NYC’s Weird Plan to Solve The Housing Crisis…
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- เผยแพร่เมื่อ 2 ธ.ค. 2023
- This has got to be the strangest plan ever proposed to fix NYC’s housing shortage. It revolves around letting owners create Accessory Dwelling Units in their backyards, which are essentially tiny homes that have their own kitchen/bathroom and entryway. It would also allow conversions of basements and attics into separate apartments. Very interesting…
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After watching that dangerous and disgusting flood footage in NYC, I’d NEVER consider living in a basement there ever!
Besides, where are the rats going to live? You take away their basements and attics, where will they go? And when it rains and the basements leak water in, or it snows and me!ts. Not something I'd want to navigate
Basement swimming pools increase property value tremendously.
My thought too…. 🏊🏻♀️
People are already living ( usuallly illegally ) in basement apartments. People have actually drowned in basement apartments near me.
i think i would choose that over living in a tent tho if it comes down to it
Encouraging people to make apartments out of basements? Are you kidding. Iam a fireman in the city, basements are absolute death traps for Firemen and civilians alike. These politicians need to do bettter
This comment should be pinned. Firefighters are the experts on this issue.
I certainly wouldn't want to live in a basement - what if it floods?
@taraelizabethdensley9475 they have, they do and they will. People have died in basements during floods. Not even a hurricane. We had a 1 week rainfall in September. 7 people died. Most in basements.
Not to mention basement have very limited egress. Fires burn hotter. Fireman have been making aggressive pushes into basements. When a layout changes without us knowing or things are illegally modified that aren't code, it basically creates a giant death trap for first responders and civilians alike
They obviously also haven't taken note of how South Korea, specifically Seoul, has had horrible death rates due to floods and basement apartments. They need to take that as a warning of what not to do.
@@hellokitty1433 It seems like rarely does the U.S. look at other countries past mistakes and learn from them.
I was at the gas station and noticed a car full of belongings and a lady with her dog. I gave her $20 and she just started bawling and was extremely grateful. When I was in my 20’s I was homeless for 2 months and lived in my car. I know how it feels to be in that situation.
I always wonder how can the typical family with average income afford a higher rate+ more expensive home? in my area multi generational home is becoming the norm . Don’t forget to add the inflation which just this week was 9.1 on the CPI , producers index 11.3, it’s going to be a rough ride for sure
@@ThomasChai05How did you get that, i'm pretty sure its not through the financial market because its punching everyone in the balls every single day.
CAMILLE ALICIA GARCIA maintains an online presence. Just make a simple search for her name online.
Insightful... I curiously looked up her name on the internet and I found her site and i must say she seems proficient, wrote her an email outlining my objectives. Thanks for sharing.
It is really incredible!!!! because I'm just shocked that someone mentioned and recommended Camille Alicia Garcia. I thought people didn't know her... She's really great!
Nice work. I’ve been on the PbatesLTD train for a while, never sold as they are always building.
Am I the only one that remembers people drowning in their homes when the city flooded and they couldn’t get out of their basement apartments?
Lol, like just 2 months ago
@@AD-br3sxNo. It happened more than two years ago. It was a Tropical storm. Some ppl actually died in their basement apts in Bklyn, Queens, and Northern NJ.
Its happened multiple times. Drownings. Also fumes and diseases caused by molds, etc.
Yes. I'm totally with you.
Good point
It's astonishing what people will do to "live" in the city.
Right just go visit NYC already 🙄
People just like the fantasy of the city 😂 like LA and Miami.
@@muhammad17115 lived in New Jersey. I went there enough to never want to live there. WHenever I think NJ is expensive, I just have to look across the river to that shithole.
People don't care for housing, they just want to live the lifestyle and make $$$ and socialize. NY really has nothing to do with housing itself, thats just a place to store your useless belongings.
I used to love NYC, but it’s because I grew up there.
Even I know a place is going to crap. That takes a lot of looking around to realize that.
My concern: There was flooding in NY this past fall. I would be very wary of renting a basement apartment. In fact, I would not.
And yet they looked amazing in a short amount of time, funny how that works.
If thats your first concern you are probably a white liberal. Just look at her sentence, " her concern" is where to stash a bunch of illegals safely. Well...we can start by listing your address, does this work for you?
Or in case of fire. Those bars on the window might keep bad people out but wether flood or fire, one might be trapped
Flood insurance 🤷♂️
@@marenjeworowski9859 I'm sure you are just getting start on listing all your fears. How about ten or twenty more of your nightmares?
In a previous video, you mentioned the 100's of thousands of empty apartments that exist, that because of rent laws are NOT being rented or updated because it isn't economical for landlords to repair or update them, along with empty buildings (like the flat iron building) that are sitting unoccupied. . .it sounds like there are spaces, but that the NYC zoning, occupancy codes and other legal mumbo jumbo makes it impossible for any of this to happen within a reasonable amount of time.
Yeah, tons of places are vacant for speculation, most luxe building are empty and owned by Sauds or Chinese, etc. I left when I found I was paying more rent for a place that was tiny and terrible in every way except location, than a judge, a judge! who had rent control and a wrap around penthouse terrace down the street. I fled. Seeing the stats on bank docs, I was a legal editor back then, showed that up to 40 - 60 percent of Manhattan was empty like this.
Most of the laws in NY come with what I term "whiplash clauses" You read the law and the rules regulations, and then you go and find everything that says all that is illegal..... And it just whips you back and forth as you try and figure out WTF. And most people in charge have no clue what's the actual law or rule. It ends of being who pays the most or who knows who
Most of the residential skyscrapers are empty as well. Corporations and wealthy people are using them to park their money. Same will average apartments.
