People are Homeless… While 20,000 Offices Are Empty in NYC
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- เผยแพร่เมื่อ 4 ต.ค. 2024
- NYC Has a Housing Crisis, a Homeless Crisis and 48% of all offices are empty. Should the City use lemons to make lemonade and create affordable housing?
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In the USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.
Given the current circumstances, it's advisable to diversify by shifting investments from real estate to financial markets or gold, despite potential future home price drops. Seeking guidance from a knowledgeable financial advisor is recommended, especially considering prevailing mortgage rates and economic uncertainty.
Maintaining a long-standing connection with a financial analyst, I've navigated the challenge of identifying optimal buy or sell times in today's dynamic market, particularly with trending stocks. In just a year, my portfolio has surged by over $600k, and I rely on my advisor to guide decisions on entry and exit points.
@@ThomasChai05 How can I contact your Asset-coach as my portfolio is dwindling?
CAMILLE ALICIA GARCIA maintains an online presence. Just make a simple search for her name online.
I just looked her up on the internet and looked into her credentials. I wrote her a letter outlining my financial objectives and planned a call with her.
Keep talking, Cash. Keep planting the seeds of change. You are doing incredibly important work.
And who is going to pay the costs on those buildings? Especially for the destruction they will cause, how about liability. Keep that thought process up and it will look like Detroit.
Just be careful how much awareness you bring to the table. Your going up against high rollers. We love your content. The Billions of dollars the mayor is asking for can cover the cost. But I promise it's not what that money will be used for. Sad to say. Stay safe Cash.
@@dawnagiron2192 Oh, please. He’s not saying anything that hasn’t already been said. No one’s coming after him.
@@dawnagiron2192nobody going after him 🤣🤣
Yes! I don’t live there but I’ve learned so much from you and this series.
The problem is they will convert them to high-end apartments. The people on the streets, will still be on the streets.
Correct!
Sounds just like us in the UK,”We also need a Government that puts its citizens first and not last🇺🇸🇬🇧.
It will never happen under the current lords of misrule, but I don't hold out hope for anything better under Labour. National and local governments have surrendered power to the 1% and everything is arranged to suit them.
Same thing in Canada , homelessness increases by the day, housing is unaffordable for half the citizens, Lots of empty homes, condos, offices and even luxury homes and condos, mostly owned by Corporate and wealthy foreign investors. 😪
Ditto exactly same in Republic of Ireland 🇮🇪
The problem with this mindset is we don’t need the government at all, the government needs us.
We ain’t talking about y’all lil bro
There's two big problems with turning offices into housing:
1. Not enough windows.
2. Not enough plumbing for the extra bathrooms.
Right which is why they'd need a considerable amount of money to change them, the part that's ridiculous is the zoning codes that make it so a building has to be a certain amount of space from the lot line for use. For some people it may make sense to updating plumbing etc, but to cut a building down to fit zoning? Ugh.
Exactly it’s harder than people think to just convert it , it can be a configuration nightmare even for the most astute architects
Just use bucket to pee and plastic bag for poo dropping and dump it like regular trash
Dont speak of the homeless as if there a child who got diabetes...the homeless are alcoholics,,,druggies,,,thieves,,,law breaking criminals who CHOSE THE LIFE THEY'RE IN ,,..they always want the working people give,give,and GIVE to them...fcuk the homeless.
Just do like they do in Kowloon, make one bathroom shareable for 10 people. 😂
As Dr. Seuss’ Lorax said, “Unless someone like you cares a whole awful lot, nothing is going to get better. It’s Not.” Thank you Cash for caring about this housing crisis. Hopefully your segments will encourage the power brokers who can implement the changes to start caring too! I mean after all, it will put money in their pockets, so why not!
Nice people have their limits if a homeless person makes your house messy then would u kick him out or let him stay ?
Demographics is Destiny.
Meanwhile...in Japan.
Commercial Real Estate is collapsing so now all the developers are trying to convert them into Housing Real Estate to offload their money onto unsuspecting idiots. A sucker every minute.
