It's dishonest.

This shows you how dishonestly Mayor Adams and his side kick Garodnick, appear to have been selling this package to the public. Part of the reason for the lower number of units is that they actually included some honestly affordable housing in the renegotiated legislation.

What Speaker Adrienne Adams got was a more honest [but not completely honest] assessment of what seemed to be a very dishonest legislative package, but it's still far, far less than anything that should fully justify it.

See 'Affordable Housing' story below dated 10.23.24, where 'affordable housing' is used to describe housing units that require an income of up to $250,000. And assuming my understanding of this is correct, Mayor Adams and Garodnick want taxpayers to give real estate developers and investors tax abatements, to build similar 'affordable housing' units, that would be rented to those earning 100% AMI [Area Median Income], which for a three person family is currently $127,000. The incentives might possibly extend to higher income levels [above 100% of the AMI], as the story below indicates - but I need to do more research to obtain confirmation or refutation that tax abatements would be given for units built for incomes above 100% of the AMI in the in the City of Yes legislation.

• CLICK here to view our report on NYC Council Speaker Adrienne Adams helps Eric Adams pass the City of Yes zoning law changes into law, transferring NYC voters' power to billionaire real estate developers and international investors.

Stats & Facts Missing in the City of Yes Proposal

Have Mayor Adams & Daniel Garodnick been Selling Us 108,000 Units of Hooey?

November 12, 2024 / NYC Government & Politics / NYC Real Estate & Business / News & Analysis / Gotham Buzz NYC.

Adams Administration Fails to Provide Straight Answers Two Very Specific & Very Basic Questions - 1) How Many Affordable Housing Units Guaranteed by Passage of this Legislation & 2) a) What Size Units, b) at What 'Affordable' Price and c) in What Borough?

What 'Affordable' Housing Guarantees? It is being sold as a cure-all for NYC's housing crisis, yet when I asked the Adams Administration Department of Planning how many units of affordable housing would we be guaranteed by passage of this legislation, the answer that came back to me was a long-winded form of 'none'.

I'll say this again - No 'affordable' housing units are guaranteed by passage of the City of Yes legislation.

What Size Apartment, at What Price & in What Borough? When I asked the Adams Administration's Department of City Planning to provide me with details of how many units of affordable housing would be built, at what 'affordable' price, for what size apartment, and in what borough - I again received another round-about answer via a link they sent me, to one of their selling pitches on a website, where I found no specifics related to the question above.

Let me say this again - No description of what sized units, at what 'affordable' price and in what borough. I found this hard to believe, since for the past year Mayor Adams and Daniel Garodnick of the Department of City Planning have been publicly selling this legislation, by promising it will result in over 108,000 new units of 'affordable' housing being built.

My papa once told me, "No proof. No sale."

Or as the 1980's Reagan commercial asked, "where's the beef?". In this case 'beef' = 'affordable housing'.

Squeaky Chairs And Stubborn Hearts: The City Of Yes Hearing

Delayed Post _ October 24, 2024 / NYC Government & Politics / NYC Real Estate & Business / News & Analysis / Gotham Buzz NYC.

Editor's Note. We're publishing this two and a half weeks after the fact, as the 2024 federal elections consumed our time and attention. But it has come time again to refocus our attention on one of the most important legislative efforts in decades, which is working its way through the NYC Council, in what appears to be a major effort by international investors, developers and billionaires - aided and abetted by Mayor Adams and the Department of City Planning - to strip away a lot of local voters' rights to make meaningful comments about any new real estate developments or major construction efforts proposed in ALL NYC neighborhoods. The bill is expected to come up for a vote before the end of the year, and possibly as soon as this month.

By Layla Law-Gisiko, President of the City Club of New York.

Another epic hearing wrapped up Tuesday evening [10.22.24], a few minutes short of midnight. This was the grand finale of public hearings on the City of Yes for Housing Opportunity. At 9:37 AM, Council Member Kevin Riley, chair of the Subcommittee on Zoning and Variances, called the hearing to order. He solemnly announced that over 600 people had registered to speak.

In the course of the long day, approximately 320 people spoke. Though the split between supporters and opponents was fairly even, the strong presence of special interests and developers highlighted that most regular New Yorkers opposed the proposal.

When the doors of the City Council chamber opened at 9 AM, the room quickly filled, as the public bravely endured the torment of those infamous plastic squeaky chairs—perfectly designed to make you question all your life choices.

They could have enjoyed glorious fall weather and comfortable seating, but New Yorkers took time off their busy schedules to speak up. Renters, homeowners, public housing tenants, and SRO residents—New Yorkers from all walks of life and from all boroughs— voiced their fears about why they believe the plan will fall short of its promises and will hurt them. Overall, the mood was serious, and at times even anxious. New Yorkers expressed fear of displacement and gentrification, fear of a city ever more driven by real estate profit, fear of deregulation in the name of a laudable goal that many fear the proposal will never reach.

