The downside to life in a supertall tower (2021)
nytimes.com
nytimes.com
What causes $500,000 in water damage is having $100,000 custom paint jobs, which has nothing to do with height.
You're also correct in your assertion that a lot of downsides have nothing to do with supertalls.
I think the author was just talking about issues that crop up in supertalls. I didn't take away any explicit assertion that issues don't crop up in low or medium rises for instance.
That reminded me of J. G. Ballard’s “High-Rise”, a 1970s novel with a unique twist on the post-apocalyptic landscape familiar from scifi:
I often think of the TV producer in “High-Rise” driving back from work to his apartment building, his mind taken over by the alternate cosmos inside the building as he moves through the parking lot. It’s a strong image for me. But I’m sure other Ballard readers have completely different touchpoints in the same work.
> When the building opened in late 2015, homeowners were required to spend $1,200 a year on [the building’s private Michelin-star level restaurant]; in 2021, that requirement jumps to $15,000, despite limited hours of operation because of the pandemic. And breakfast is no longer free.
Well, that sounds like quite the spike in service prices! Especially if it's a required expense.
There is also the nightmare of insurance problems for a building.
The recommended move, in NA at least, is to look for older buildings with less amenities and a history of consistent condo fees that they will gladly give to you in a report if requested, which allows the potential buyer to get a clearer idea of the potential cost of owning a condo over time.
It didn't matter, because builders would sell them all "over the plan" (literal translation, not sure if that's an expression in English) i.e. even before having actually started building. People were buying like crazy, they needed the houses. Not sure why it got worse in the decade I mentioned, but there is a clearly perceived drop (albeit, this is just opinion based) in the price/qualities ratio. So once the developer had the money in their hands, why would they make more effort than the absolute minimum?
The solution is as you say, or litigation. My parent's condo board has recently won a years-long legal dispute and now the developer is forced to pay for all the repairs and improvements in the whole premise.
There are just a lot of condo boards, and a lot of them are 1) poorly managed, and 2) run by busy-bodies with their own agendas leading back to 1).
Same story as HOAs, really. Keep in mind that both have a selection bias, too -- well run neighborhoods or buildings don't generate controversy and lead to lawsuits or 6 paragraph screeds about how terrible they are.
Nah, seriously, it's just more money laundering. Who cares if it works for housing, main mission accomplished.
https://www.fincen.gov/sites/default/files/advisory/2017-08-...
> The group commissioned SBI Consultants, an engineering firm, to study mechanical and structural issues. Initial findings showed that 73 percent of mechanical, electrical and plumbing components observed failed to conform with the developers’ drawings, and that almost a quarter “presented actual life safety issues,” Mr. Slinin wrote.
Corruption exists at every level. The builder (as suggested by the above quote) skimped to increase their profit margins. These ultra-luxury NYC supertalls do not pay their fair share of property tax (as a percentage of price). Cities allow substandard buildings to be built (eg [1][2] not being drilled into bedrock). The city is allowing buildings to be built that are really too skinny (eg [3]). Real estate in major cities is driven by money laundering [4]. Real estate is exempt from a lot of foreign asset reporting like FATCA.
All this while we're having a housing and affordability crisis pretty much everywhere.
These supertall and skinny buildings just shouldn't be built. If you can't secure enough land to a decent base to go that high well that's your problem.
Housing for the ultra-wealthy really needs to be taxed at probably 10x the current rate too.
[1]: https://boingboing.net/2022/12/30/not-to-be-outdone-manhatta...
[2]: https://sf.curbed.com/2016/9/16/12945600/why-millennium-towe...
[3]: https://hyperallergic.com/724360/nyc-skyscraper-is-being-com...
[4]: https://gfintegrity.org/press-release/new-report-finds-u-s-r...
I've never heard of an allowable size expressed in terms of number of non-mechanical floors. That sounds rather ill-conceived. Why would you have limits beyond a plain maximum height ?
I DO see a problem with making the strength on each corner of a building dynamic - if you aren't moving the building back and forth to counter the wind, how would you counter the wind?
Like a weathercock?
Well, dunno about anyone else, but I'd jump at the chance to live in a (safe) building that always rotated to face the wind.
Also damping is achieved by dissipating energy through the counter mouvement of the tuned mass which is literally compensating for the movement put in place by the external force. It doesn’t totally offset it but still.
Many tall buildings have a tuned mass damper near the top that helps to dampen oscillations. It doesn't require any active mechanical devices. Taipei 101 has it out in the open, you can easily find videos of it during earthquakes.
(I mean, I'm being slightly facetious, but in general things which will kill thousands of people if there's a bug... well, you should be cautious)
This might be predictable only for elevators (and even then, maybe cable designs/elevator designs can be changed to mitigate the effect of the height).
Everything else can have a design that allows ever larger height (larger vents for drainage, larger pumps for water supply, etc).
It doesn’t really answer your question, but it’s an interesting reference point.
What would be the best way to search for these videos? Just "snagging" or are there other keywords I should use? Is Tiktok the best way to find such videos?