@@estelalopez3563Social Worker’s daughter here. If homeless people are rehoused, they have the permanent address they need for job applications. It gives them access to the job market. All the homeless people who my mother rehoused gained pride and respect for themselves. They took pride in their homes. Because they knew what it was like to not have a home, they really appreciated what they had. Rehousing a homeless person gives you a proud resident. Rehousing enables the homeless person to reconnect to a community, and gives them a stake in society. Also, they’re not talking about putting homeless people into other people’s houses. They are talking about making all new housing and getting homeless people into homes of their own.
Violet deserves a big thank you for allowing you to use her colorful blocks for your demonstration! Thanks Violet!
I was just thinking the same thing! Maybe she would like to become an architect, she could design and solve many issues. 😀
Cash is evolving, he went from showing us NYC apartments to full blown covering every socio economic issue that's going on today. Respect !! You're doing the job of so called journalists
I mean the fact is most people who work in housing know this and it does make it's way to local political meetings, but they're not exactly highlighted unless someone can spin it into rage bait. But people are finally learning you can't escape politics they're literally what make cities function.
So, if this office space was converted into apartments, would the homeless folks be able to afford the rent? The building owner would be spending a whole lot of money on conversions, and they would want to get that back by getting hefty rents. Plus, NYC's zoning laws and crazy housing regulations aren't user friendly, for anyone.
It amazes me how all government leaders allowed this to happen without a thought about all the problems and without any solutions in mind whatsoever.
Great video, Cash. Thank you.
This. Everybody is talking about converting office buildings to residential ones but the thing is the units are not going to be affordable. Seriously, where are working, regular people going to be able to live? These landlords are going to go for as much rent as they can get.
On a single home with the most efficient piping and pex, it would be around 2k in materials
1 toilet 1 bath 2 sinks 1 washer box 1 ice box
And that's just water
An office building that's just being renovated to still be office space costs around 60-80k
Housing needs 7-12x that for residential so everyone can have a toilet, bath, sinks and running water
And that's not even counting labor, demo and replacing what was torn out
Specifically Democrat leaders...billions in taxes yet NYC is falling apart...time to address the real issues which are poor policies, over regulation, lack of accountability...voting matters
Yeah, the unfortunate reality is that these units won't be affordable. But the idea is that people who can afford to move into them, are living in cheaper apartments now that will then become vacant for lower income earners to move into after. So let's say you make a lot more than me, and live in an apartment that I can afford. I can't afford to move into the new apartments, but you can afford to, and you do. Now your old, cheaper apartment is vacant and I can move into it. Similarly, my old apartment is now vacant for someone else, and so on and so on. Of course, this is theoretical and in practice, a lot of things can go wrong.
Hopefully it would house more people who can work/pay for their rent. And squeeze out trash.
Problem is around the world, housing is being built for richer people, not the poorer ...so however much extra housing being built the average joe won't be able to afford it!
True. But, I think (aside from making the landlords less money) a real reason that developers don’t want to develop affordable rentals is because low income apartments are harder to manage. These people tend to destroy the properties. They just don’t take any pride in the place where they live. So, developers figure “why deal with that nightmare. We’ll build a luxury rental instead.”
I can’t for the life of me figure out their affordability calculator 🧐
It’s carefully configured to omit 𝗒𝗈𝗎 𝗌𝖺𝗂𝖽 𝗂𝗍 the average Joe 🎯
You know what happens when capitalism fails? The communists are coming back. You know what they do in a communist country?... They give you a little place to stay then take away all your other rights... Treat you like an animal. so stop that trash talk about rich/poor!
Any new housing is good. Even if it is all luxury. That would mean the existing stuff we already have that is seen as higher value can become for the middle, and the middle stuff can turn to low income. Just keep making more, never stop! Housing security for all.!!
it always is. thats why converting these offices to apartments is hard, it devalues current apartment values, lowers asking rent, thus decreasing the future cash flows for the landlords. 100% this will be blocked
Everything you covered in this video - homlessness, cost of living, immigration - politicians made this all a political issue, therefore it will never get better until they find the perfect way to blame the middle lower class residents and then punish us (financially of course) to fix the issues they created. Buckle up local legal residents, we got a long struggle ahead in nyc
Unless people stop voting democrats into their city's leadership, this will be a fight you will not win. They lied. That's what they do. And they did it with a straight face.
Yep, couldn't have said it better myself...those empty offices are soon to be illegal immigrant shelters.