• CLICK here to view the rest of our report on the NYC Council City of Yes hearing on Zoning Text Amendment Changes.

Get it While it's 'Hot' - 'Affordable Housing' Lottery in LIC

150 'Affordable Housing' Units Available for Folks w/ Incomes of 'Only' $99K to $250K

October 23, 2024 / NYC Neighborhoods / NYC Real Estate & Business / Gotham Buzz NYC.

'Better hurry' to participate in this 'affordable housing' lottery for apartments in the Jasper at 49-20 5th Street in Long Island City, Queens. Studios are renting for the 'low, low price' of $2,900 per month and two bedroom apartments are a 'steal' at only $4,400 per month.

To qualify you 'only' need to be earning between $99,000 and $250,000 per year. These annual incomes, which are an eligibility requirement, are only 'slightly' higher [+50% to +291%] than the median NYC salary of $64,000 per year.

But don't worrry, if you miss this 'great' opportunity for 'affordable housing', because the real estate developers, real estate investors, billionaires, property owners and Mayor Adams, are pushing hard to get through the City of Yes Zoning Law changes, which will provide huge tax breaks to investors, billionaires and real estate developers to make even more of this kind of 'affordable housing' available all over NYC.

Isn't that 'exciting'? It looks like more 'affordable housing' is finally on its way ...

See related stories below and in our City of Yes Special Report section on Gotham Buzz.

And you still have time to be heard by the NY City Council regarding your opinion of the City of Yes. Written Testimony is accepted for 72 hours after the hearing that was held Tuesday 10.22.24. Use this email address to send them your opinions - landusetestimony@council.nyc.gov - mailto:landusetestimony@council.nyc.gov. I believe the comment period expires at the close of business on Friday 10.25.24.

The LIC Summit 2024

The Changing Cultural and Real Estate Landscape in Long Island City

October 8, 2024 / LIC Neighborhood / Queens Real Estate & Business / Queens Buzz.

A. Prelude to Attending the LIC Summit 2024

It was a beautiful, sunny, dry day as I walked over to the Museum of the Moving Image in LIC / Astoria.  I arrived around 11 am to attend part of the second half of the LIC Summit, which is a real estate and business conference which examines in depth, an LIC centric world, but also mindful of the surrounding environment.

After I made my way through a flawless check-in, I found my way into the theater and sat down to listen in on the panel providing a Long Island City real estate update.  These panels are structured such that the moderator serves up a number of questions to the panelists for comment, which is then followed by audience questions, which sometimes are the best, because they are asked by people like you and me, who have lived and worked in the area for a long while and witnessed and have adjusted to the huge changes that have occurred in Long Island City over the past couple of decades.

I.  First Panel - LIC Residential Real Estate Update

This panel included Patricia Dunphy of SVP of Rockrose Development, Eric Benaim CEO / Founder of Modern Space, Dan Mogolesko SVP of the Durst Organization, Peter Papamichael Principal of the VOREA Group and Crystal Xu Director of Business Development United Construction & Development Group.

As I came in at the end of the panel presentation, I only caught the Q&A portion of the program, which follows.

A performance theater / school owner pondered aloud whether the developers were still interested in involving and supporting the arts and culture scene in Long Island City.  At the turn of the century LIC was well known as a thriving artists community, as it offered very competitive rents and good access to mass transit.  In the near quarter century since then, many - if not most, of the artists have moved out of the area as they can no longer afford the rents, which have skyrocketed from under $1,000 / month to over $4,000 per month.

One of the panelists said they are interested in supporting the arts and he mentioned Culture Lab LIC as one of the arts institutions that has survived the changes.  But that was pretty much the full extent of the conversation surrounding the arts community.  So I reckon the short answer would be no.

• CLICK here to read the rest of our report on the LIC Summit 2024 - Real Estate Development in LIC Queens NYC.

How Corrupt is the 'City of Yes' Zoning Legislation?

Proposed Massive Overhaul of Zoning Regulations Strips Power from Local Communities and Neighborhoods & Transfers it to Wealthy & Super Rich International, National & NYC Real Estate Developers & Investors - Many of Whom have Funded Adams' Campaign(s)

Updated September 24, 2024 & began February 21, 2024 / NYC Real Estate & Business / City of Yes Special Report Section / NYC Neighborhoods / NYC Government & Politics / News Analysis & Opinion / Gotham Buzz.

The 'City of Yes' - By, for and of, the Billionaire Investors & Real Estate Developers

This section contains the reporting we've been doing on the proposed City of Yes legislation. The City of Yes legislation appears, in essence, to be a major effort by Mayor Adams to have New Yorkers almost completely give up their power vis-a-vis having any kind of say with respect to real estate development in their neighborhoods and communities. The power is transferred to the Mayor's Office & NYC Department of Planning which is controlled by the Mayor, as well as to the billionaires, international investors & wealthy real estate developers - many of whom have contributed generously to the Mayor's election campaigns and legal defense fund, and appear to be continuing to do so. If this doesn't look right, then you're seeing what I'm seeing.

