When the city isn’t owned by locals anymore
This week the venerable New York Times published a new series aimed at exploring the buyers behind major condo buildings in New York.
To New Yorker’s; Welcome to what Miami has been living for the better part of a decade already.
Miami is a constant boom and bust town built on appreciation of property values, and the desire for foreign money to be in the US economy and away from their own economies where it might be subject to such things as social upheaval and redistribution.
As is typical, the NYT can stare intently at it’s naval for some time when it comes to a topic they ignore elsewhere. In this case, having to deal with this happening in the northeastern market there in Manhattan they seem somewhat less pleased to have those not native to the city buying part time residences, and in the process pushing up all property taxes.
The very same New Yorkers who invest heavily in the Miami market where they are not natives, driving market prices up, now seem aghast at the very same thing happening in their local real estate market by those with greater buying power.
A part of me realizes this is borne of New York’s large ego that views itself as the center of the universe, but the small, sadder part of me realizes the NYT will take no lessons or conclusions from this, and that New York investors will continue to intrude into other local markets even as decrying as it occurs in their own market.