💯 and the banks will take us all to the cleaners along the way
@@sambino2726 The infrastructure of office buildings is unlike what residential requires. The plumbing alone is going to be a major roadblock.
Liberal voters deserve what they’ve been virtual signaling for - for years. Enjoy!
Really enjoying these new videos you've been putting out. The apartment videos are cool but i feel like these are so much more interesting and important considering what's going on in the world. Great job!
JD knows of what he speaks. He immediately the questions Cash had for him ,and the way he rattled off his answers while being understood makes it even better.
He should be brought back for future uploads.
I’m game
Cash, your real estate tours are super fun to watch but I really like these "news reel" type videos you've been doing lately, great work. It'd be cool if one of the local news channels picked a few of these up! Keep up the good work!
I love your informative vlogs- media doesn’t show all this stuff!
The problem is the landlord will make them into rentals but they will charge luxury prices.
Can’t expect a landlord to put in millions of dollars to convert buildings and expect $0 in return. Unless the government subsidies the conversions, they likely aren’t going to happen to help the lower class
unless a charity is running it with other peoples money, It would be considered a business and would need to make money to pay workers and fund reapirs... Its ok if the owner makes a profit.
Not nearly enough toilets - little to no showers, insufficient number of kitchens per floor, inoperable windows so no egress in the case of a fire or other catastrophe, etc. Converting office buildings into residential is a MAJOR investment so it won't happen for people that can't afford to pay rent, let alone purchase a condo.
SO much space!! You should see all the empty " luxury" apartments in New Orleans..its absolutely insane.. we don't have ( as much) of a homeless problem as NYC, but the amount of wasted living space just drives me insane... with ALL these empty spaces NOBODY should be homeless
Exactly! The young people are getting fed up. We are one of the largest countries, no one should be homeless in a country with so much space. 💔
@@tyraikaika: or with so much wealth.
Hi Cash, I really appreciate the new direction you are taking on this channel. Great work and information being shared here.
Thanks for keeping this major problem in nyc highlighted. Your videos are great. Travelling over to nyc on Saturday from Northern Ireland 🇺🇸🏈🙌
NYC has a politician problem.
NYC voters have elected ridiculous leftist clowns who only make these problems worse. New Yorkers deserve what they vote for.
It's there problem.
Converting empty spaces into many apartments is a great idea IF they are affordable to the majority of people. I hope this becomes a reality throughout this country.
probably $5000 a month will be cheap for Manhattan lol
They will be free accommodation for their illegal migrants
The city will pay $10,000 for each apartment only if an illegal moves in. City money comes from taxpayers.
It's a stupid idea that has been done in other cities. San Diego approved 32 million dollars to renovate an abandoned office building into 40 studio apartments for homeless people. That's around 750k per studio. You can buy a fking 6 bedroom house for 750k. Once again, homeless charities milk the government in order to solve a problem created by people who refuse to do jack shit for themselves.
unfortunately, most converted office spaces go for more than normal residential housing
You are right Cash!! Thank you for being an advocate. Be the Change!! It is time to collaborate and coordinate to solve these human made problems like homeless! Continued blessings to you and your family!!
@@kmfucillo1422So what did he leave out?
Near me in Chicago there was an organization that used to have multiple shelters, but since Covid they only have one shelter now. I’ve noticed more people with tents in parks and just on sidewalks. I don’t know what they are going to do in the winter. 😢
i know what they will do. The will build fires in trash cans and still contine to live in tents...
My job is in the city and I work from home in NJ. My office on 34th and Park is a ghost town. So much unused space that can be used for people to live. If they were converted to something affordable I would definitely pack up and move. It would be great because I could still get to NJ fast and conveniently to see my family regularly. I would just need a place to stash my car.
why not go back to the office to work?
@@specs1616 Simple answer? I don’t need to. My employer isn’t forcing the issue. They gave us all the option of being remote or come in a few days a week. Some people come in 2-3 days. The rest of the majority are remote. When we’re no longer allowed to have that flexibility, I’ll go back in. Though we were headed towards a hybrid approach even before Covid.
unfortunately, the cost of converting office spaces to apartments is expensive. It's a "simple" idea that is not simple. The cost will make the apartments unaffordable - problem NOT solved
NYC needs to change their legislation
Not only is it expensive to install a light shaft, but it’s not guaranteed to be structurally sound if the workers are encouraged to rush and the renovator wants to cut corners to reduce cost.