Is Mayor Adams Selling New York Out from Under Our Feet?

The City of Yes legislation seems a complete capitulation to the billionaires and real estate developers interests. In fact they are the ones who put together the 1366 page legislation. Given Mayor Adam's other ethical and legal problems, it is very troublesome that many of the same folks who will benefit significantly from the passing of this legislation, are also major contributors to the Mayor's - and also many City Councilmembers' - re-election bids / campaigns. It's time to pay attention, because this matters and with the election coming up, you can do something about it.

It's an Election Year - Pay Attention to What the NY City Council does

Mayor Adams isn't the only Mayoral candidate taking wealthy real estate developers' and billionaire property investors' cash, which oftentimes contain invisible strings that seem to be used to manipulate what gets done at City Hall ... like the City of Yes legislation appears to be.

Pay attention to whether any of the candidates running this election cycle, have the courage and integrity to call out this legislation for what it appears to be - a sell out of the masses of New Yorkers by their elected representatives - to the wealthy and super rich people who fund their campaigns.

Democracy only works if 'We The People' pay attention to who is who, and what they do, before we vote.

Unfortunately, you're not likely to be informed about this by the TV news teleprompter readers, who recite lullabies, while showing NYPD crime and social media accident videos, instead of reporting the news. Even on their best days, the TV teleprompter readers barely scratch the surface of what's really going on in this city - and on those rare occasions when they do - they seem oblivious to it.

Is the 'City of Yes' the Mayor's [and City Councils?] Quid Pro Quo?

What follows below are the reports we've done to date on the City of Yes - a nearly complete overhaul of New York City's zoning regulations.

More reports to follow, as time and resource allow.

City of Yes or Planning Mess? Zoom Conference with City Club NY

Three Presentations [Awaiting a Fourth] About the City of Yes Proposal

April 16, 2024 / City of Yes Special Report Section / NYC Real Estate & Business / News Analysis & Opinion / Gotham Buzz NYC.

Last Thursday, April 11, 2024, I attended a Zoom Conference Call hosted by the City Club of NY, wherein four zoning experts presented their assessments of the sweeping zoning changes proposed in Mayor Adams' City of Yes zoning legislation.

The City of Yes zoning proposal is being pushed hard, and it is being pushed fast, by the Adams Administration in tandem and with the strong support of the billionaire class and the real estate development industry. These two groups are supportive of Mayor Adams' proposal because it will free them from the time, expense and hassle of answering to us, the locals ... the people who actually live in the places, where the uber rich and real estate developers want to transact business.

Remember - Democracy Doesn't Work on Auto Pilot

So you'd better pay attention before the people's [aka your] input - into the sorts of structures and activities allowed in their [your] communities - is rolled back sixty years, and possibly far further back. The City of Yes legislation will provide the super wealthy and the real estate developers, from all around the world, with the power to dictate to NYC community neighborhoods what structures they're going to erect, in many cases where, and what sorts of activities will take place on the property - within the very lax parameters embedded into the City of Yes legislation.

We've been tracking this legislation for a couple of months now. First via Alicia Boyd of MTOPP [Movement to Protect the People], a community activist in Brooklyn; then via the Mayor's Office of Ethnic & Community Media [MOECM] via Zoom; then via Community Board Meetings in Sunnyside Queens where the NYC Planning Department presented the City of Yes, followed by a Community Board Six in Manhattan Zoom Conference Call; and most recently with the City Club of NY, whose presentations are being published today.

We are thankful to these people and organizations for investing the time to help do the work of a functioning democracy, which is to engage and inform the people about the decisions being made by those in power on their behalf that - may or may not - be on their interest.

• CLICK here to view the slide show presentations given at the City of Yes or Planning Mess NYC Zoom conference call on April 11, 2024.

City of Yes Text Amendments - Huge Zoning Changes in the Works - Part II.

The Proposed 'City of Yes Text Amendments' will Roll Back Local Community Board [and Hence Communities] Input into What is Built & What Activities are Allowed in Their Communities

April 2, 2024 / Brooklyn Neighborhoods / NYC Real Estate / NYC Government & Politics / News Analysis & Opinion / Gotham Buzz NYC.

Just over a week ago I attended a Zoom call, organized by Community Board 6 in Manhattan, regarding the proposed City of Yes Text Amendments Part II being promulgated by Mayor Adams and his Administration. We collectively sat through about an hour long presentation, which I found to be most enlightening as well as a bit disconcerting should the proposed changes pass without significant alteration.

