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Comment by imgabe | Hacker News Reader

I think this is the beginning of the end for New York and other cities where this is happening.

Why is New York real estate valuable in the first place? Because a lot of people want to live there.

Why do they want to live there? Because there's a lot of other people there, and those people can afford them various opportunities in their chosen field.

If New York becomes a wasteland of empty apartments held by overseas billionaires, none of the people that make New York a desirable place to live (and thus, a valuable apartment to own) are going to be there making it desirable (and thus, making the apartments valuable).

Everyone I know who's living in New York can't wait to leave. It's a miserable place to be unless you're a billionaire. These people are destroying the value of their own investments just by making the investment in the first place.

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No offense, but you should really try and meet more people, if everyone you know feels that way. Maybe your peer set isn't diverse enough? Or seek geographic variance? Everybody here seems to be talking about multi million dollar SoHo lofts and what not, which are honestly not even a little bit relevant to the lives of most of the millions of people in the city.

"A miserable place to be unless you're a billionaire." This is such a vast exaggeration, it's difficult to take your comment seriously. Is New York expensive? Yes. Is it impossible to live here, and have an enjoyable experience on $60,000/yr (even less with some sacrifices)? Not in the slightest.

"not impossible" isn't nearly the same thing as "desirable" or "worthwhile". If the strongest endorsement you can make is that it's possible to live there, that really isn't much of a recommendation.

I'm not trying to make a pro/con debate; I'm only pointing out that there are 8 million people living here, the vast majority of which are assuredly not billionaires. The original comment really provides no value by stating "I know some people in New York and they want to leave because they can't enjoy it without being billionaires."

That was really a throwaway line tacked onto the end. You could try reading the rest of the comment.

I'd much rather live here in NYC on $60,000 than $60,000 in Oklahoma or elsewhere in middle America, unless I was raising a family. There's plenty of free or cheap stuff to do here that's very enjoyable if you enjoy a simple life.

> If New York becomes a wasteland of empty apartments > held by overseas billionaires

No chance of this happening. NYC has over 3 million housing units. There are many fewer overseas billionaires, fortunately.

I own and occupy a 2-bd 2-bath condo in NYC. It's in Central Harlem and I love it here. I have no thought of moving and am not worried that Russian oligarchs are going to turn the city into an empty wasteland.

Real estate prices in Manhattan are heavily influenced by neighborhood naturally and, on the very high end, signature amenities such as wrap-around terraces and views of Central Park. But we're talking about 10,000 ultra-high-end units out of 3 million across the 5 boroughs.

In my Manhattan neighborhood, even new condos in full-service concierge buildings are vastly more affordable than the small slice of luxury units described in this article. The price per sq ft in Harlem is one-third of what NY Mag is talking about.

I say, let the billionaires blow their dough on my town. Their market is small and finite; long-term consequences are small. Meanwhile, the rest of us, a vast number in comparison, as a result will see our home values appreciate a little faster over the long run, probably.

> Everyone I know who's living in New York can't wait to leave. It's a miserable place to be unless you're a billionaire.

This has already started! [1]

[1] http://www.theonion.com/articles/84-million-new-yorkers-sudd...

I felt this way and I left.

After 3 years, I'm moving back. I've gotten over the issues that were bothering me about New York and realized that my success in the city will require me to work for it. Where I ended up is a much more miserable place to live.

I couldn't be more excited to go back to NY. I had the native's perspective (grew up in Midtown) and now I'm getting the transplant's one by moving back.

Non-billionaire, btw.

"New York becomes a wasteland of empty apartments held by overseas billionaires"

Don't worry, they'll take only the good ones. Surely there will be plenty of space left for the rest of you! Who's gonna do the non-billionaire stuff otherwise?

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