Will there be enough city inspectors to check every renovation? Maybe not.
We can’t pretend like it won’t happen. We know people don’t always do the right and ethical thing. It’s not just layoffs and fabricated inflation, it also includes things that can cause physical harm.
Cash, what you show is so important. Housing across the whole country is in crisis and it’s the same in Canada! Converting office space is genius. You are highlighting the reality of the situation. Scary for everyone.
Damn Cash, you just keep putting out better and better videos chock-full of interesting information.
You have done some really great work on the increasing problem. the only thing that worries me is if they turn these offices into apartments, will they make them affordable or tur4n them into more luxury apartments that no one can afford. they did that in Seattle with office buildings but made them out of reach for middle and low income.
The reality is that cash really didn't emphasize as much on the enormous cost. Commercial buildings in NYC are not always going to have the highest and best use and will need to be razed. Studies show that developers should plan on spending $500 to $800 per square foot or more on an office-to-residential conversion in a city like NYC. This idea has been kicked around for years. On paper, it sounds good but overall, the ideal is very costly! For example, think about NYC's 100 year old underground plumbing system.
the guy has no clue. Wonder if he works for the Gov or the Mayor?
He did talk about it in the video at around 9:16
The major cost of conversion comes from having to comply with silly rules
Besides being expensive, almost all the commercial property is not sitting in completely empty buildings. There are still going to be commercial tenants in those buildings. Commercial and Housing have much different needs.
Cash is still jet lagged if he thinks this is feasible financially or logistically for the amt of infrastructure and resources. Look how great China and India are doing with their tower ‘cities’, they are horrible.
Or is Cash looking for 15 minute cities to be built sooner.
Cash is on a roll. Keep it going! Let them hear!
In all the time I spend watching news on one platform or another, I don't get as good a coverage as you give Cash. Keep up the social commentary!
I just love your channel... and your common sense.
Great idea to convert empty office space to apartments. Build the utilities in the center with bathrooms, laundry, storage rooms in the center. All of the apartments would have windows.
Cash, I enjoy your videos so much. Thank you.
Big respect for speaking up on this crisis with the platform you've built. NYC has to change and become more efficient.
So interesting. Keep up the great reporting work Cash and change will come!
It's the same in the UK. Lots of offices lying empty including my old one. All depends on the length & width of the building. So many are just not suitable for conversion so it's cheaper to demolish them. If they can be converted I would imagine that rent may not be affordable so we are back at square one!
In the UK where I also live, The Town and Country Planning (General Permitted Development) (England) Order 2015 allows office buildings to be converted into residential units without planning permission. The main problem begins with there being no minimum space requirements. Add to that, cheap materials with poor building standards which leads to little more than cubbyholes for the poor. Look up Newbury House, Ilford to see the scale of the deprivation created by the new slumlords.
25 Water. It was the JP Morgan office building where I worked around 2008. They call it "red" building if I remember. Right next door is the main Goldman Sachs building which I think is still used by GS.
As mentioned, making office building into residential buildings will take expensive renovations. Not sure if there are enough high paid workers to fill the new luxury living spaces. For sure they won't be "affordable" living quarters.
This problem exists EVERYWHERE...even where I live in North Carolina. This problem will NEVER get solved as long as real estate...and that includes apartment complexes... are owned by Real Estate comps. The sole purpose of RE comps is to make a profit. RE comps are not going to lower rents. If they do that, they won't make a profit. Also, heads of social service orgs make 80,000 to 150,000 dollars/year . If the homeless "problem" gets fixed, they lose their jobs. So the homeless issue gets "managed" instead. In a capitalist economy, EVERYTHING is about money. The 3rd cause of this problem is the fact that NO ONE in the local communities CARE enough to do anything about the problem. If it doesn't effect them "personally", then no one cares. This is why America is falling apart ......NO ONE CARES. I wanted to add that there is a 4th problem.....WAGES. America's wages don't match cost-of-living indexes. For example, a McDonalds worker in the US makes about 12 to 15/hour. In Germany, a MDs worker makes 25 to 30/hour. The average COS in Germany is 24% lower than in the US.
