Leonard Steinberg, a longstanding New York City luxury property broker, claims that the existence of Uber and Lyft has blunted the premium that buyers were willing to pay to live in neighborhoods with good transit links, because they can afford rideshare cars and use the commute time to work, meaning that commutes are less of a factor in calculating the quality of life (because your day starts when you get into the car, not when you get to your desk).
The finding is confirmed by a real-estate investment analyst; however, I couldn't locate any reliable scholarship confirming it, so this should be taken more as intriguing early anaedocte than ironclad proof.
“People are already willing to pay slightly less than they were before for the same level of transit access, because they now have this complementary transit system,” Adam Ruggiero, head of real estate research at MetLife Investment Management told Bloomberg.
The report found, for example, that apartments in San Francisco that previously had a 20% premium because of their vicinity to public transportation are down by about 5% since Uber’s launch.
Uber and Lyft are changing where rich people buy homes [Sarah Jacobs/Business Insider]
(via Naked Capitalism)
(Image: Nannette Turner, CC-BY)
New York City's just-passed Climate Mobilization Act rolls up six climate-mitigation laws that comprehensively remake the city's approach to climate change (it's colloquially known as the Green New York Deal).
Hudson Yards is a notorious (and spectacularly badly timed) new "luxury housing development" in New York City: a massive, gated, privatized "neighborhood" in Manhattan, a city that has been literally hollowed out by runaway luxury real-estate speculation, to the exclusion of working people and mere millionaires alike.
[Editor's note: Gigapixel panorama impressario Jeffrey Martin (previously) offers us "an eye full from Eiffel" in this astounding gigapixel pano of Paris -Cory] I shot this gigapixel photo in autumn 2018 from the top of the Eiffel Tower. Using an SLR camera and a variety of telephoto lenses, I shot a few thousand photos from […]
Seasoned chefs have a bit of a love-hate relationship with their cutlery. A really good set of knives has to prove its worth by being put through the wringer – and if they’re really good, they’ll still look great afterward. So it is with the Damasukasu Japanese 3-Piece Master Chef Hanshu Knife Set. Sitting in […]
With the intuitive software out there today, anyone can become a music producer. You’ve probably heard that from any number of laptop impresarios, but you still have to know how to use the tools – and Logic Pro X is one of the best platforms out there right now. In order to get the most […]
Believe it or not, PDF files have been the go-to format for contracts and forms of any type since 1993. And sure, they’re easily shareable – but that’s about it. When you need to edit or sign a document – and you will – that’s when frustration can set in. Luckily, there are workarounds, and […]