City of Yes Text Amendments - Huge Zoning Changes in the Works - Part II.

The Proposed 'City of Yes Text Amendments' will Roll Back Local Community Board [and Hence Communities] Input into What is Built & What Activities are Allowed in Their Communities

April 2, 2024 / Bronx Neighborhoods / NYC Real Estate / NYC Government & Politics / News Analysis & Opinion / Gotham Buzz NYC.

Just over a week ago I attended a Zoom call, organized by Community Board 6 in Manhattan, regarding the proposed City of Yes Text Amendments Part II being promulgated by Mayor Adams and his Administration. We collectively sat through about an hour long presentation, which I found to be most enlightening as well as a bit disconcerting should the proposed changes pass without significant alteration.

I have obtained permission to publish the slides, which due to technical issues, I have had to publish in the three [vs one] slide shows you see below [they are in chronological order].  I'll post my full report early next week, but in the meantime the slides should give you an idea of how big the changes really are and has been done in such a manner that you can begin to figure out how these changes may affect you.

Whether you are a tenant, landowner or real estate developer - and no matter in which borough you live - these changes, if passed unalterred, are going to significantly change how things are done in NYC. And the more I dig into this, the more it seems to be a roll back of community input, which is - in my mind - an essential / core element of any democratic process.

Isn't it?

While I'm still not done with the research, these changes look to be quite harmful to the people of NYC, in so many different ways, while failing to provide any sure path to growing our inventory of truly affordable housing.

Much more coming next week and over the next couple of weeks.

•  CLICK here to view the slide show presentation made regarding the City of Yes at the Manhattan Community Board 6 Meeting on March 25, 2024.

Economic Outlook 2023

Employment Steady, Inflation Subsiding, Consumer Confidence Up, Government Stimulus Fading, Fed Tightening 'Should' Stop After .25% Increase at Next FOMC Meeting, Most Global Supply Side Issues have been Corrected, Oil Prices Below a Year Ago, and the Dollar is Strong

January 17, 2023 / NYC Business News / New Analysis & Opinion / Gotham Buzz NYC / 469.

NYC Weather. The temperature highs will be in the mid to high 40's and the temperature lows will be around 40, dropping to 35 degrees on Friday. No rain is expected EXCEPT on Thursday, where up to an inch of rain will fall during the day. Winds will be 5 - 10 mph on Tuesday and Thursday and will be 10 - 15 mph on Wednesday and Friday. Humidity will rise from 45% to 80% on Tuesday, fall back into the 60% range on Wednesday, rise into the 80% range on Thursday with the rain, and fall back into the 60% range on Friday.

I. Economic Background - CoVid Disruptions of Global Supply Chains and U.S. Government Fiscal & Monetary Policy Responses

In recent months I have spent a fair amount of time catching up on what's happening in the economy overall, in an attempt to guage what lies ahead. It's important to realize where we are in the business cycle, in order to figure out what to expect going forward.

* Since March of 2020, we've been in a bit of a pandemic spin. The 2020 pandemic essentially halted most hospitality businesses and softened demand for some services, but drove high demand for both durable and non-durable goods. This is on the demand side. Meanwhile on the supply side, businesses were closing down, or working at far less than capacity, because of the health impact of the pandemic. For example in China, they didn't just appear to shutter businesses, but almost entire cities, to curb the spread of CoVid. China is where much of our electronics are made so this impacted the availability / supply of electronics at a time when Americans were spending more on them, because they weren't traveling, vacationing or even eating out much, so they had extra cash to spend on items, most notably electronics.

The U.S. federal government [as did many governments throughout the world] kept many businesses afloat through expansive monetary policy and generous fiscal spending via CoVid Relief packages which put money in the hands of local businesses, governments and individuals. The fiscal stimulus / excess government spending began in 2020 during the Trump Administration, and ended in early 2021 under the Biden Administration.

The first chart above right shows the federal government excess fiscal spending during the pandemic. Both Trump and Biden temporarily increased government spending in order to keep the economy rolling through the pandemic.

• CLICK here for our report on our perspective on the economic outlook for NYC in 2023.

The Great Supply Chain Crisis 2021: Hype vs Reality

TV & Murdoch News Sensationalized the Great Supply Chain Crisis of 2021 - Telling us for Months on End No Pumpkins for Halloween, No Turkeys for Thanksgiving, No Trees for Christmas & No Cream Cheese in NYC

But How Much of that Hyping was a Murdoch Inspired Perspective in Pursuit of Political Profit & Fear Mongering Ratings at the Expense of Reporting What's Really Happening?