Good points. Well said.
I live in a rural area with a low cost of living compared to other areas of the country. I also work for a company that has offices world wide. Recently, just because, I looked at job listings in NYC in my same pay grade. If I took a similar position in NYC my pay would double but my housing cost would be about 9 times what it is now.
What is a comp? Also, look at the housing in Russia, worse than the U.S.
@@donniemoder1466company
Very good points at the end of the day capitalism may truly be the problem… No one is ready to address that though..
I ve lived in the same apt in Az since 2011. It is a 2 bedroom 2 bath with a walled backyard. In 2011 it rented for 425 and now it’s up to 600. I consider myself extremely lucky and grateful.
🍃🙏🏻🍃
Lucky having survived 3 digit heat 😩
@@ElleBrOw yea the heat sucks and I’m extremely tired of not having seasons. Especially rn in the fall , my favorite season. I haven’t had ac in my car for 7 years so you get used to the heat. But the heat also helps my arthritis so I guess it’s a trade off, like everything else in life.
@@Dragonflylane77 You got me at “helped arthritis” 💕
I thought Arizona rents had sky rocketed also . Phoenix was where I lived in the late 70s but I couldn't take the heat . It has a totally different feel now with also a lot of homelessness . Do you live in rural Arizona to have such good rent ?
@@ramblingrose6967 Yes, I’m in Az city about 3 miles off the I-10, right between Phx and Tucson. Everybody else’s rents around here have skyrocketed including my neighbors but my landlord cuts me a break cuz I ve been a good tenant over the years and I think because I’ve lived in this apartment so long
Thanks Cash for this video about two major social crises: Homelessness and Lack of Residential Housing.
And this is a worldwide problem. If NYC (or Syracuse, NY, my town) can solve it, hopefully others can as well.
The problem isn't that there aren't enough resources for the poor. The problem is that the rich are never satisfied.
Well, the people need to come together and rise up
Or these called Poor spent there money on Drugs and Booze
@j.kristineemmons or get a Job
Problem is people think you can solve poverty by hating money and Rich people....which is the exact opposite.....think about it....
lol, ok communist...
Awesome job cash see you tomorrow
I grew up in South Florida and now live in East Central Florida. The problem here is empty plazas with only a few stores in them but yet they keep building more🤷♀️ I had a dream years ago about turing storefronts into apartments. I think it is happening in some places but so far not where I live. At least Cash is trying to brainstorm the issue. My old boss never listened to there's nothing we can do about so let's not get upset. She said no, let's get upset and do sonething about it and saw her put into action many times.
Hello there neighbor! I here you about plazas being left to sit. It’s a shame really. So many up & down Highway 50. Old Sears stores, and other stores attached. Driving by thinking back to when I was a kid, going there. Nostalgia hits me a lot. It’s a shame they don’t do something with them. I love the fact I’ve grown up in FL. And especially the area I grew up in. I’ve always been close enough to Orlando, St Augustine, (awesome place) Pensacola beaches (that used to have that beautiful white plush sand… idk if it’s still that beautiful and clean) FL. Keys🏝 (which I love)Tampa, Daytona Beach, New Smyrna (I love NS beach) I lived only 20 minutes from there for 11 yrs. And of course never missed a Space Shuttle launch since I was a kid. And I hear every latest rocket🚀 they’ve been sending up🤔which is so often it’s kind of bizarre. Having lived here so long, it seems almost every week we hear a rocket go up. Weird… but I digress.. 😂 Anyway, I love the fact that I’ve always been close to everything, but not in the middle of all the crazy cities: but can drive there within 20 mins to 1hr. Sry I wrote so much. 😅 Take care. Have a blessed week.✌️
I love videos like this almost more than the housing videos ;)
You are really putting light on the true NY! Thanks for all you do!, God Bless!
In some countries they actually have stores, restaurants, malls, hospitals and other stuff in the lower floors and the middle to top floors can be residential. This set up is very common in Asia and may actually help with the cost and lay out problems. It also brings in more people in otherwise empty former office areas in NY. Developers really have to think outside the box here.
In Italy too.
This exists in apartment buildings in major cities in the US as well, big and small. In fact, many condo buildings in NYC had their maintenance fees offset by having retail on the ground floor.