It's been mentioned before, but if office space continues to be vacant, that could be a higher quality solution than basement renos.
If you can get someone to pay for it. Unlikely
My heart goes to the entire community for PbatesLTD building up something even my grandpa can understand. This is so smart by them to launch it to shatter the doubts and fears of the common folk which is not even correct to begin with. Everyone knows the state of inflation and recession now and the way out is already in progress. Now it's just about catching the big fish
I feel that the last bull run was bolstered by all the money being printed. Major returns next bull run but I think they will be tamer in my humble opinion. A 10x on PbatesLTD and a 15x on polygon are fair considering how much those two coins are interwov
Basement apartments are often "desperation units", dark, damp, rodent-infested and subject to flooding. They can have emergency exit problems in case of fire. I'm sure that there are many illegal ones that are occupied right now, but those occupants can't afford anything better in the city. They need to relocate, but there's not necessarily anything better that's affordable within commuting distance. NYC needs to build fewer luxury units and more affordable housing, or they won't have the workers that keep the city operating.
Everybody knows about those beaver size rats roaming the subways & streets of NYC. Nasty.
like the one shown here with no window. I like that they didn't even discuss the fact that there's none.
@@sebp400 One regulation that should not be bypassed is having an egress window in the bedroom. You don't want to be trapped down there!
@@Bobrogers99 Yep even a place as conservative as Pierre (Pier) South Dakota has a rule to count basement bedrooms as actual bedrooms when selling they have to have egress windows with easy access to the top in form of stairs.
And they still want 1300 a month for it smh
I never thought I'd live in a reality where NYC would actually start to resemble the NYC portrayed in Soylent Green in 1973.
I've gotta see it, have always been so grossed out by it - saw escape from ny recently tho
From what I hear NYC didn't become a nice place to live in until the late 90s when Giuliani was the mayor. Bloomberg kept the good times going. DeBlasio started the decline of quality of life and its just getting worse under Adams.
@@Aireck174Good thing I left that city and the whole state right near the end of Bloomberg's term. It was already slowly declining then.
It's been cleaned up a ton since covid, cleaner than I ever saw it, but there's definitely lots of problems in the US and no real "unity" to solve them, in large part due to two corrupt government parties.
Bad ideas on repeat.
Love the PbatesLTD content. I think this project is just as essential as HBAR and they both will be great movers
You should do a new video about Pbatesltd ! I really like you’re mellow delivery and you seem like you’re very knowledgeable. I watch lots of influencers and you always seem very calculated and know exactly what you’re talking about and understand it. You’re better at explaining complicated things simply, than any other person on youtube keep it up brother!
I’ve been reading The Tenements for the first time and it’s sad how much of it still sounds relevant to todays living conditions in NYC. As a person who’s only lived in the south, I have 0 understanding of why people choose to live there. I live in an apartment that would be considered a massive luxury in NYC, I’m pretty close to lots of things to do/places to eat, and I pay $1500 for the whole place.
Just start converting all the closets to living spaces, you then could have about 10 persons per unit. Downsizing an already tiny space into an even smaller living space, what could go wrong. This is beyond ridiculous.
Exactly lol. But its part of their plan...densification of huge cities/megalopolis. Read about 15 minutes neighborhoods and smart cities. Truly interesting matters.
Wanna split a cutlery drawer?
Well, they don’t need bathrooms or kitchens so that helps.
they want us in pods, you will own NOTHING and be happy
Well they want us American citizens to live this way🤔
I lived in a studio apartment in Connecticut and thankfully I moved out because we had illegals living upstairs in a studio apartment and 8 people were living there it's disgusting.. unsafe and unsanitary
so lemme get this straight. they wanna convert already small apartments into micro apartments now? 😝
NYC is the next Hong Kong I guess.
tiny house movement gone insane. and no light down in that super micro apartment.
AND put Spanish-speaking migrants into them.
@@marionmarino1616 How rude speaking english!
@puzzlebox420-WEF policy-force people into cities, then stack 'em and pack 'em!. for easier control.
Being in California it is so weird to hear that ADU's are a "new" idea in New York and you haven't heard of them. They are all the rage here. In fact the state has enacted laws to make it easier to put them in your yard and cities are even waiving permit fees and required offsets for buildings in order to allow people to put them up in an effort to combat the housing shortage here. There are loads of garage conversions to ADU's here too.
A lot of property owners are building mini apartment buildings in their backyards in San Diego neighborhoods. Technically they aren't ADUs but because the city is so desperate for housing they let this slide. The landlords still rent them out for premium prices btw. Because they have all the bells and whistles of fixtures and upgrades. No regular working person can afford $3,000+ for an ADU.
i wish washington would allow them more. The cities and state actively fight people trying to build ADU's or trying to split up their lots to add more houses. A lot of people arehaving to build garages or similar buildings, then remodel them into houses later piecemeal or having to go through expensive, lengthy processes to try and get them approved assuming they even can.
Last time I visited a friend in New York, she was living in a basement. It was dark, it was damp, and the kitchen and bathroom were obviously kits from a hardware store (very small.) It was worse than any place I've ever lived in--and I've lived in a place in Chicago where the bathroomfloor was rotting out, and another where the windowsills had been so consumed by termites that only the paint remained. I doubt my friends' apartment was legal. Kind of wonder how many of these 300K+ potential basements already have people living in them.