January 3, 2022 / NYC Neighborhoods / NYC Things To Do Events / News Analysis & Opinion / Gotham Buzz NYC.

The closer I pay attention to what's happening in our mass media, the more concerned I get. Nearly half of our daily nationally branded news media is controlled by one man, Australian born billionaire Rupert Murdoch - who strikes me as either a sociopath or psychopath. Based on the seven years I've been covering Murdoch, it appears as if he doesn't care about anything other than enriching and empowering himself, even at 90 years of age [his mother lived to 103 so he's likely going to be with us for a while].

What Those Who Know Murdoch Say About Him

In Australia - where Murdoch has been operating all his life - former Prime Minister Kevin Rudd described,

"Murdoch's media empire as a cancer on democracy".

And in Britain, a Parliamentary Report stated that,

[Murdoch] "was not a fit person" to exercise stewardship of a major international company].

Keith Rupert Murdoch, controls the Wall St. Journal, Fox News, the NY Post, Harper Collins Publishing, MarketWatch, Barrons - and along with two of Fox News largest shareholders - Murdoch appears to have a controlling interest in Disney / ABC by virtue of what seems his proximity to their relatively new CEO. Murdoch's influence appears to be manifesting itself in personnel moves being made since he became one of their largest shareholders in March of 2019. The personnel moves are in their news and related programming areas, and ultimately impact what ABC News presents to the public. I just witnessed one of many subtle changes on Sunday, while watching This Week with George Stephanopolous. I'll say more about this at the end of this report.

Fox News Lyin' Laura Ingraham, earned that moniker, as you can see in the image above. Fox News has repeatedly used misleading photos and images to lend deceptive and misleading support to their news accounts, which appear designed to influence the unaware and low information voters, in order to get them to vote for billionaire Murdoch's favored pols and against the very government officials who are trying to help the manipulated victims.

• CLICK here for the rest of the story about mass media's ratings-driven hype, and media manufactured distortions about the global supply chain disruptions.

Economic Snapshot NYC & US

In spite of Non-Vaxers’ Negative Impact on the Recovery, Generally the Economy Appear to be Steadily Improving

September 21, 2021 / NYC Neighborhoods / NYC Business & Economy / News Analysis & Opinion / Gotham Buzz NYC.

It’s been a while since I have done an economic update, and as we head into the Fall, it seems a good time to look through the tea leaves to figure out where we are and what risks lie ahead between now and the New Year.

The graph at right, created by the Federal Reserve Bank of St. Louis, shows employment in the U.S. from 1940 to date. To the far right of the graph, you can see the huge dip in employment in the Spring of 2020, as the pandemic hit. Since then U.S. employment has recovered, but not yet completely.

Unemployment Back to Normal Levels & Stimulus Winding Down

Unemployment continues to decline, and the unemployment rate reflects a growing economy and a tight labor market. One debated theory about the tight labor market, is that it was fueled in part by some of the generous government spending programs, designed to cushion folks from the pandemic, which some believed kept workers out of the employment market. As of this posting, we’ve not seen any good study that proves or disproves that hypothesis. So for now, I recommend you consider that hearsay, at least until you or I find one or more reliable studies that proves or disproves that hypothesis.

In any event, a good measure of both the federal and states stimulus programs have begun to wind down. Beginning in late Spring / early Summer, both states and the federal government began reducing or withdrawing the funding for extra [federal] and extended [states] unemployment benefits.

• CLICK here to read our multi-part series with a snapshot of the U.S. economy in the third quarter of 2021 Q3 2021 Economic Snapshot NYC.

NYS Rent Regulations up for Renewal

NYS Assembly and NYS Senate to Strengthen, Renew or let Expire NYS Rent Regulation Laws

March 19, 2019 / Queens Neighborhoods / Queens Government & Politics / Queens Buzz NYC.

On Saturday I attended an event discussing the upcoming legislation pending in the NYS government in Albany concerning NYS rent regulations. Currently about 2 million of the 8.5 million people who live in NYC will be affected.

The primary topic of the event was MCI or Major Capital Improvements, which is a loophole in rent regulations that allows landlords to initiate projects within their buildings and then pass along the project costs to their tenants, in such manner as to provide the landlord with an incremental revenue increase that lasts into eternity, and which encourages landlords to get creative in originating projects in an effort to raise the rents of their regulated apartments at an accelerating speed in order to grow the monthly rent beyond the legal limit of regulation.