They have many of those already here throughout the entire NYC, it's called mixed-use commercial properties with residences. The problem is that they are unaffordable. There is not enough affordable rentals that exist for the lower middle class wage earners. It doesnt matter how many more developers build these, they are not affordable to rent
Common in Australasia.
I like to watch your apartment tour videos but I really love these new mini documentaries on what's really happening in NYC, from the crime, to the migrant crisis and housing crisis. Love it! Thank you 👍🏼
Cash I’m here for these breakdowns and the neighborhood tours ❤
I used to work at 25 Water Street, it used to be called 4 New York Plaza. It was a lousy office building. Windows were small, plumbing did not work well, heating and cooling was not so good either. It was a low quality even though it was relatively new building. I imagine it is costing almost as much to retrofit it as it would cost to build a new building. I would never ever live there knowing the old building would still be underneath all that retrofitting.
I really like the direction you've been going in lately! Keep it up 👍✌️
Hi Cash and to your friend so sorry to hear about so many homelessness and empty buildings that are unoccupied. Stay well and safe 👍🙏
Cash has done a great job of giving us a seamless mix of apartment review videos and “the state of NYC” videos. 👍👍
Very good report. It was very educational and enjoyable.
Love your channel. You are an inspiration to everyone.
Be careful though, you will get censored and lose your channel. Be creative how you go about exposing this crisis.
I can’t believe people think Cash is going to be censored. What exactly is he saying that is so controversial or hasn’t been said before? The mayor has proposed these conversions already.
If the “Powers that Be” don’t want this to happen it won’t. There have already been a few conversions around K-Town/The Empire State Building and none of them are affordable.
Love the way you show these buildings and you say it like it is! Just so refreshing! Thanks for sharing,
Thanks for always giving us the real
your content is impressive as always. more vids on office space conversion pls! it is gonna be huge for nyc
I've never lived in NYC, but I used to go there for meetings frequently. One of the few things that still stands out where the crazy laws about everything! It amazes me that anyone can get any business done there.
Read about NIMBYism and you realize a lot of laws were to make sure people kept the value in their properties while gate keeping. Also, I'd argue a lot of city planners in the past were just ignorant about the growth rate of some of the countries largest cities and then you had the push for automobiles meaning our infrastructure for mass transit is decades behind foreign counter parts.
@@kgal1298Yep! Entire suburbs were built just to avoid black and brown people, and with that, came a massive boom in the usage of cars for commuting.
Thank you for doing this. Live in a small town and they are advertising an office for 695. mo. Remember in years gone by when people lived in the back or on the second floor of their commercial property. This is a lot less than I am paying in rent. Could place sign in window, " Coming soon Ms. Sunshine Sue's".
The same thing is happening in Florida, especially in Miami. It's easy to understand: they don't want the middle class worker to live among the powerful or those with purchasing power. In Miami, as far as I know, there is not a single apartment or house project for the middle class.
In a few years Miami is going to be underwater anyway.
lol no@@theoriginalbridgetconnors
Great video Cash it's both informative and entertaining. And it's much better than some mainstream media pieces . 👏
Always enjoy your vids. Unfortunately, real NY'ers will be priced out of these conversations, once again.
Excellent video, Cash 😊 I really like your new direction!
I have enjoyed Cash's light hearted visits to dinky student studios, luxe spaces and the rare treasures in between.
But his evolution has been fascinating. The city he loves has serious problems. Often related to housing
Converting office space to affordable living space is not easy.
Conflicts between city and state governments affects lots of us. My ridiculous Texas governor loves to send busloads of refugees North.
Keep up the good work
America is finally drowning in the tsunami of brown sludge that has been washing across the Southern border unchecked for 60 years. You'll drown with it. Tick tock.
The coverage is amazing, please keep up the good work!
Make the apartments income based so people can afford them. Thanks for bringing this up. Seattle needs to do the same. Too much bureaucracy
After a fashion the US military does this overseas. That is, in order to get permission to live off base you have to show what your rent will be to prove that you can afford it. Where the military is a large presence this sets the market price.
Cash, yours videos become way better when you come up with a lot of useful information. Thanks for this content!🎉
That wouldn't be affordable, penthouse? Love your videos and getting to see the family every once in awhile. Thanks for sharing.