Wow 🙁 I hope your friend got a nicer place. Most of the expensive apartments are being bought up by people moving in due to a lucrative career like tech/entertainment/finance
That's why I build everything out of paint. I never have termites 😮
right ?! this is NOT about a housing crisis, this is about a tax crisis due to the stupid sanctuary city status that is bankrupting the state.
As someone who lives in the Midwest in an affordable 4 plex style basement apartment we are having lots of issues with mold. When Cash kept saying potential basement & attic style apartments my skin crawled. Currently our apartment is 35 years old with original windows. We have White & black mold growing in them. The landlord keeps telling us to put white vinegar & Bleach on it. It's Iowa & the wood in the windows is wet, it's basically rotting. In the spare bedroom the apartment above us had a leaky roof. Black mold started growing in the corner wall & the landlord didn't fix it properly just cut out a hole in the wall & filled it in with mold repelling dirt & fresh dry wall. All the insulation & dry wall should have been replaced. Fast forward to a year later & the mold keeps coming back in that corner. I have really bad allergies & get allergy shots every 2 weeks. Whenever the mold comes back I get really sick. I feel sorry for the single Mom with a 5 month old living above us. The baby cries & coughs constantly because of the mold. Turning basements & attics into apartments will not solve much of anything. It will be a fire hazard because of how crowded it is. One thing it could provide jobs for the migrant crisis. A lot of white ppl don't want to do hard labor construction work. They just want to be the boss so they can take home the dough🤑 I can say this because my bf is Mexican & is a hard ass worker 😊
Basement areas in NYC are ideal for triggering claustrophobia. The city is also ideal for causing both that & acrophobia too.
As a former New Yorker that left several years ago I am loving that Jordan has all this extra content documenting NYC's downfall.
What's crazy IMO is that NYC has a lot of abandoned buildings. The city could give an incentive to the owners to convert & rent to low-income folks. Empty buildings! Some of them dilapidated and need upkeep.
@@Chicago48It's not that crazy. It's because many of the smart and budget capable people are leaving in droves.
@@Chicago48 I thought that was what Section 8 is unless its something else. idk.
lol why you calling him by his last name?
The ADU is just another layer of bureaucracy. Fire, environmental, and building code compliances will shut down most projects before they even start. They will also need architectural plans and an engineer will have to sign off on any structural changes. I’m familiar with the process. Good luck.
🗽Your videos are getting more and more interesting with all these facts, explanations of government policies, future possibilities and your own professional perspective on proposed solutions. You've also been keeping us up-to-date on generalized NYC failings, budgets, crazy-ass ideas for new laws, etc. I used to watch you mostly for your humor, 2nd to satisfy my nostalgic need for a dose of NY visuals, 3rd to feel better financially that I got out, and NOW for the education! Thank you! 🙂
The last thing I want is a little building built in my backyard it's already small enough NO THANK YOU
NYC has really hit bottom, Thank you Cash for the eye opening reality that really exists. And you do it with such respect. No Bias. Bravo!
So make apartment's smaller and what happens to the rent? Stays the same or increases. SMH. Thank you for shedding a light on this. Much appreciated.
Right.. the problem is not there's not enough houseing.. it's the ridiculously expensive rents.
hi cash......I live in Fairbanks Alaska but I watch your videos everyday! I love that you are so involved with what's going on in NYC.....the rent prices are so shocking to me.....how do normal people cover 5600 a month.....I live on 1600 a month but I was smart and paid off my condo 16 yrs early so I only have condo fees of 500 a month and electric and of course other living expenses but when I bought this place 18 yrs ago the HOA FEES were only 187 a month and they cover heat....water...sewer....snow removal and building not unit insurance....I am 67 and retired living with 2 cats that are my furry nurses....lol. I PRAY FOR NYC! take care Cash....see you in the next vid!
I work for a developer here in NYC that does just as you said in the end. They buy small properties, 2-3 family homes, demolish them, and build multi-family buildings in their place. The process can be done in less than a year if you have a GC who knows what they're doing and, obviously, if you have the funds or investors to put money into the project. And you don't need to put up 100% of the cash. You take out a mortgage for it as you would when buying a house, put up a percentage, and then pay it off over time, or sell the building for a profit once it's complete.
As far as basements go, personally, I'd never feel fully comfortable living in a basement. Sure, it's better than living on the street, but I'd always be worried that it could get flooded. Just look at the storm we had a few months ago.
And I don't know where you got that $5,600 "average" monthly rent. That's insanely high rent. If you include all 5 boroughs, there are many places that go for well under $2,000, and if you're lucky, under $1,500. It seems like it wasn't that long ago when you could still find places for under $1,000, but I think that those days are pretty much gone. I remember back in the 90's when a 1 bedroom could go for $600.
Am impressed with how the quality of your videos has turned from showcasing apartment x to documenting the problems that nyc faces in its housing sector such as the immigrants or the ADU angle here. 👏🏽👏🏽👏🏽
Agreed, they're very interesting 👍
What they need to do is get rid of air rights so buildings can get taller.
I lived in NY Astoria for 1 year for a job. Totally disillusioned with NYC barely 3 months in, i couldnt get out of NYC fast enough. It is loud, dirty, expensive, dangerous, dystopian. Living there was like being a rat. I now live in NW DC, life is soooo much better here.
