Greed and the Cost of Living in NYC

There is an article in today's NY Times suggesting that the prices for homes have leveled off a bit or even decreased around the nation this past quarter. They are still, however, nothing short of astronomical compared to several decades ago!

Slowing Is Seen in Housing Prices in Hot Markets
By DAVID LEONHARDT and MOTOKO RICH
More sellers are putting their homes on the market, houses
are selling less quickly and prices are increasing less
rapidly.

http://www.nytimes.com/2005/10/04/realestate/04reals.html?th&emc=th

Affordable housing for most is a far off impossible dream. The gap between poverty and wealth in the U.S. continues to grow -- poverty levels up 12.7% this past year according to recent reports.

All this does not bode well for our civil society -- that essential community bond upon which any democracy must depend for a just, good, and productive social order. When the wealth gaps grow too wide, public trust declines, people cheat, order descends into social and economic chaos.

And affordable housing? Forget it:

http://www.gothamgazette.com/article/demographics/20051004/5/1608

Even our local Cathedral, St. John the Divine, wants to build only luxury housing on its Close and Columbia is reputedly plotting to place its new business school on whatever Cathedral space remains.

What do such facts and figures as the above suggest is happening around us? I have seen graphically the devolution of our community into greed-dominated economic exploitation. One once (as we did as young faculty) could rent an apartment in our neighborhood at a modest cost. Then ours and many other buildings in our neighborhood were converted to co-ops, including the SROs where poor people could rent a room at a modest cost. Only millionaires now need apply. At this very moment Columbia in moving in on the remaining low income areas wherever it can thrust itself, e.g. seeking 'blight' designation and an eminent domain grab of the southern tip of West Harlem known as Manhattanville where people can still afford to live and and find jobs to support themselves. Shame!
--
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to arms is legitimate if they represent your last hope." (Livy)
--
Ed Kent 718-951-5324 (voice mail only) [blind copies]
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