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.

√ Things to do This Weekend in NYC & Boros

Mexico Now Festival, Holiday Toy Train Show & Holiday Markets in Manhattan; Affordable Art Fair, Flip Circus and Quintet of the Americas concert in Queens; Frost Fest & Lightscape Show begin & Brooklyn Flea open in Brooklyn; NYBG Holiday Train Show & Bronx Zoo Holiday Lights begin, Bay Plaza Mall Tree Lighting & Yankee Stadium Tours in the Bronx; and Holiday Markets Galore on Staten Island; Next Week Thanksgiving Day Dinner and Parade & Black Friday

November 22, 2024 / NYC Neighborhoods / NYC Things To Do Events / Gotham Buzz NYC.

NYC Weather Forecast as of 11.22.24. But first - Sunrise 6.51 am & Sunset at 4.32 pm. The temperature highs will be in the high 40's all weekend and the temperature lows will be in the mid to high 30's all weekend. It's going to be a windy weekend with the winds kicking up from 10 - 20 mph Friday, falling back to about 15 mph on Saturday, and then falling back a bit more to 10 - 15 mph on Sunday. The humidity will fall from about 90% on Friday, to about 80% on Saturday and then down to 60% - 70% on Sunday. There's less than 1/3 inch of rain expected Friday and then it should be dry the rest of the weekend.

The photo above or at right was taken a bit earlier this year in the subway station at 42nd Street. The crossroads of the world, so they say. That becomes especially true around the holidays, when people from around the planet come here to celebrate their holidays and the new year.

Friday Early Afternoon Edition just after 12 noon. This is a solid first pass, with some more additions coming by the end of the business day and / or by the end of the calendar day 11.22.24, as we continue updating holiday markets and holiday events. It looks to be another busy and good weather weekend [excepting Friday]. Can you believe that Thanksgiving is less than a week away?

• CLICK here to read the rest of our report on all five boroughs things to do in NYC in November events nyc.

* 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.

* Why a Supply-and-Demand Approach Alone Cannot Solve the Housing Affordability Crisis

Posted 11.28.24 _ November 20, 2024 / News Analysis & Opinion / By Layla Law-Gisiko, President. The City Club of New York

"Buy land; they're not making it anymore" - Mark Twain

The conventional supply-and-demand approach, which presumes that increasing the housing supply will lead to greater affordability, fails to address the root causes of the housing affordability crisis. This approach, while seemingly primal and basic, is actually specious. Drawing on the theories of Adam Smith, David Ricardo, Thomas Piketty, Joseph Stiglitz, and Ryan-Collins, Lloyd, and Macfarlane in Rethinking the Economics of Land and Housing, critics argue that the conventional approach fails to account for the unique characteristics of land and housing as commodities. They highlight how financialization, speculation, and wealth concentration distort housing markets and exacerbate inequality. The housing crisis cannot be resolved simply by increasing supply without additional interventions that address the influence of land values, speculative investments, and inequality in the housing market and that in certain circumstances, increasing supply will actually exacerbate the housing crisis.

Copy & paste this link to go to the City Club of New York website - https://cityclubny.us21.list-manage.com/track/click?u=7bd5efc173c501c8faae47a24&id=4112fd461e&e=86b0219420

In modern housing policy, increasing the supply of housing is often cited as the primary solution to the affordability crisis. According to a basic supply-and-demand framework, a larger housing stock should reduce prices by creating competition and addressing housing scarcity. However, housing and land are not commodities like others in the market. Land is fixed in supply, derives its value largely from its location and external factors, and is influenced heavily by speculative and financial practices. This analysis reveals that, contrary to the assumptions of traditional economics, increasing the housing supply is unlikely to resolve the crisis unless additional policies address the complex dynamics of land values, speculation, and market concentration.

• CLICK here to read the rest of our report on Why a Supply-and-Demand Approach Alone Cannot Solve the Housing Affordability Crisis - City of Yes zoning changes NYC.

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.

Saying No to the City of Yes

City of Yes is ...

• An Attempt to Overcome NIMBY [Not in My Back Yard] in Favor of YIMBY [Yes in My Back Yard]

• Yes to the Billionaires & Developers Who Created the Plan

• No to the New York City Residents Who Already Live & Work Here

May 15, 2024 / City of Yes Special Report Series / NYC Real Estate & Business / NYC Government Media & Politics / News Analysis & Opinion / Gotham Buzz NYC.

Since the beginning of the new year I've attended over a half dozen different lectures, presentations and community discussions, about the City of Yes and related topics. Two of them were presentations given by the NYC Planning Department who are selling the plan, one by the Federal Reserve which took a stance that leaned pro business but did not ignore the possible destructive ramifications of passing the legislation, one by a community activist group in Brooklyn, another by a Community Board in Manhattan, and two others by a civic group, also in Manhattan.