@sunso1991 I moved to NYC when I was 20! Left at age 48 in 2020 during the Covid lockdown! I lived in many apts in different boroughs! I also lived in Astoria across the street from the Bohemian Hall Beer Garden on 24th Ave! I hated Astoria, it was so depressing looking at all the small buildings/houses that look the same! I moved to nyc as a student, graduated then began making lots of $$ in my career & was finally able to get my dream 1 bedroom apt in a brand new building with all new high end finishes, which I stayed in for 5 years before I left… HOWEVER, I will never live in NYC again & most likely never visit again due to their politics & the bigger shit hole it’s become since pandemic times. Sorry for the rant & glad you got out! I’m much happier where I am now & life is good!!
Good for you for getting out of there!
Astoria is Karenland aka Karensville
Thank you for leaving New York City and we hope your message will be followed by a million more people to leave as well.
@@Jerry-cc7rd seems you misunderstood. They do not express dreams of buying a 1-bedroom apartment, rather -- if/when buying a 1-bedroom apartment, an ideal version exists.
This channel keeps getting better and better. Keep it up!
I can't believe that basements of multilevel apartments can be split into another unit without existing windows. Habitable basement spaces in Minnesota are required by law to have egress windows for each room, regardless of whether it's a private home or an apartment unit.
People are going to have major issues with that plan. ADU will increase property tax and cause a lot of people to be priced out of a home.
THIS. Unless they are going to give them tax breaks for years or cap their taxes, this could really backfire on people trying to help.
Yup! U are speaking facts, but most people don’t even understand.
And when the City comes out to inspect your existing home to see if you qualify I bet they find lots of things that are going to cost you money to fix.
@@mjneeds1585 probably even something's as simple as updating older 1990's light switches that are technically still up to code or replacing toilets up to latest energy efficient types when old is still up to codes of NYC.
The ADU is just another layer of bureaucracy. Fire, environmental, and building code compliance will shut down most projects before they even start. They will also need architecturally approved plans and have an engineer sign off on structural changes. I’m familiar with the process.
These basement ADUs should only be allowed if the location has never flooded.
So glad I live in a big state full of clear land. I don’t understand wanting to live in a city that’s already so overcrowded.
ADU's have been around on the west coast for more than a decade and tiny homes came around the same time. Most of those states have changed state wide rules to allow them and some cities allow 2 on a property. But, they cost $$$ to build and taxes do go up, which leaves the rents high as a result. Some good to it, but has drawbacks. Glad to see your channel expanding to more issues with housing. Keep it going.
I spent 8 months in a basement apartment in Queens... all I can say to people considering this is get used to a lot of pet roaches. Especially in the summer 😅
Oh and don't forget some apartments will have mice or rats 🤮
@@elenaarman-tang7811Is it because a lot of basement apartments aren’t waterproofed?
How can the housing problem be resolved? RELOCATE TO A DIFFERENT STATE! I decided to move to a different state after becoming weary of residing in New York City. Numerous states offer much more affordable living options and a higher standard of living.
👏🏾👏🏾👏🏾👏🏾
People will complain that you lose all the culture, restaurants, and amenities. Sure, but YOU WILL HAVE A PLACE TO LIVE!
But all my family that I can't stand and never see live here!?!?!
Sure, move. But don’t spread the shit policies that ruined the city to other areas.
@@travtotheworld Might die of boredom though. LOL
Hey Cash I'm glad you and your family remained in NYC, I think these type of innovative ideas would great to be covered as nice public service
VERY AWESOME INFO FROM EVERY VIDEO ..
BRAVO
⭐️⭐️⭐️⭐️⭐️
What about the flooding that NYC has been experiencing? Could be dangerous ☠️ 😢
This is coming from our Carpet Bagger Representative Scott Wiener in California. In California, the laws lean heavy toward the tenant. Once you let them into you home or guest house, pool house ADU. You have to follow all the laws that protect tenants. In California, it takes 9-10 months to evict, and lawyer costs. These tenants are in your home or on your property. We don't like it and you would have to be nuts. I rented a room in California, the tenant turned out to be a drug addict. I had to get a lawyer to get this wack-job out of my personal home. We had to lock ourselved in our bedrooms at night. The police were called several times....DON'T DO IT!!!!
Freaking nuts. I'm a single guy in nyc and I'm in a skilled trade field of work that provides good stable income with jobs that r union. I want to move to Cali either bay area or LA area and would appreciate some advice on trying to rent a rook from a private home owner? I want peace n quiet n privacy which is why I prefer renting from homeowner than a large apartment building.
@@DONNELLxOKAFORAint the average rent in LA for a single apartment like 3K
@@DaGenius86 Please ignore @DONNELLxOKAFOR. Dude clearly is deranged and on the weird parts of the internet. California isn't perfect, but as someone born and raised there (then traveled the world in my 20s), it's an amazing place to live. I would highly suggest looking into San Diego, especially North County. Why would anyone with a sane mind move to Florida?
@@DONNELLxOKAFOR dats crazy. That's the minimum income I would also be making. Where in CA were u?
@@DaGenius86 Unless you are going to make $120,000 a year don't come. You life will be miserable. This State has made the turn. It is for the wealthy. The median home price is $834,000, average rent is $1800.
another great video! thanks !!
Kudos Cash, for the new approach you are giving to your channel, still within the real estate realm but oriented towards the education and information of your subscribers.
I watch you even though I don't live in NYC because its so interesting
Thank you!!
I dont even live in the US but have always been obsessed with it especially places like NYC.
Yea right they know those basements flood and kills come on man
@@CashJordanQuite frankly, witnessing all this mess...who in their right mind would want to live in such miserable conditions? this is completely crazy! I would prefer to live in the forest (and by far) among wild animals...been there...done that.