You are creative, resourceful, compassionate and so on top of it!! Thank you Cash!! Yawl, share this on every platform possible.
Same situation here in Germany.
Building is almost always less expensive than retrofitting. What would the ROI be? NY needs a massive reset in prices to make this feasible for owners and renters/buyers alike. In Britain many conversions are large slums!
"There are 8 million stories in the naked city. This has been one of them." Thank you for the excellent work you've done and continue to do.
That's funny because when that show was on the air in 1960, that was their tagline. However 63 years later, there's still 8 million population so apparently no ever moved away or moved in or died or was born. Some things never change and NYC is one of those things. Very odd indeed. Where's Paul Burke when you need him? Today the man who kills the ants is coming!! If you know, you know.
you’re incredibly engaging and you’re a great person to bring awareness
you my good man are way more informative than the news will ever be keep up the awesome videos coming. might i also add you really know how the explain it in a easily understandable way
🏬🏬🏬🏬🏬😎😎😎
FANTASTIC video proposing necessary change to address the tragic epidemic of homelessness & lack of affordable housing in NYC while still making sense for commercial landlords & the state to cooperate and be incentivized to do so. Great way to balance a potentially contentious issue, Cash, while presenting it in your lighthearted, trademark style ! 👏👏👏
Cash, you have great vision..better than most " leaders"
Mr Jordan, i have been tuning in to watch your videos for several years now. i notice that you have evolved from showing apartments in NYC to a sort of new channel. i now watch you to find out what the latest goinsons is in NYC. thank you for your finve oppinions!
This was a really good and informative video! Makes me mad tho, New York never seems to be doing enough and they don’t treat their residents with an ounce of care and respect.
I can't even imagine. I have lived in my apartment in NE Portland since 2015 and they have forgotten to raise my rent since 2019 so i'm just chillin at $1290. (My neighbor pays $1540) Seeing these NY prices make me feel even better about it.
Hope your landlord doesn't follow Cash!
Upstate new yorker here. Albany can get stuffed tbh, it's a real toilet right now, probably worse off than NYC. We should keep sucking tax money out of wall street until we get it all fixed up.
I love your content, very entertaining :)
Cash keep doing this work! The world needs more of you. Fr! Thank you for always bringing light to topics that ppl might not want to hear about or ignore.
We have the same problem in Toronto. Migrants showed up in Toronto just to be left homeless on the street, all the while Work From Home was a huge thing during the pandemic, and all of those buildings were just vacant for the duration. No major company that operated out of those offices folded during the pandemic, which means everyone did their jobs regardless of being in the office or at home. When the pandemic ended and offices decided to drag everyone back into work with exorbitant commutes, the first thing they were met with were ads in their lobbies mocking them for not working from home anymore, I kid you not.
The homelessness and housing crises are getting out of control up here, and an easy fix would be to convert buildings already built into affordable housing. Ridiculous situations with nigh easy and cheap answers.
I'm a New Yorker who was in Toronto last week for the first time in four years. I noticed so many more homeless and mental illness downtown, on the TTC, than I saw in 2019. Made me feel at home and not in a good way.
@@andreagoldstein4070 They call us New York North for a reason :\
It's NOT an easy fix, dude. Or they would do it. You think ANY building owner wants empty spaces????? Hello........! Look in to what the issues are with converting the spaces because your comment shows lack of knowledge. But I understand your heart is in a beautiful place and it SEEMS like it would be an easy fix.
@andreagoldstein4070 Yes it's really shifted since Covid.
@dmalka336 the issues my city council have stated are the need to convert office to livable spaces, which would require a rerouting of plumbing amd providing indivual electricity which may require power adjustment for the floors necessary. The biggest issue they've stated is the owners and businesses in these buildings want their employees in the building because they want to make sure employees are working, essentially. So because these employers couldn't read the room and somehow failed to realize that they didn't go belly up during Covid, we have to spend hours of our day commuting, doing damage to the ozone because we're spewing carbon into the air as a result, and they shut down the possibility of housing homeless individuals because they want to **checks notes** micromanage employees who have proven they can be trusted for two years straight.