What happens then, is that a significant number of longstanding tenants in regulated housing, are priced out of their homes and neighborhoods. Some of the displaced tenants even become homeless. This is why homelessness nearly doubled under former Mayor Michael Bloomberg - who looked the other way as NYS rent regulations were being renewed.

The event was held in the Corona neighborhood of Queens, where hundreds - if not a thousand - people came to particpate in the discussion.

I'll have more on this at a later date.

NYC Landlord Harassments Continue

NYCCM Helen Rosenthal Hosts Housing Clinic to Inform Renters of Their Rights

May 29, 2018 / Upper West Side Neighborhood / Manhattan Real Estate / Manhattan Neighborhoods / Manhattan Buzz NYC.

On Wednesday, May 25th I went to the Goddard Riverside Community Center on Columbus Avenue at 88th Street to attend a housing clinic designed to inform renters of their rights.

***The following introduction is based on prior research done by me, and was not information provided at the housing clinic. I'll let you know when I segue out of my preamble and into the housing clinic.***

Over the past decade landlords appear to have become increasingly aggressive in trying to wriggle out of NYC and NYS rent stabilization regulations, that govern the rental payments under which about two million New Yorkers live.

It is my understanding that the government contributed land and / or financing to build or repair the buildings governed by NYC / NYS rent stabilization laws in exchange for the pricing rights on rent stabilized units. Many of the new landlords who have acquired rent stablized buildings, may possibly be in violation of approaching their business contract(s) in good faith, as the definition of good faith according to Wikipedia is:

"In contract law, the implied covenant of good faith and fair dealing is a general presumption that the parties to a contract will deal with each other honestly, fairly, and in good faith, so as to not destroy the right of the other party or parties to receive the benefits of the contract. It is implied in every contract in order to reinforce the express covenants or promises of the contract. A lawsuit (or a cause of action) based upon the breach of the covenant may arise when one party to the contract attempts to claim the benefit of a technical excuse for breaching the contract, or when he or she uses specific contractual terms in isolation in order to refuse to perform his or her contractual obligations, despite the general circumstances and understandings between the parties. When a court or triar or fact interprets a contract, there is always an "implied covenant of good faith and fair dealing" in every written agreement."

What is at stake, throughout the city, is literally hundreds of millions and more likely billions of dollars in - rental benefits or rental income streams - depending on which side of the struggle you're on. The landlords appear to be trying - using the torturtous side effects of construction including noise, health risk dust [inhalation], privacy loss and apartment functional loss - to wrest away the billions of dollars of rental pricing rights benefits from tenants to be pocketed by the landlords themselves. Given the high dollar value of what's at stake - including people's homes - this seems like attempted grand larceny, especially in cases where landlords are breaking the law to achieve their goals.

This will be continued at a later date. Including the segue into the information provided by the Housing Clinic to inform tenants of their rights.

Tenants' Rights March & Rally - June 14th Midtown at 4.30 pm

P.S. There's a March & Rally scheduled for June 14th, beginning at 4.30 pm, at the NY Public Library at 5th Avenue and 40th Street. They plan to march to Governor Cuomo's office at 3rd Avenue and East 41st Street. For details contact info@realrentreform.org or call 212.979.6958. All but one of the No IDC NY senatorial candidates have been invited to participate, and there's a possibility that NYS gubernatorial candidate Cynthia Nixon will be there too - as this seems to coincide with her reasons for challenging Governor Cuomo.

Islamic Fashion in the Bronx

Bronx Islamic Clothing Store for Sale

May 21, 2018 / Parkchester Neighborhood / Bronx Neighborhoods / Holidays in the Bronx / Bronx Buzz NYC.

In early May I traveled to the Parkchester neighborhood, to visit one of the Bronx newest Islamic clothing stores, Islam Fashion. With Ramadan only a couple of weeks away, the store proprietor was busy making preparations as Ramadan is the holiest month of the year - and just as during the holidays for Christians, it is also a very social time of the year.

The store, Islam Fashion, was started in the late 1990's [circa 1998] by an enterprising Egyptian immigrant, Mohamed Zohny, who I had met in Queens about a decade ago. Mohamed is one of those legendary entrepreneurial immigrants that one hears about - that keeps the American dream alive - both here and abroad.