Have a nice day buddy 😊
Amazing. I'm surprised more people have not left NYC with all the problems it has and the super expensive rent. Wow!
They will! And they’ll be the ones paying the highest taxes.
@@marionmarino1616I never understood the point of America having taxes, they don’t use them for the benefits of citizens, they use them for overseas interest and billionaires
Many grew up in NYC so it's just normal to them. AKA they don't know any better
@@donantonio5646 Ya get used to them. It’s the stray crazies that we worry about.
A lot of native New Yorkers have left. A lot of the people there now immigrants.
ADUs are a terrible idea. There are people with ADUs in their backyards in CA, where tenants paid ZERO rent for past 3 years! Homeowners can't trust the government to do the right thing anymore.
This was very interesting. Thank you!
What about all of those empty apartments he told us about in another video. The ones the landlords won’t rent because of taxes of something. This whole thing is insane. I don’t see the attraction to living in NYC. For anyone.
It’s why I’ll never go back to it.
They make money as speculators, if they were taxed in the say, Henry Georgist way, they would be punished for this wasteful endeavor and the problem would go away. It has in cities that adopted that tax method. It's a really lazy way to make money and it guts cities. Corrupt people keep it going, otherwise, we would all be Georgist cities! (Pittsburgh did an experiment and it was a miracle back in the late 80s, but I bet it got squashed by greedy speculators.)
I think democrats are destroying these places on purposes just so their voters will spread out across the country. As they say there are very few blue states, only blue cities.
Why? When there is vast opportunity all across upstate NY to relocate businesses and employees to revitalize communities that have been losing population for decades. This comes down to Albany being owned by NYC and not utilizing the resources of the majority of the state, not to mention taxing residents beyond capacity. Instead the goal is now to cram even more people into tiny dark basement apartments that people never leave because they all "now work from home", and that will be flooded out in the stinking sinking Island of greed. Why does anyone 'need' to live in NYC to 'work from home'? There are no advantages to living in the city when office space is not necessary, retail stores are closing right and left because of theft and restaurants continue to fold because there is no foot traffic from office workers and they can't afford the food or to pay employees and forced tipping is causing customers not to tip. Nobody could pay me enough to move to NYC.
The work from home thing is starting to fade. People are being told to come back at least three days per week to the office.
Lots of jobs require being present. The WFH jobs may be taken by AI in future.
They need to install the Henry George method of taxation, which punished speculators and rewards property with real value that is being lived in, etc. I saw a great little flick where Pittsburgh put it into effect (not sure if it continued, but just from the tax tweats alone, the city benefitted so much!), when you see how something as simple as a tax adjustment can change an area, you know it must be being done on purpose. Punish speculators, the empty buildings, it all goes away.
Its seems like Montana and Wyoming are going to be the new places to be. Tons of empty cheap land and low populations. And they have low txes so it attracts employers. A lot of these tech people are building a lot of stuff in places like Jacksons Hole Wyoming.
@@RawOlympiaThis here. Speculation contributed a big chuck to the current issues with property prices.
This was not boring great job!👏🏻🔥🔥🔥
Heck ya, I lived in storage container in Iraq for 2 years in military loved it, but as a family no way but for single person that's heaven.
Was waiting on someone to mention this, I remember staying in one of those back in the day
I’m looking for one or two to put on my friend’s farm- one for living, one for a shop.
How do you keep basement apartments from getting flooded? Also, if there's a fire, how does someone get out of a basement apartment?
Whatever happened to having to have two exits from a dwelling usually required to not both be on the same side?
I have four exits. One on the front, two on the back, and one out of the basement. Also it's nice all my windows open wide enough and have easily breakable glass I will get out.
Years ago I was put up in a 50 story building for a job I did. I think I was on the 35th floor. I grew up watching disaster movies. Never forgot "The Towering Inferno." I do not want to live in a high rise apartment especially one referred to as a skyscraper.
Unless its a tsunami, most floods dont just sneak up and trap you inthe middle of the night like a fire can on upper floors. If standing in a puddle while in your kitchen that may be a good indicator to bounce.
Love your content as of late!!
As someone who has lived in the midwest, this just solidifies my decision to never move to New York. I need more than a 10 foot distance between my house and my neighbor's
One of the things they don't consider is the reason that people don't want to be landlords in the first place. The laws here are incredibly pro-tenant. I know many older people who own multi-family homes in the outer boroughs. The mortgages are paid off and they won't rent out the homes because they don't want to take the chance of getting stuck with tenants that decide not to pay for months or years. So these properties will remain off market until the older folks die...and then they'll probably be sold to developers who will chop them up into 1BR apartments instead of keeping them as family housing.
I'm not sure landlords would want to do that especially in blue States when you can get away with not paying rent for 3 years and get away with it.. I would never rent my house out to anyone in a Democrat run s***hole because the law is for the irresponsible people who don't pay rent..
In California, landlords are keeping units vacant. We have a very good friend who is 79. She owns 5 properties and she ended up in the hospital and her tenants got together to exploit this senior citizen. Her friends hired a lawyer to push back and save her property. She can't even sell the properties, because she never raised their rent, so a new buyer would make no money due to rent restrictions. SAD.
Huh? What point are you trying to make? First you talk about people not renting because of all the “bad pro-tenant laws” and then you decry the fact that bad developers will chop up the single family homes into one BR apartments. 😂😂😂
It's not just older folks. A lot of middle-aged people have bought them for extra income and they don't want to rent it out either unless it's family or friends.
