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)
Mountain View -- home to some of Silicon Valley's most profitable companies, including Google -- is one of the most expensive places in the world to live, thanks to the sky-high wages commanded by techies, who have gone on to bid up all the real-estate in the region.
Mike Moffitt sums up the empirical work on the impact of rideshare companies like Uber and Lyft for cities: an increase in congestion, especially downtown, especially during "surges" (Uber and Lyft insist that they reduce congestion, especially in downtowns, and especially during surges!); lower wages, longer hours and more precarious work for drivers (accompanied by […]
Pangea was founded by Al Goldstein, a Deutsche Bank investment banker who quit to found a massive, intercontinental payday lending outfit; he tapped the investors that he enriched with his payday lending business to stake him $180 million and bought up thousands of low-rent buildings in Chicago's poorest neighborhoods (which are also Chicago's blackest neighborhoods).
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