Mohamed Zhony - Egyptian American Entrepreneur

Mohamed rolled the dice and immigrated to New York in 1979, at the age of 37, having left a position working at one of the airports in Egypt. When he arrived, he began working in a Lebanese restaurant washing dishes. Three years later in 1982, risking the savings he made from dishwashing, Mohamed started a falafel food truck at 51st Street and 5th Avenue.

Starting an Entrepreneurial Business on the Midtown Manhattan Streets

For fourteen years Mohamed made falafels out of his food truck and one might say he became a bit of a falafel food truck legend. He was photographed and written about in several glossy magazines, including one where he had his photo taken by famous photo journalist Lou Bopp.

Perhaps my favorite account of Mohamed at this time was the following in the 'Grub' section of a popular NYC magazine.

"Falafel stands abound … [at] Rockefeller Center … during lunchtime. Naturally they run the full gamut of barely edible to scintillatingly delicious. Second place for the title of best falafel is Zohny who has a cart on the corner of 5th Avenue and 51st Street. Not only are his falafels moister and fuller than the competition, but he has also developed falafel assembly into an art. It's a spectator sport to marvel as Zohny choreographs his falafel preparation like a wind-up doll. He can make the chick pea balls while dropping lettuce and tomato and heating the pita bread."

In 1996 then Mayor Rudy Giuliani started making changes to the rules governing traffic and food carts, so Mohamed decided to exit the business. Within two years, Mohamed had embarked on a third adventure, again investing his savings to purchase and then sell Islamic clothing on the Upper East Side on what I understood to be a sort of person-to-person basis.

Opens Islam Fashion Clothing Business in Manhattan with Stores in Brooklyn, Queens & the Bronx

Within another two years, in the year 2000, Mohamed signed a lease in Brooklyn and opened an Islamic clothing store there. Nine years later he opened a second store in 2009 in Astoria, where I met him. He's done a bit of advertising on Queens Buzz over the years and I have always found Mohamed to have a friendly smile on his face.

During this time I have had the opportunity to watch him do a bit of business here and there, buying and selling Islamic clothing in his shop. He would invite sellers to sit down for tea, chat and haggle a bit about quality and price, and then settle on a price and complete the deal. It felt like time traveling into Egypt in the space of a few minutes.

In recent years Mohamed, now 75 years old, has begun winding down ... at least a bit. He closed his Brooklyn store due to rising rents, and moved his Astoria store to Parkchester just last year - again due to rising rents. He opened in Parkchester a few months ago and has begun building yet another retail business. Even to this day Mohamed greets the public with a welcoming "Salam Alaikum", which in English means "Peace to you".

Islam Fashion is located at 1701 White Plains Road at Van Nest Avenue in Parkchester. Mohamed is now in the hospital and plans to sell his business. If interested you can reach him via Facebook at https://www.facebook.com/islamfashioninc/

I hope and pray that Mohamed has a speedy recovery.

Port Morris Real Estate Development

The Bronx Neighborhood of Port Morris is Experiencing a Real Estate Development Renaissance

May 7, 2018 / Port Morris Neighborhood / Bronx Real Estate & Business / Bronx Neighborhoods / Bronx Buzz NYC.

Last Sunday I went exploring two of the neighborhoods in the south Bronx. This report will focus on Port Morris, which is at the southern most end of the Bronx and is found along the Harlem River and the East River.

Port Morris has a long storied history, dating back to colonial times. Given its proximity to Manhattan [just over the Harlem River] and accessibility via the East River and Harlem River, Port Morris was geographically well positioned to be one of the great waterfronts. In fact one of the Morrises had this in mind in an earlier period and planned to make Port Morris competitive with the New York City Harbor and the Lower Manhattan docks. But alas it was not meant to be.

In the mid to late 1800's the piano making business was one of the biggest manufacturing industries in New York City. Piano factories lined the East River in Astoria and in the Bronx. By the mid 1900's the piano business was on the decline, being replaced by radio, television and the like as the primary source of home entertainment.

By the late 20th century the southern Bronx was in decline, but many of the old manufacturing buildings of a bygone era still remained. By the early 21st century southern Bronxians began to witness a growing interest in the Port Morris and Mott Haven neighborhoods due to an evolving business, social and economic climate in New York City.

I'll post more on Tuesday, May 8th.

De Blasio's State Of The City Address

NYC Mayor Maps Out A Framework To Tackle NYC's Affordable Housing Crisis

Real Estate Lobbyist: "Zoning Is The Equivalent Of Minting Money"

February 9, 2015 / NYC Neighborhoods / NYC Government & Politics / Gotham Buzz NYC.