@@TMendocino she should evict all her tenants fix it up a little bit and sell it
I grew up in Greenwich Village in the 1970's when that neighborhood was made up of Italian and Portuguese immigrants. I lived at 196 Spring Street. I can't tell you how safe it was. Reason being it was a Genoves Controlled area. There was NOT ONE EMPTY STORE FRONT. We lived in a 6fl. Walk up 3 small rooms some apartments had a tub in the kitchen...haha my mother and father paid $196 dollars a month. Greenwich Village is NO LONGER SAFE AND IT IS SO UNAFFORDABLE 😕
I remember those kitchen tubs. 😂
We had a tabletop put over it for mealtime.
@@LilyGazou haha did you grow up in the city? In my building we had 3 rooms we only had a shower, our bathroom was so narrow you had to go in sideways haha. The apartments with 4 rooms had the tub in the kitchen and it had a metal cover that the old ladies would use as a counter top. The 3 cabinets were metal and we had linoleum floors 🤣 I remember in the 1970's my mother ordered wood cabinets from JC Penny's it was the first time that they offered credit haha my mother had to stain them and then she had to Shalack them... I can't stop smiling just thinking about it. I was an only child and in the summer I would sleep out on the Fire Escape we lived on the 6th floor
@@LilyGazou thanks for putting a smile on my face 😉
Love your vids Cash! ❤
Loving your content Cash. ❤
This would fix one issue and create/perpetuate more- including congestion, increased waste when there’s nowhere to put the waste, increased pressure on the water, gas and power infrastructure, etc just to name a few of many.
I don't get the basement apartment when you have flooding issues in nyc
When you are already having a home shortage for your current population it may be a bad idea to increase the population by millions.
love your video bro,,, I just subscribed
For Rent: $4269 a week: Cozy Crawlspace conversion, 200sq. ft. with 4ft ceilings.
No cooking or guests permitted, Tenant must be comfortable with some flooding, asbestos and vermin.
Guess NYC forgot about hurricane Ida 2 years ago where people drowned in the basements from the flooding.
Exactly we need serious people in office whomever came up with this bs shouldn't be in charge
I was born and raised in Brooklyn. I left NYC 7 years ago, and I don't regret it, but it still sucks to see the place you grew up going to shit.
2012 I saw respectable two bedroom apartments turned into three bedroom apartments, the same sort of stuff happening to 1 bedroom and studio apartments - some to the point that the rooms are so small that a baby crib would fit perfectly wall to wall.
A few years later, housing that was springing up started to have smaller than average sized rooms and then the buildings that sprung up a few years after those were even smaller.
Another note, I want to draw attention to the fact he mentioned that cities are designed with a certain capacity in areas in providing adequate utilities (think water, electric and refuse management) - quality of life and environmental repercussions damned, I might have been a little optimistic if I could forget that NYC already has major infrastructure issues that are still not being addressed for a variety of reasons to varying degrees. Don't know if anyone has noticed but in some areas, services and amenities you should have access to are either reduced or disappearing (ie. grocery stores, pharmacies, financial services, actual full service and care hospitals, simpler and or more consistent transit options, space and access for emergency vehicles to name a few. With more people in an area one would think these and other protective services would be scaled up to fit needs right? Right?!)
This is a complicated mess, and the current state of policies in place now and to come, economics, politics and what ever else there is are also increasing the difficulty of coming to a solution as much as they are being obstacle to it. As much as I would love a quick solution, I'd rather it be a proper one that people can safely live out their livelihood.
During that big rain storm not too long ago, so many basement apartments were flooded.
Yeah people drown in basement and makes the news.
Cash, you should be up for some kind of Urban Award, these vlogs are so well thought out! Looks like there are all kinds of possibilities, personally I could never live like a mole, I need light for my will to continue,lol.
As an Electrical Engineer, I would like to add some knowledge on this.
It is not just limited to converting basement.
NYC building codes have certain rules which qualify as dwelling/or not.
After that there is also zonign laws which categorise zipcodes accoridng to the susceptiblity to rain. Flooding zones can’t have habitation in basement.( Along the port line and closer to sea is generally a flood zone).R4A regulations which can complicate things so its not just related to Housing dept.
In short converting basements into living spaces can have several legal implications and safety hazards.
They tried this is CA, except not in basements, and it completely failed. 😢 I think NYC needs to approach this problem differently and I feel like all the answers could come from these videos.
As a person that lives across the Hudson from NYC people are going to get hurt this is a really bad ideal
The commercial real estate conversion seems like the best option longterm. Yes its going to be more expensive but there is more supply and good locations.
I’m really enjoying this format of your videos, it’s very interesting as someone from another country. As an outsider it seems obvious that commercial and office spaces that have been out of use for a certain period, should be considered for a chance of occupancy. After watching your video about the floods in NY I’m surprised that they think basement apartments are a good idea.
An ADU looks like what we would call a granny flat here in Australia. It is a secondary dwelling that can built or added on to an existing property. This type of property is very common here...however the idea for splitting apartments in New York is different. Australia does have a problem with getting tiny houses approved and the paperwork involved is a lot.
New York has the same problem as the UK, the issue of supply and demand for housing. Those in charge keep trying to increase supply but can never catch up and will never address the problem, too much demand
The real problem is the government RESTRICT the supply. Costly permits, arbitrary ordinances, long review process, one sided renter protection, high tax, high building fee.