I have obtained permission to publish the slides, which due to technical issues, I have had to publish in the three [vs one] slide shows you see below [they are in chronological order].  I'll post my full report early next week, but in the meantime the slides should give you an idea of how big the changes really are and has been done in such a manner that you can begin to figure out how these changes may affect you.

Whether you are a tenant, landowner or real estate developer - and no matter in which borough you live - these changes, if passed unalterred, are going to significantly change how things are done in NYC. And the more I dig into this, the more it seems to be a roll back of community input, which is - in my mind - an essential / core element of any democratic process.

Isn't it?

While I'm still not done with the research, these changes look to be quite harmful to the people of NYC, in so many different ways, while failing to provide any sure path to growing our inventory of truly affordable housing.

Much more coming next week and over the next couple of weeks.

•  CLICK here to view the slide show presentation made regarding the City of Yes at the Manhattan Community Board 6 Meeting on March 25, 2024.

* The Federal Reserve in NYC Assesses the Risks due to Climate Change

Climate Change is Real. Its Impact is Already Affecting Economic Investments & Outcomes. The Federal Reserve Shared a Closer Look with us in October 2023.

January 23, 2024 / NYC Neighborhoods / NYC Issues / News Analysis & Opinion / Gotham Buzz NYC.

On Monday, October 2, 2023 I headed down to the Federal Reserve Bank in NYC to make a withdrawal. Not a withdrawal of money, but to collect some information about Climate Change, at a Conference they hosted for local media outlets.

Keynote Speaker - Economics Professor Stiglitz

The Keynote speaker was Joseph E. Stiglitz, a professor at Columbia University, who participated in a discussion with John C. Williams, the President and Chief Executive Officer of the Federal Reserve Bank of NY.

Informational Economics - Investment & Business Decisions are Based on Imperfect Information

The keynote speaker, Joseph Stiglitz, has expertise is in economics, and more specifically, informational economics. Stiglitz was preceded by economist George Stigler [not to be confused with the keynote speaker Joseph Stiglitz] who is credited with first developing 'The Economics of Information' in 1961 while a professor at the University of Chicago. This was the beginning of an entire area of study of how information and information systems affect economic decision making.

In the 1970's three researchers, one of whom was Joseph Stiglitz [the keynote speaker], is credited with developing the theory of 'Asymmetric Information' which posits generally that one of the parties - in a two party transaction - has better information. For example the seller of a used auto knows more about the car than the buyer, or a borrower likely has better information about whether there will be problems in repaying the loan than the lender.

• CLICK here to read the rest of our report on a cursory assessment of the risks associated with climate change at the Federal Reserve Bank in NYC.

What Happened at the LIC Partnership Real Estate Breakfast?

LIC Real Estate Owners, Managers & Tenants Discussed the Current State of the Long Island City Real Estate Market

April 25, 2023 / NYC Neighborhoods / NYC Things To Do Events / Queens Buzz NYC / 1067.

NYC Weather. The temperature highs will be / Weather coming tomrorrow.

I never thought I would become one of the 'old timers' covering the LIC Partnership Real Estate Breakfast. But I think that perhaps I am. I hadn't covered one of these breakfasts since before the pandemic, so I found myself looking to regain my balance, vis a vis my Queens real estate sea legs.

But some things are like riding a bike, meaning they come back to you quickly, and covering the LIC Real Estate Breakfast seemed to fit that bill. As I sat there listening to the panel assembled to discuss the current state of affairs, I noticed a number of folks from prior gatherings, and while the issues were largely the same, the current state of them is constantly changing.

And I'll provide the update this weekend.

• CLICK here to read the rest of our report on the LIC Real Estate Breakfast of 2023 / real estate in Queens NYC.

Economic Outlook 2023

Employment Steady, Inflation Subsiding, Consumer Confidence Up, Government Stimulus Fading, Fed Tightening 'Should' Stop After .25% Increase at Next FOMC Meeting, Most Global Supply Side Issues have been Corrected, Oil Prices Below a Year Ago, and the Dollar is Strong

January 17, 2023 / NYC Business News / New Analysis & Opinion / Gotham Buzz NYC / 469.

NYC Weather. The temperature highs will be in the mid to high 40's and the temperature lows will be around 40, dropping to 35 degrees on Friday. No rain is expected EXCEPT on Thursday, where up to an inch of rain will fall during the day. Winds will be 5 - 10 mph on Tuesday and Thursday and will be 10 - 15 mph on Wednesday and Friday. Humidity will rise from 45% to 80% on Tuesday, fall back into the 60% range on Wednesday, rise into the 80% range on Thursday with the rain, and fall back into the 60% range on Friday.

I. Economic Background - CoVid Disruptions of Global Supply Chains and U.S. Government Fiscal & Monetary Policy Responses

In recent months I have spent a fair amount of time catching up on what's happening in the economy overall, in an attempt to guage what lies ahead. It's important to realize where we are in the business cycle, in order to figure out what to expect going forward.