Mayor Bill de Blasio sent the NYC political, media and real estate worlds abuzz on Tuesday, February 3rd, 2015 when he laid out his administration's plan to solve one of the severest shortages of affordable housing in the history of New York City. It seems everyone had something to say in response to it - from the folks on the street to the NYS Governor. NYC Mayor Bill de Blasio is shown standing in the bottom left corner of the photo, after giving his first State of the City Address.

The housing crisis in New York City reached crisis proportions during the Bloomberg Administration. Former Mayor Bloomberg's approach to the issue was to let rent regulated apartments expire or become transformed to encourage investment, provide generous tax incentives and city land deals to real estate developers to build luxury high rise apartments, and build more homeless shelters.

A severe shortage of affordable housing was lurking in the background, as candidate Bill de Blasio began running for the office of mayor with the theme of "the tale of two cities". His campaign keyed into the pinch being felt by the 70% of New Yorkers who rent.

Thus one year later, while giving his first State of the City Address, the 109th Mayor of New York City put the affordable housing problem front and center for his Administration in a manner similar to what he had done on the campaign trail.

And in doing so, the Mayor set afire talk about affordable housing by city and state pols, the media and city real estate developers.

Click here later in the week to read the rest of our report about Mayor Bill de Blasio's State of the City Address, including reactions by banking and real estate executives, members of labor unions and other government officials. By Michael Wood.

BALCONY - Business And Labor Coalition NY

Forum Discusses Challenges & Opportunities Of De Blasio's Affordable Housing Plan

February 23, 2015 / Bronx Neighborhoods / Bronx Business & Real Estate / Manhattan Buzz NYC.

One day after Mayor de Blasio gave his State of the City Address, the Business And Labor Coalition of New York [aka BALCONY] met to discuss affordable housing and their role in it.

A high quality panel of speakers had been enlisted to help stimulate the discussion which happened on an early Wednesday morning in February. The panelists included a real estate lobbyist, a unionized labor representative who oversees the management of labor pension investments, Public Advocate Letitia James, a representative from the Governor's Office and others. The BALCONY forum attracted a full house of real estate, financial and labor professionals, as well as government officials.

By the end of the morning I had heard how a number of large and important participant groups were processing Mayor de Blasio's plan to address NYC's affordable housing shortage. We'll have more a bit later this week about this informative housing forum.

New York Boat Show @ Javits Center

Full Steam Ahead For Boat & Yacht Dealers & Manufacturers

January 25, 2015 / Bronx Neighborhoods / Bronx Business & Real Estate / Manhattan Buzz NYC.

For the price of a small apartment in Manhattan you can buy yourself a floating power palace with about the same amount of space, and water views on all sides.

It was my first venture into the New York Boat Show on Sunday at the Jacob Javits Center in Midtown West. There were about 400 boats and yachts on display [364 was the unoffical count] for those looking to buy, trade or just look at the state of the art in boating technology and comfort.

Again unofficially - using one of the dealer's gate count numbers - it seems attendance was up a bit this year versus last year. They surmised that the lower gas prices, the better economy and apparently a few folks were looking to replace what had been damaged or that they'd lost to Hurricane Sandy. And so it was ... show on.

Later this week I'll post a photo slide show of the event and take you onto a few of the boats and yachts so you can see what owning or riding on one of these floating palaces would look like. Ship Ahoy.

New York Market Expo

Marketing Your NYC Business In The 21st Century

June 2, 2014 / Bronx Neighborhoods / Bronx Business & Real Estate / Manhattan Buzz NYC.

On May 29th I attended the New York Market Expo at the Metropolitan Pavilion at 125 West 18th Street in the Chelsea neighborhood of Manhattan. There were dozens of vendors there to help small businesses with their sales and marketing efforts.

It seems the online media has moved front and center at this expo with a multitude of vendors generally representing national firms offering a variety of online services. Many of the large social media firms sponsored slide show presentations showing how their offerings differed from the others.

There were also a number of other organizations there, including the traditional media, as well as a number of government and non-profit business organizations whose missions are to help businesses in their endeavors. The Manhattan Chamber of Commerce is shown in the photo to your right. The Manhattan Chamber of Commerce is a very active sponsor of networking events, seminars and workshops in NYC.

We'll post more including a photo slide show of the New York Market Expo of 2014.