The government discouraged people from building, then is surprised when people stopped building
I think its more an issue of the government restricting supply. New York City’s housing problem is a problem it has created itself. They don’t provide good incentives for builders to build new homes/apartments. They make it difficult for landlords to want to rent in the city because of government regulations.
One big problem is that they implement policies that sound good but do the opposite of the supposed goal. CA is another place that has policies for "affordable housing" that drove up costs of housing and reduced the number of homes being built.
Okay, fine, but what happens if you just go hog-wild with creating more living spaces and then the entire utility infrastructure collapses? I mean, NY City isn't top-notch when it comes to the stability of it's sewer/water, and if those go down, you've got the return of stuff that has been gone for decades: dysentery, tuberculousis, etc. And with all the illegal immigrants coming in who haven't even had health checks for those highly-communicable diseases, it's a nightmare just waiting to happen.
It might not be a demand problem but a supply problem in the form of large investors who only want to construct luxury units and convert cheaper apartments to more expensive apartments. So the supply of cheap apartments is constantly shrinking.
Even if the ADU plan would work out - what is next? It appears that NYC draws people in and that will not stop - the housing crises will return / continue.
Personally, I am wondering how these rent prices can be paid anyway.
Me too!! Especially the people who do not have high incomes like service workers like waiters and dishwashers etc. How in the world do they afford to live in New York? It’s not like California where it’s nice outside most of the time. In the winter you are stuck in that little apartment.
@@laikanbarth During winter, they go out to other places that are indoors.
The only reason the NYC population isn't dropping is due to illegals. Very few Americans are moving unless they're wealthy and this type of stuff they'd never be caught dead in.
We call them 'granny flats' in Oz. but they are usually on blocks of land that most New Yorkers would consider huge. Obviously that changes when you get to inner-city areas in Sydney and Melbourne, but I walk past houses in this burg where the owner needs a sit-on mower to keep the grass under control : bizarre in 2023. We do have a housing crisis here - mainly due to our government deciding to bring in 600,000 people a year without giving any though to where they will live. Thanks for the vid.
It’s like the NYC/US governments and the Aussie government are all reading from the same playbook. You’re not alone.
@@trance212 I suspect that something similar is happening in Canada too - governments frantically trying to create enough taxpayers to fund and aging population, Didnt work in Sweden coz they didnt do their homework but hopefully it will work in English-speaking countries. Hopefully.
🤜🤛 Great video!
Many large houses were converted to apartments back in the day. Neighbor of mine bought several large houses that he de-converted from multi to single family homes. Not quite the same there, but splitting large apartments is very similar.
Plus the office building where I used to work was converted to apartments years ago. With more people working from home, empty office space could be converted.
@@joanfrederick9176 Aren't you a sweetie? We shouldn't be concerned with the effect on the city's already creaky, old infrastructure and its tendency to flood at the slightest rainfall? That's bad, lefty talk?
Please! I live in a small UK city where the local council is hellbent on packing the inner city with as many people as possible. A huge and useful office block is now being converted into hundreds of tiny flats, and over a hundred more will go into an empty retail unit inside a shopping centre (aka: mall). Multiple other conversions are under way, creating upwards of 5000 new flats in the next five years AND the council wants to build 2500 new houses on brown land. However, there are no plans to create jobs, so we’re probably going to turn into a dormitory city or Megacity One.
Ya….all the retail/office spaces that are now empty in many cities need to be utilized somehow…do these planners and ELECTED so-called “leaders” even care how ppl want to live? The cities are going to be even more crowded!! In Canada, we have soooo many small cities and towns that are much “nicer” to live in….BUT….not enough jobs or big business investments….so ppl have to commute for work….and then get penalized for emitting carbon simply for driving to work to support yourself/family….just sickening….they should work on attracting business to underdeveloped areas of the country rather than trying to cram more ppl in the cities!!
Cash, can you do some tours of “illegal” nyc basements?
I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2024. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
Investing in real estate and stocks might be a wise choice, particularly if you have a sound trading plan that can get you through profitable days.
Ironically, these are the conditions in which life-changing money is made by those who remain calm, patient, and take controlled risks. Volatility goes both ways. The banks are in a big crisis. The market looks very shaky. The bigger the red candles, the bigger the green ones. I have made over $280k in the last 4 months by investing through my financial assistance.
Are you sure about this ?Who is this financial assistance?
My adviser is “Stacie Lynn Winson” You can easily look her up. She has years of financial market experience.
Thanks, I searched for her name on the internet and her name popup right away. I composed an email and arranged a phone conversation. I'm optimistic that she will reply, and my goal is to conclude 2023 on a financially successful note.
The little add on unit is what they used to call a mother in law suite. I love the idea off encouraging and enabling families to house more generations.
Ha, last week you were showing us the trend to make two units into one bigger one, now we are going to making one unit into two smaller ones. NYC housing is going two directions at once. LOL
Hey Cash love your videos! While this may be a win for prop owners, none of these new units will be priced in a way to get anybody off the street.
Exactly they are greedy
A main problem is why actually cities grow that large? And the answer is because they offer more oppotrunities than smaller cities, and attracting an excessive workforce they create more opportunities for businesses, so it is a reccursive problem. Instead of making people live in cellars it would be much better to work out how suburbs or rural areas can be more attractive.
I live in a small town in northern Michigan called Houghton and we have the similar problem like most places in the United States at the moment and what we came to the conclusion of is that we have a zoning issue not a housing issue. The city rezoned a lot of area and are doing the same reconfiguring of existing properties.