* Since March of 2020, we've been in a bit of a pandemic spin. The 2020 pandemic essentially halted most hospitality businesses and softened demand for some services, but drove high demand for both durable and non-durable goods. This is on the demand side. Meanwhile on the supply side, businesses were closing down, or working at far less than capacity, because of the health impact of the pandemic. For example in China, they didn't just appear to shutter businesses, but almost entire cities, to curb the spread of CoVid. China is where much of our electronics are made so this impacted the availability / supply of electronics at a time when Americans were spending more on them, because they weren't traveling, vacationing or even eating out much, so they had extra cash to spend on items, most notably electronics.

The U.S. federal government [as did many governments throughout the world] kept many businesses afloat through expansive monetary policy and generous fiscal spending via CoVid Relief packages which put money in the hands of local businesses, governments and individuals. The fiscal stimulus / excess government spending began in 2020 during the Trump Administration, and ended in early 2021 under the Biden Administration.

The first chart above right shows the federal government excess fiscal spending during the pandemic. Both Trump and Biden temporarily increased government spending in order to keep the economy rolling through the pandemic.

• CLICK here for our report on our perspective on the economic outlook for NYC in 2023.

The Great Supply Chain Crisis 2021: Hype vs Reality

TV & Murdoch News Sensationalized the Great Supply Chain Crisis of 2021 - Telling us for Months on End No Pumpkins for Halloween, No Turkeys for Thanksgiving, No Trees for Christmas & No Cream Cheese in NYC

But How Much of that Hyping was a Murdoch Inspired Perspective in Pursuit of Political Profit & Fear Mongering Ratings at the Expense of Reporting What's Really Happening?

January 3, 2022 / NYC Neighborhoods / NYC Things To Do Events / News Analysis & Opinion / Gotham Buzz NYC.

The closer I pay attention to what's happening in our mass media, the more concerned I get. Nearly half of our daily nationally branded news media is controlled by one man, Australian born billionaire Rupert Murdoch - who strikes me as either a sociopath or psychopath. Based on the seven years I've been covering Murdoch, it appears as if he doesn't care about anything other than enriching and empowering himself, even at 90 years of age [his mother lived to 103 so he's likely going to be with us for a while].

What Those Who Know Murdoch Say About Him

In Australia - where Murdoch has been operating all his life - former Prime Minister Kevin Rudd described,

"Murdoch's media empire as a cancer on democracy".

And in Britain, a Parliamentary Report stated that,

[Murdoch] "was not a fit person" to exercise stewardship of a major international company].

Keith Rupert Murdoch, controls the Wall St. Journal, Fox News, the NY Post, Harper Collins Publishing, MarketWatch, Barrons - and along with two of Fox News largest shareholders - Murdoch appears to have a controlling interest in Disney / ABC by virtue of what seems his proximity to their relatively new CEO. Murdoch's influence appears to be manifesting itself in personnel moves being made since he became one of their largest shareholders in March of 2019. The personnel moves are in their news and related programming areas, and ultimately impact what ABC News presents to the public. I just witnessed one of many subtle changes on Sunday, while watching This Week with George Stephanopolous. I'll say more about this at the end of this report.

Fox News Lyin' Laura Ingraham, earned that moniker, as you can see in the image above. Fox News has repeatedly used misleading photos and images to lend deceptive and misleading support to their news accounts, which appear designed to influence the unaware and low information voters, in order to get them to vote for billionaire Murdoch's favored pols and against the very government officials who are trying to help the manipulated victims.

• CLICK here for the rest of the story about mass media's ratings-driven hype, and media manufactured distortions about the global supply chain disruptions.

Economic Snapshot NYC & US

In spite of Non-Vaxers’ Negative Impact on the Recovery, Generally the Economy Appear to be Steadily Improving

September 21, 2021 / NYC Neighborhoods / NYC Business & Economy / News Analysis & Opinion / Gotham Buzz NYC.

It’s been a while since I have done an economic update, and as we head into the Fall, it seems a good time to look through the tea leaves to figure out where we are and what risks lie ahead between now and the New Year.

The graph at right, created by the Federal Reserve Bank of St. Louis, shows employment in the U.S. from 1940 to date. To the far right of the graph, you can see the huge dip in employment in the Spring of 2020, as the pandemic hit. Since then U.S. employment has recovered, but not yet completely.

Unemployment Back to Normal Levels & Stimulus Winding Down

Unemployment continues to decline, and the unemployment rate reflects a growing economy and a tight labor market. One debated theory about the tight labor market, is that it was fueled in part by some of the generous government spending programs, designed to cushion folks from the pandemic, which some believed kept workers out of the employment market. As of this posting, we’ve not seen any good study that proves or disproves that hypothesis. So for now, I recommend you consider that hearsay, at least until you or I find one or more reliable studies that proves or disproves that hypothesis.