Let's say you are a druglord from Mexico, and have a minivan full with one hundred dollar bills. You want to come and buy a 100 million apartment in NYC. How do you imagine that transaction will happen? Do you think the building developer will just agree to take the bills? And then they'll go to their bank and attempt to deposit it? How will the real estate broker get their fee? In bills too?
Here's the thing: in this country, if you agree to take large amounts of cash, no questions asked, and then try to deposit them at a bank, you just painted a huge bull's eye on you, as far as the US law enforcement is concerned. At a minimum you become an accessory to money laundering.
What's the most likely explanation? In the UK there are loads of examples of this. Maybe the US is miles ahead of the UK on this, but somehow I doubt it.
https://www.lawsociety.org.uk/topics/property/anti-money-lau...
> Money laundering through property is a major problem
And the example you give of a van full of cash is naive. That isn't how it goes down, and if I'm honest, I think you know that.
"And that a van full of cash never works, of course."
"Of course!"
Here's two possible money laundering schemes involving real estate:
1. you buy a multi-unit and rent it out to a number of tenants. You tell them you like them so much that you'll charge them a bit below market price. You'll charge them $1000 per month, when the actual market price would be $1200. The only thing you ask is that theyt sign a contract for $1400/month. You tell them not to worry, they'll need to only pay $1000, the $1400 is a technicality for mortgage purposes, or whatever. Now, every month, when they pay you $1000, you add $400 that you have obtained separately from selling drugs, or some other criminal activity, and you got to the bank and deposit that. you have all the documents to show the source of your funds is legit. The bank inquires about this source of funds, as per the Anti-Money-Laundering regulations. But you're covered.
2. You buy run down properties with legit funds. Then you improve them significantly. You pay the contractors with cash (obtained illegally). Later, you sell the properties. You don't try to make a profit. All you care is the guys who buy the properties are absolutely spotless. Now the proceeds of the sales of the properties are clean. You just converted money spent on renovations in money received on property sales. The weak link in the system is the contractors who are ok with cash payments.
Now it's your turn. Can you please come up with a plausible scenario where one would launder money via a $100 million apartment next to Central Park in New York City?
https://crimeline.co.uk/wp-content/uploads/2017/07/Shreeve.p...
https://crimeline.co.uk/wp-content/uploads/2017/07/Rollins.p...
http://www.bailii.org/ew/cases/EWCA/Crim/2006/2155.html
I won't abide by your requirements (cash in a van / $100m property), because those weren't my initial arguments.
Money fraud through property happens. Money fraud through luxury property happens. It happens. It's rife (In the UK, especially London). Maybe the US is ahead of the curve, but I remain skeptical.
I didn't ask for you to give examples of how money fraud through property could happen, I asked for you to state the simplest explanation for all these empty luxury properties existing, that isn't explained through fraud. Who is buying them? It's corruption!
As for empty luxury properties. I live across a tower, which could be called supertall, since it's just a few feet shy of 800 ft. A penthouse unit is available for sale now for $40MM. It's not the absolute very high end of luxury, but it's very nearly there. It's nighttime now, and I can see the lights. About 80% of the units are lit. In the units on the lower floors, I can see people moving about. I think the whole thing about empty properties is mostly an urban legend.
But on the other hand, until 2 years ago, I lived in an apartment where I could see directly a property owned by Leonardo DiCaprio. I've never seen the guy there. At most I could see various contractors doing various renovations, but never the actor himself. Can I ascribe the emptiness of the property to "corruption"? No. I think DiCaprio has enough money to afford to buy a unit in downtown Manhattan, and leave it empty.
Are there other people like DiCaprio? Why not? The world is big. You asked me for my Occam's razor explanation. That's my Occam's razor.
In our society, there's also another version of Occam's razor, and this one is a particular case of it: it's called "innocent until proven guilty", or "benefit of the doubt". I like it, and I use it.
You can feel free to use the assumption of guilt. It's your prerogative.
https://www.propublica.org/article/china-cartels-xizhi-li-mo...
Many clients bought homes or paid U.S. university tuition.
I'll never understand how they let such people ruin the skyline by building such ugly skyscrapers. No respect whatsoever for the surrounding style, regardless of taste.
How exactly would you describe this “surrounding style”:
https://commons.wikimedia.org/wiki/File:West_side_of_Manhatt...
Vs in a small town ambulance response time is about the same, and travel to the local hospital is also about the same. But there are no elevator rides.
Vs living in the actual boonies (connecticut is a tiny state that is primarily suburbia), where you just assume ambulances dont exist, you keep and know how to use a proper medkit, and you know where the nearest and farthest ERs are, and most importantly - you do not live alone.
Really?! This sounds _very_ high.
> then another 10-30 minutes to get to the hospital.
This also sounds pretty high. Looks like there's a general hospital literally 500m away in this case.
> in a small town ambulance response time is about the same, and travel to the local hospital is also about the same
It's going to depend on the small town, but I would assume that most small towns are _not_ within 30 mins of a general hospital. Of course, depending on what's wrong with you, something less than a general hospital might work, but then again it might not.
If these new owners say they didn't know there would be these "problems", they are either misinformed or trying to get their money back. ALL tall, thin building have to sway to survive.