New York long was a product of the harbor economy. Before there was a Times Square or a Grand Central Station, Lower Manhattan, then ringed with docks, was oriented to the railroads and factories of the Jersey coast to its west and the merchants and manufacturers of Brooklyn across the East River. The decline of Lower Manhattan as an economic engine is in large measure a reflection of the fall of that harbor economy as first Manhattan and then its partners in Brooklyn and Jersey City de-industrialized. read more »
From the beginning of the mortgage crisis New York and other financial centers have acted as if they were immune to the suffering in the rest of country. As suburbs, exurbs and hard-scrabble out of the way urban neighborhoods suffered with foreclosures and endured predictions of their demise, the cognitive elites in places like Manhattan felt confident about their own prospects, property values and jobs. So what if the rubes in Phoenix, Las Vegas, Tampa and Riverside all teetered on the brink? read more »
With the sale of Lehman Brothers seen as imminent — possibly as soon as this weekend — New York's commercial real estate market is bracing itself for the loss of a key financier responsible for tens of billions of dollars in commercial loans.
"It would be one less major player," a commercial real estate finance expert at New York University Schack Institute of Real Estate, Lawrence Longua, said. "It is probably more of a psychological effect, but it is one more piece of bad news." read more »
Mayor Bloomberg needs to prepare the city for the crash of the Wall Street gravy train. read more »
One of the most enduring urban myths suggests that most jobs are in the core of metropolitan areas, making commuting from the far suburbs more difficult. Thus, as fuel prices have increased, many have expected that people will begin moving from farther out in the suburbs to locations closer to the cores. Indeed, in some countries, such as Australia, much of the urban planning regime of the last decade has been based upon the assumption that urban areas must not be constrained because the residents on the fringe won’t be able to get to work. read more »
The Southern city welcomes the middle class; heavily regulated and expensive Gotham drives it away.
New Yorkers are rightly proud of their city's renaissance over the last two decades, but when it comes to growth, Gotham pales beside Houston. read more »
The terrorists who attacked the World Trade Center on 9-11-01 were striking a blow—a devastating one they hoped--at what they saw as the heart of capitalism and free markets in the United States. But in the aftermath of the attack, read more »