In any event, a good measure of both the federal and states stimulus programs have begun to wind down. Beginning in late Spring / early Summer, both states and the federal government began reducing or withdrawing the funding for extra [federal] and extended [states] unemployment benefits.

• CLICK here to read our multi-part series with a snapshot of the U.S. economy in the third quarter of 2021 Q3 2021 Economic Snapshot NYC.

NYS Rent Regulations up for Renewal

NYS Assembly and NYS Senate to Strengthen, Renew or let Expire NYS Rent Regulation Laws

March 19, 2019 / Queens Neighborhoods / Queens Government & Politics / Queens Buzz NYC.

On Saturday I attended an event discussing the upcoming legislation pending in the NYS government in Albany concerning NYS rent regulations. Currently about 2 million of the 8.5 million people who live in NYC will be affected.

The primary topic of the event was MCI or Major Capital Improvements, which is a loophole in rent regulations that allows landlords to initiate projects within their buildings and then pass along the project costs to their tenants, in such manner as to provide the landlord with an incremental revenue increase that lasts into eternity, and which encourages landlords to get creative in originating projects in an effort to raise the rents of their regulated apartments at an accelerating speed in order to grow the monthly rent beyond the legal limit of regulation.

What happens then, is that a significant number of longstanding tenants in regulated housing, are priced out of their homes and neighborhoods. Some of the displaced tenants even become homeless. This is why homelessness nearly doubled under former Mayor Michael Bloomberg - who looked the other way as NYS rent regulations were being renewed.

The event was held in the Corona neighborhood of Queens, where hundreds - if not a thousand - people came to particpate in the discussion.

I'll have more on this at a later date.

NYC Landlord Harassments Continue

NYCCM Helen Rosenthal Hosts Housing Clinic to Inform Renters of Their Rights

May 29, 2018 / Upper West Side Neighborhood / Manhattan Real Estate / Manhattan Neighborhoods / Manhattan Buzz NYC.

On Wednesday, May 25th I went to the Goddard Riverside Community Center on Columbus Avenue at 88th Street to attend a housing clinic designed to inform renters of their rights.

***The following introduction is based on prior research done by me, and was not information provided at the housing clinic. I'll let you know when I segue out of my preamble and into the housing clinic.***

Over the past decade landlords appear to have become increasingly aggressive in trying to wriggle out of NYC and NYS rent stabilization regulations, that govern the rental payments under which about two million New Yorkers live.

It is my understanding that the government contributed land and / or financing to build or repair the buildings governed by NYC / NYS rent stabilization laws in exchange for the pricing rights on rent stabilized units. Many of the new landlords who have acquired rent stablized buildings, may possibly be in violation of approaching their business contract(s) in good faith, as the definition of good faith according to Wikipedia is:

"In contract law, the implied covenant of good faith and fair dealing is a general presumption that the parties to a contract will deal with each other honestly, fairly, and in good faith, so as to not destroy the right of the other party or parties to receive the benefits of the contract. It is implied in every contract in order to reinforce the express covenants or promises of the contract. A lawsuit (or a cause of action) based upon the breach of the covenant may arise when one party to the contract attempts to claim the benefit of a technical excuse for breaching the contract, or when he or she uses specific contractual terms in isolation in order to refuse to perform his or her contractual obligations, despite the general circumstances and understandings between the parties. When a court or triar or fact interprets a contract, there is always an "implied covenant of good faith and fair dealing" in every written agreement."

What is at stake, throughout the city, is literally hundreds of millions and more likely billions of dollars in - rental benefits or rental income streams - depending on which side of the struggle you're on. The landlords appear to be trying - using the torturtous side effects of construction including noise, health risk dust [inhalation], privacy loss and apartment functional loss - to wrest away the billions of dollars of rental pricing rights benefits from tenants to be pocketed by the landlords themselves. Given the high dollar value of what's at stake - including people's homes - this seems like attempted grand larceny, especially in cases where landlords are breaking the law to achieve their goals.

This will be continued at a later date. Including the segue into the information provided by the Housing Clinic to inform tenants of their rights.

Tenants' Rights March & Rally - June 14th Midtown at 4.30 pm

P.S. There's a March & Rally scheduled for June 14th, beginning at 4.30 pm, at the NY Public Library at 5th Avenue and 40th Street. They plan to march to Governor Cuomo's office at 3rd Avenue and East 41st Street. For details contact info@realrentreform.org or call 212.979.6958. All but one of the No IDC NY senatorial candidates have been invited to participate, and there's a possibility that NYS gubernatorial candidate Cynthia Nixon will be there too - as this seems to coincide with her reasons for challenging Governor Cuomo.