Zoning is the biggest issue with housing almost everywhere in the US right now. It's even an issue with offices as well. Instead of building parking below ground one or two levels then having the first couple of floors as parking as well. Most current zoning requires parking on a mostly empty ground lot.
He showed the one parking area that could have a building of several floors of apartments built above it. That probably won't be done though. Many ground floor lots could have apartment buildings built above them.
It's the greed of the haves wanting more then with the more they have they do less and also know less because they are doing less. It's the exact reason why being a US President ages them so quickly. They aren't able to do less. They have to do like they are a 25yr old while being too old to be there in the first place.
We're in a feudal system but aren't willing to admit it to ourselves and the world.
Trickle down just doesn't work. Because it's another form of Shit Rolling Downhill. They continue to pass the buck along instead of it stopping with them.
Cash- They need an army of architects and engineers to survey this and come up with designs that will last for decades to come. I wish anyone that wants to assist in this process the best of luck.
Great coverage. Excellent work. 👍👍👍👍👍👍👍
It was great to see you discuss this with Alex. It made me really appreciate where I am sitting today.
Keep going!☮️👏👏👏👏
They’re bogging us down with understandably strict, but very expensive building and compliance process. For many businesses, it costs 5 to 6 figures just to enter commercial compliance. In contrast, the neighboring states and cities is a fraction of that cost. I can actually get an inspector to come in *for free* payed for by the state. In NYC, I’m spending almost $3k just for a guy to lazily look at my electrical panel and say its good.
Investing my attention. Can't wait to see the outcome!
I have an idea. In many public housing projects, buildings have terraces on every floor that are unused and locked. They represent a significant amount of square footage for building new apartments. One could even combine two floors to make duplexes for families.
Easy way to fix the problem is to stop putting all the jobs in one city and even worse on only one area of the city. Then people wouldn't have to live in tiny apt. in overcrowded cities.
That's the thing. There are plenty of jobs all over the US. Sure, NYC has a good concentration of them. But, there are plenty of jobs throughout the country.
Actually, its harder to find a job in NY than it is in the rest of the country.
@@77jaycube69 well a lot of places pay much less. I have teenage nieces and nephews in Colorado and California making more money at fast food jobs than people with "real" jobs in places like Texas.
@@goddesstit’s all relative in Texas you can get 1 bed apt for 600$ in Cali more like 1400 and that will still be in bad area.
You are 💯 percent right.
Ok...
You did a couple of videos saying that there were 1000's of apartments that are empty but can't be rented because they need to be fixed up. NYC should fix those up first. I'm sure they have the money somewhere in a mattress hidden. 😂
2nd thing...
Didn't NYC flood about a month ago, twice almost back to back???? So those basement apartments may not be the brightest idea. Maybe fix up those attics. Just make sure they're insulated properly.
As a Californian we have been doing this for years and it hasn’t done shit to the rent. Good luck y’all.
My masters project is on ADUs as a quick way to put a dent in the housing crisis. One of many solutions of course, but I'm glad to see NYC using that term now as a solution.
I don't know how it is in big cities, but out here in the rural areas, we consider the sizing of windows to the size of our firefighters. I can't even imagine !iving in an area with no accessible windows. A grate over your windows to prevent theft is chilling! Escaping a burning house is paramount in an emergency. Just having one escape route is also concerning. I can understand all of the regulations.
lol are you enjoying your comfortable and convenient life?
The new apts would have access. They aren't illegal. Cash showed how the site would be configured. It's much better to legally create apts than to get some money on the sly from your cellar.
@@AnneALias
I live rural & my life is comfortable & convenient. Plus it's So Quiet. I love it ❤!
The current regulations require all bedrooms to have an egress window for emergency exit. One or two that we saw here today don't seem to have that.
@@AnneALiasAww, is the liddle wannabe-fascist jealous? Sucks for you, but this is life. Other people are always going to have what you don't, so either move on or rot in your own spite.
Wasn’t Amazon selling these compact, modernized, zip filed box house thingys a couple of years ago? Had room for a small bed a small bathroom and kitchen. Was only a few thousand dollars? At this point I’d think it would be cheaper to purchase a bunch of those, find an area with a vacant lot, and set up those units as temporary housing.
I don't know about Amazon but Tesla is doing that. I like the idea of a small private home over the idea of apartment living. But you can't do that in NYC because of limited land to build individual small home on.
Those are really good solutions at the end.
I work in the planning and zoning department in my town in the neighboring state of CT and ADUs are very common here.
Fairfield County?
I've never seen a counter mounted on top of a stairwell in my entire life. these places are too small already, wow
If the Government of New York would stop with the regulations and let people build again then the housing shortage would be fixed.
Yup, same with CA. Its hard to make a profit in these progressive ran areas and then they are shocked when no one wants to build just to lose money or break even.
I like to keep a small "in case the market crashes" fund to try and take advantage of the low prices. When the market goes south, I use that money spread out over the following months buying my targeted stocks on low days. on top of my usual DCA, They keep dropping and I keep buying. I'm still in on Renewable Energy, EV, Tech, Health.coins too gotta be greedy when others are fearful. At this point I'm grateful for my FA Pbatesltd . Already with a 7 figure portfolio but I have no doubt investing more.
I live in Los Angeles. ADUs are common here. I'm originally from Texas, and I had never heard of them until I started looking for an apartment in Los Angeles. In fact, there's an ADU on the property I live at. I love learning about the different housing methods of different areas.