I tried to keep an open mind about the pros and cons of the legislation, but I couldn't help but begin forming opinions about the proposed legislation, as I collected, sorted and analyzed the legislation and information surrounding it. Over time, the ramifications of actually passing this legislation have begun to appear.

The Mayor's Rationale for Pushing Legislation Created by and for the Billionaires & International Real Estate Development Community

The legislation was concocted by billionaires, real estate developers and the NYC Planning Department, headed by Daniel Garodnick. As such, it reflects their interests, and seems to almost completely ignore the interests of the communities that the NYC government is supposed to be serving.

The Mayor has been pushing the City of Yes, because he believes it will eliminate the 'Not in My Back Yard aka NIMBY' that many infrastructure projects [including affordable housing] encounter when the government or real estate developers are trying to foist them on a community. Hence this would have the effect of enabling projects to move more quickly from conception to fruition, and at a lower cost to the government, billionaire or real estate developer pushing the project. The Mayor also believes that this will enable the creation of more affordable housing.

It might enable the creation of more affordable housing, and it might not. It could just enhance the bottom lines of the billionaires and developers pushing the plan, which in my mind is the more likely scenario.

The Downside of Passing Legislation that Usurps the Power of the People

But, more importantly, it would usurp the power that the people living in these communities currently have, to voice their concerns about new construction projects like affordable housing, commercial buildings or transit, being built within their neighborhoods. While I appreciate the Mayor's interest in reducing the time and cost of getting things built - like affordable housing - I don't think that taking away the power a community has over what is developed within their midst, is the right way to go about changing things. And perhaps even more importantly, I think any time you're transferring power from the little people to the rich and mighty, you're moving power in the wrong direction.

City Club of NY - ReThinking the Housing Crisis

So, with this in mind, I'm going to take you into a Zoom conference hosted by the City Club of New York which was entitled ReThinking the Housing Crisis, held on May 7, 2024. While not specifically about the City of Yes, it provides some contextual background which should help in evaluating it. And later this month we'll also have a report on the Federal Reserve's April 25, 2024 conference entitled 'Fostering Neighborhoods: Faith-Based Organizations and the Development of Affordable Housing' which was largely about the proposed City of Yes legislation. At that conference there were several speakers who promoted the legislation, but not without reservations, both of which we'll include in our report.

• We'll have more to report later on ReThinking the Housing Crisis [2nd part of GB 531].

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.

Governor Hochul Scraps the Ill Conceived LGA - Willets Point Air Train

Former Governor Cuomo's Air Train Seemed More About Catering to the Whims of the Billionaire Class, than in Streamlining Public Transit

March 15, 2023 / NYC Neighborhoods / News Analysis & Opinion / Gotham Buzz NYC.

In 2017 I attended a Community Board meeting in Astoria where our urban planners talked about new improvements coming to LaGuardia Airport. Since then a number of those plans have come to fruition. But one of them, what at the time was called the third phase, the Air Train to LGA, has not. Use the link to see the thinking nearly six years ago when the plans had been drafted and the construction was about to begin. I'm happy to say that we flagged and reported to you a number of the issues with the LGA Air Train early on, which we've included in the list below.

The photo at right shows the CTA [Chicago Transit Authority] subway that runs along the Kennedy Expressway from downtown Chicago to O'Hare Airport which vies with Atlanta for the title of the busiest airport in the U.S..

The Former Emperor [Governor Cuomo] had No Clothes [Sound Public Interest Rationale]

On Monday, Governor Hochul announced what was already well known and expected, which was that the Air Train shuttling between LaGuardia Airport and Flushing Meadows Corona Park, would not be built.

There were any number of good reasons why the LGA Air Train should not have been built, such as: 1) the costs of building the train would cost more than five times the original estimated cost of under $500 million to over $2.5 billion, 2) then, implicit in a number of alternatives, there was the idiocy of connecting the LGA Air Train, to the second most trafficked subway line [the #7] in NYC, which was already nearing peak capacity pre-pandemic, 3) the politically and billionaire preferred alternative destination, Willets Point on Flushing Bay, had just been cleaned up after decades of environmental pollution, and would again be threatened again, and to top it all off, 4) the politically and billionaire preferred Willets Point alternative required all of the people traveling to and from LaGuardia on public transit, to travel out to Flushing first, before circling back around to LaGuardia Airport. The billionaires who would have benefitted from this include billionaire real estate developer Stephen Ross and [now minority interest] Mets Club billionaire owners Saul B. Katz and Fred Wilpon. The new Mets baseball team owner, Steve Cohen, is also a billionaire.

CLICK here to read our report on Governor Hochul scraps the LGA to Flushing Meadows Corona Park Air Train.

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.

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 / Brooklyn Blvd 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.

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.

This is a bare bones Brooklyn Business Directory. It will be updated at a later date.