Islamic Fashion in the Bronx

Bronx Islamic Clothing Store for Sale

May 21, 2018 / Parkchester Neighborhood / Bronx Neighborhoods / Holidays in the Bronx / Bronx Buzz NYC.

In early May I traveled to the Parkchester neighborhood, to visit one of the Bronx newest Islamic clothing stores, Islam Fashion. With Ramadan only a couple of weeks away, the store proprietor was busy making preparations as Ramadan is the holiest month of the year - and just as during the holidays for Christians, it is also a very social time of the year.

The store, Islam Fashion, was started in the late 1990's [circa 1998] by an enterprising Egyptian immigrant, Mohamed Zohny, who I had met in Queens about a decade ago. Mohamed is one of those legendary entrepreneurial immigrants that one hears about - that keeps the American dream alive - both here and abroad.

Mohamed Zhony - Egyptian American Entrepreneur

Mohamed rolled the dice and immigrated to New York in 1979, at the age of 37, having left a position working at one of the airports in Egypt. When he arrived, he began working in a Lebanese restaurant washing dishes. Three years later in 1982, risking the savings he made from dishwashing, Mohamed started a falafel food truck at 51st Street and 5th Avenue.

Starting an Entrepreneurial Business on the Midtown Manhattan Streets

For fourteen years Mohamed made falafels out of his food truck and one might say he became a bit of a falafel food truck legend. He was photographed and written about in several glossy magazines, including one where he had his photo taken by famous photo journalist Lou Bopp.

Perhaps my favorite account of Mohamed at this time was the following in the 'Grub' section of a popular NYC magazine.

"Falafel stands abound … [at] Rockefeller Center … during lunchtime. Naturally they run the full gamut of barely edible to scintillatingly delicious. Second place for the title of best falafel is Zohny who has a cart on the corner of 5th Avenue and 51st Street. Not only are his falafels moister and fuller than the competition, but he has also developed falafel assembly into an art. It's a spectator sport to marvel as Zohny choreographs his falafel preparation like a wind-up doll. He can make the chick pea balls while dropping lettuce and tomato and heating the pita bread."

In 1996 then Mayor Rudy Giuliani started making changes to the rules governing traffic and food carts, so Mohamed decided to exit the business. Within two years, Mohamed had embarked on a third adventure, again investing his savings to purchase and then sell Islamic clothing on the Upper East Side on what I understood to be a sort of person-to-person basis.

Opens Islam Fashion Clothing Business in Manhattan with Stores in Brooklyn, Queens & the Bronx

Within another two years, in the year 2000, Mohamed signed a lease in Brooklyn and opened an Islamic clothing store there. Nine years later he opened a second store in 2009 in Astoria, where I met him. He's done a bit of advertising on Queens Buzz over the years and I have always found Mohamed to have a friendly smile on his face.

During this time I have had the opportunity to watch him do a bit of business here and there, buying and selling Islamic clothing in his shop. He would invite sellers to sit down for tea, chat and haggle a bit about quality and price, and then settle on a price and complete the deal. It felt like time traveling into Egypt in the space of a few minutes.

In recent years Mohamed, now 75 years old, has begun winding down ... at least a bit. He closed his Brooklyn store due to rising rents, and moved his Astoria store to Parkchester just last year - again due to rising rents. He opened in Parkchester a few months ago and has begun building yet another retail business. Even to this day Mohamed greets the public with a welcoming "Salam Alaikum", which in English means "Peace to you".

Islam Fashion is located at 1701 White Plains Road at Van Nest Avenue in Parkchester. Mohamed is now in the hospital and plans to sell his business. If interested you can reach him via Facebook at https://www.facebook.com/islamfashioninc/

I hope and pray that Mohamed has a speedy recovery.

Port Morris Real Estate Development

The Bronx Neighborhood of Port Morris is Experiencing a Real Estate Development Renaissance

May 7, 2018 / Port Morris Neighborhood / Bronx Real Estate & Business / Bronx Neighborhoods / Bronx Buzz NYC.

Last Sunday I went exploring two of the neighborhoods in the south Bronx. This report will focus on Port Morris, which is at the southern most end of the Bronx and is found along the Harlem River and the East River.

Port Morris has a long storied history, dating back to colonial times. Given its proximity to Manhattan [just over the Harlem River] and accessibility via the East River and Harlem River, Port Morris was geographically well positioned to be one of the great waterfronts. In fact one of the Morrises had this in mind in an earlier period and planned to make Port Morris competitive with the New York City Harbor and the Lower Manhattan docks. But alas it was not meant to be.

In the mid to late 1800's the piano making business was one of the biggest manufacturing industries in New York City. Piano factories lined the East River in Astoria and in the Bronx. By the mid 1900's the piano business was on the decline, being replaced by radio, television and the like as the primary source of home entertainment.

