This is a fascinating short video (by Vox) about a former neighborhood in Manhattan known as Seneca Village. Today, its land forms part of Central Park.
Most of us would probably agree that building Central Park was both a good idea and a powerful example of the value of foresight.
But that doesn't mean that the area's pre-park history is something that should be forgotten. (Thanks for sending this along, Jeremiah Shamess.)
This is a fascinating short video (by Vox) about a former neighborhood in Manhattan known as Seneca Village. Today, its land forms part of Central Park.
Most of us would probably agree that building Central Park was both a good idea and a powerful example of the value of foresight.
But that doesn't mean that the area's pre-park history is something that should be forgotten. (Thanks for sending this along, Jeremiah Shamess.)
On October 3, New York City did something very similar to what Toronto did on King Street. It restricted through traffic on 14th Street to only trucks and buses, and turned the street into the city's first "busway."
Under the new rules, cars, vans, and taxis are restricted every day of the week from 6am to 10pm, unless they're dropping off or picking someone up, or entering into a parking garage (i.e. local traffic only). But after this, they need to make the first available right and turn off the street. Again, it's pretty similar to the way things work here on King.
On the first day of the 18-month pilot program, the buses actually had to slow down in order to keep to their schedule. They were moving too quickly. Previously one of the slowest routes in the city, the M14 bus is now expected to increase its average speed by about 25%.
The reality is that we need to get better at moving people around our cities without a car. This is one way to do it and we know it works. My prediction is that the 14th Street pilot will prove to be a success. It will then get replicated in other parts of Manhattan. Probably on other crosstown streets.
The State of New York just enacted a new law (on June 14, 2019) requiring that 51% of existing tenants agree to buy their apartments before a building can be converted into a condominium or a cooperative. There was previously no requirement for anyone to buy in order for a conversion to take place. Tenants who chose not to buy, could simply remain in the building as a renter.
Supposedly, the real estate industry believes this new requirement will be a largely impossible threshold to meet, meaning that condo/co-op conversions could now be dead in NYC. There's also an argument that conversions have historically helped many middle class New Yorkers buy a home since they sometimes (usually?) had the chance to buy their apartment below market at the time of a conversion.
I'm not familiar enough with this space to be able to opine on the merits of these arguments, so I won't. Perhaps some of you will in the comment section below. Instead, I will leave you all with a chart showing the median condo sale price in Manhattan over the last ~30 years (taken from the same WSJ article). I like seeing long(er) term charts. Maybe you do too.
On October 3, New York City did something very similar to what Toronto did on King Street. It restricted through traffic on 14th Street to only trucks and buses, and turned the street into the city's first "busway."
Under the new rules, cars, vans, and taxis are restricted every day of the week from 6am to 10pm, unless they're dropping off or picking someone up, or entering into a parking garage (i.e. local traffic only). But after this, they need to make the first available right and turn off the street. Again, it's pretty similar to the way things work here on King.
On the first day of the 18-month pilot program, the buses actually had to slow down in order to keep to their schedule. They were moving too quickly. Previously one of the slowest routes in the city, the M14 bus is now expected to increase its average speed by about 25%.
The reality is that we need to get better at moving people around our cities without a car. This is one way to do it and we know it works. My prediction is that the 14th Street pilot will prove to be a success. It will then get replicated in other parts of Manhattan. Probably on other crosstown streets.
The State of New York just enacted a new law (on June 14, 2019) requiring that 51% of existing tenants agree to buy their apartments before a building can be converted into a condominium or a cooperative. There was previously no requirement for anyone to buy in order for a conversion to take place. Tenants who chose not to buy, could simply remain in the building as a renter.
Supposedly, the real estate industry believes this new requirement will be a largely impossible threshold to meet, meaning that condo/co-op conversions could now be dead in NYC. There's also an argument that conversions have historically helped many middle class New Yorkers buy a home since they sometimes (usually?) had the chance to buy their apartment below market at the time of a conversion.
I'm not familiar enough with this space to be able to opine on the merits of these arguments, so I won't. Perhaps some of you will in the comment section below. Instead, I will leave you all with a chart showing the median condo sale price in Manhattan over the last ~30 years (taken from the same WSJ article). I like seeing long(er) term charts. Maybe you do too.