I have been keeping up with news regarding this because I do care and my heart is in the right place. It is a voting issue I consider and I'm a conscientious voter.
There's no text limit on TH-cam so I could have written an essay, but didn't feel like it. But maybe don't assume people have a lack of knowledge; maybe next time ask for clarification before throwing out insinuations. 😗
Albany, NY converts office buildings to apartments. Works out very well, some have quite high rents.
Cash is single handedly exposing just how terrible the leaders of NYC are to allow such dumb laws to exist. I can’t even imagine the money and math that goes into carving a hole into a building just for windows. Sounds like good space being thrown away 🤦♂️
Cash, thank you for bringing real up-to-date NYC news. We need to hear this!
The reasons for laws / building codes about how deep into a building a living space can be -- especially a bedroom-- have to do with things like fires (needing safe egress in case of a fire) as well as infectious diseases (getting more fresh air into a building was important back in the day because of things like tuberculosis ... and it is STILL important because of tuberculosis making a comeback for the past 40 years. Plus Covid, flu, measles, and plenty of other airborne infectious diseases.)
There are legitimate health and safety reasons for having the ability to generate a cross breeze with open windows in a residential structure.
A lot of these apartments in New York City already shock me when I see that there are bedrooms with no windows at all, or a window that leads to a shaft present in an older building strictly for ventilation purposes but is not large enough for egress purposes, or a window that either leads to an outside wall or a large enough internal ventilation shaft, but doesn't have any kind of fire escape ladder. Those rooms shouldn't be allowed to be listed as bedrooms. List those room as a home office, or put a bathroom with vent fans in that part of the unit. But don't pretend it's a safe place for somebody to sleep.
Cash you are amazing! Great video very informative and profesionaly done as always! U rock! hello from Montreal
All the empty office premises represents billions of dollars real estate. The owners will only convert them to residential if they can get a high rental return. You will never see the average or low wage earner being able to live in those conversions.
If i were to enter the market as a landlord, i would want to make sure the people i rent to can pay their rent as i woulnt be operating a charity.. I woulnt want to outright rip them off. Low income people tend to have bad credit and they are not the target customer after you spend millions renovating the buiding and millions more buying it..
What an amazing video ! You explained everything so well. I hope NY can make it happen. Thankyou Cash !
We always hear "oh the offices aren't regulated/follow code for living in them yada yada" which amounts to "it's too hard so let's do nothing". Infuriating. Like we put a vehicle on Mars, I think there are folks out there smart enough to address this. Always loved your channel Cash, but it's really cool that you're using your platform to bring light on and discuss these issues.
These videos are very informative and entertaining. Love your sense of humor as well. Thank you, Cash.😊
Keep in mind governments use housing as cash cows; property taxes, impact fees, permit fees, excise taxes but blame the landlords, it requires no thinking
Landlords are doing fine. They wouldn't be in the business otherwise.
@@eattherich9215 Certainly thats how it works, they simply pass government imposed costs on to the consumer. A principal that most consumers don’t grasp. Look at the Soviet of Washington they raised costs thru a carbon tax and said this would have no effect on prices. The carbon tax was passed onto the consumer(surprise, surprise) and prices for fuel are the highest in the USA Shock, shock!
@@Dog.soldier1950: the cost of doing business is always passed to the consumer. If you don't understand that, you are going to get skinned to the bone.
A lot of these buildings are impractical for conversion. This one in particular...they guy said it would be only 4 large apartments on the floor. I imagine that has to do with windows, entries, etc. The cost to rent such a large apartment would end up being more than the average person could afford. And the build out, when you consider plumbing, AC/Heat, etc. would be very costly.
Sounds not easy to convert office buildings into appartments based on the enormes size of these buildings. However, NYC is about challenge. All the best to get it done - we all know it needs to get done.
I’ve really enjoyed touring neighborhoods & apartments with you! I think it’s great that you are branching out. Tough topics, but need to be addressed.
NYC is circling the drain.
Circling the toilet flush....
Go Cash! I asked about the "why" of this ages ago. Before it got this bad. To me it just doesn't make sense! I was told by a commenter, who lives in NYC, that converting empty office space into apartments was too expensive, couldn't be done, code violations, the city wouldn't allow it, blah blah blah. Thanks for bringing this up Cash.