By the late 20th century the southern Bronx was in decline, but many of the old manufacturing buildings of a bygone era still remained. By the early 21st century southern Bronxians began to witness a growing interest in the Port Morris and Mott Haven neighborhoods due to an evolving business, social and economic climate in New York City.

I'll post more on Tuesday, May 8th.

De Blasio's State Of The City Address

NYC Mayor Maps Out A Framework To Tackle NYC's Affordable Housing Crisis

Real Estate Lobbyist: "Zoning Is The Equivalent Of Minting Money"

February 9, 2015 / NYC Neighborhoods / NYC Government & Politics / Gotham Buzz NYC.

Mayor Bill de Blasio sent the NYC political, media and real estate worlds abuzz on Tuesday, February 3rd, 2015 when he laid out his administration's plan to solve one of the severest shortages of affordable housing in the history of New York City. It seems everyone had something to say in response to it - from the folks on the street to the NYS Governor. NYC Mayor Bill de Blasio is shown standing in the bottom left corner of the photo, after giving his first State of the City Address.

The housing crisis in New York City reached crisis proportions during the Bloomberg Administration. Former Mayor Bloomberg's approach to the issue was to let rent regulated apartments expire or become transformed to encourage investment, provide generous tax incentives and city land deals to real estate developers to build luxury high rise apartments, and build more homeless shelters.

A severe shortage of affordable housing was lurking in the background, as candidate Bill de Blasio began running for the office of mayor with the theme of "the tale of two cities". His campaign keyed into the pinch being felt by the 70% of New Yorkers who rent.

Thus one year later, while giving his first State of the City Address, the 109th Mayor of New York City put the affordable housing problem front and center for his Administration in a manner similar to what he had done on the campaign trail.

And in doing so, the Mayor set afire talk about affordable housing by city and state pols, the media and city real estate developers.

Click here later in the week to read the rest of our report about Mayor Bill de Blasio's State of the City Address, including reactions by banking and real estate executives, members of labor unions and other government officials. By Michael Wood.

BALCONY - Business And Labor Coalition NY

Forum Discusses Challenges & Opportunities Of De Blasio's Affordable Housing Plan

February 23, 2015 / Bronx Neighborhoods / Bronx Business & Real Estate / Manhattan Buzz NYC.

One day after Mayor de Blasio gave his State of the City Address, the Business And Labor Coalition of New York [aka BALCONY] met to discuss affordable housing and their role in it.

A high quality panel of speakers had been enlisted to help stimulate the discussion which happened on an early Wednesday morning in February. The panelists included a real estate lobbyist, a unionized labor representative who oversees the management of labor pension investments, Public Advocate Letitia James, a representative from the Governor's Office and others. The BALCONY forum attracted a full house of real estate, financial and labor professionals, as well as government officials.

By the end of the morning I had heard how a number of large and important participant groups were processing Mayor de Blasio's plan to address NYC's affordable housing shortage. We'll have more a bit later this week about this informative housing forum.

New York Boat Show @ Javits Center

Full Steam Ahead For Boat & Yacht Dealers & Manufacturers

January 25, 2015 / Bronx Neighborhoods / Bronx Business & Real Estate / Manhattan Buzz NYC.

For the price of a small apartment in Manhattan you can buy yourself a floating power palace with about the same amount of space, and water views on all sides.

It was my first venture into the New York Boat Show on Sunday at the Jacob Javits Center in Midtown West. There were about 400 boats and yachts on display [364 was the unoffical count] for those looking to buy, trade or just look at the state of the art in boating technology and comfort.

Again unofficially - using one of the dealer's gate count numbers - it seems attendance was up a bit this year versus last year. They surmised that the lower gas prices, the better economy and apparently a few folks were looking to replace what had been damaged or that they'd lost to Hurricane Sandy. And so it was ... show on.

Later this week I'll post a photo slide show of the event and take you onto a few of the boats and yachts so you can see what owning or riding on one of these floating palaces would look like. Ship Ahoy.

New York Market Expo

Marketing Your NYC Business In The 21st Century

June 2, 2014 / Bronx Neighborhoods / Bronx Business & Real Estate / Manhattan Buzz NYC.

On May 29th I attended the New York Market Expo at the Metropolitan Pavilion at 125 West 18th Street in the Chelsea neighborhood of Manhattan. There were dozens of vendors there to help small businesses with their sales and marketing efforts.

It seems the online media has moved front and center at this expo with a multitude of vendors generally representing national firms offering a variety of online services. Many of the large social media firms sponsored slide show presentations showing how their offerings differed from the others.

There were also a number of other organizations there, including the traditional media, as well as a number of government and non-profit business organizations whose missions are to help businesses in their endeavors. The Manhattan Chamber of Commerce is shown in the photo to your right. The Manhattan Chamber of Commerce is a very active sponsor of networking events, seminars and workshops in NYC.

We'll post more including a photo slide show of the New York Market Expo of 2014.