This Old House

Summary-CSHomePrice_History_Jan1987toNovember2011WebVersion

As Case-Shiller Craters Again, Should New York Care?

After improving in the first half of last year, the Case-Shiller Home Price Index began to plummet in the middle of 2011, and it has reached a new low with the release of the November numbers yesterday. As one of the stronger measures of the U.S. housing market, the index is closely watched, and any negative movement is seen as a problem for both housing and the economy. Now, analysts are predicting national housing prices will not recover at least until the spring.

Does this have any bearing on New York, considering the Case-Shiller only tracks single-family homes? In short, yes. “Obviously, housing weighs on the larger economy, so that has an impact on us,” said Harold Shultz, an analyst at the Citizens Housing and Planning Council, which closely follows the Case-Shiller from a city perspective. Read More

Broken Brokers

new-york-500

The Recession Is Still Decimating Brokers' Lives

Over the past several months, The Observer has been checking in with New York’s brokerfolk. “I’m soooo busy,” we often hear.

“Good busy!” they quickly qualify.

Well aware that these days are a far cry from the pre-Lehman boom times, The Observer thought foreign investments were buoying the market, and that everything was moving along nicely. Not so, it would seem. Read More

The Big Dig

The Tappen Zee.

Raiders of the Lost ARC: Christie, Cuomo and the Collapse of American Infrastructure

Robert Moses built as often with expressions and syllogism as with stone and steel. “The important thing is to get things done.” “If the end doesn’t justify the means, what does?” “Either you want it or you don’t want it, and either you want it now or you don’t get it at all.”

They peppered his conversations and correspondence and were bellowed at rooms full of subservient staff, intransigent politicians and hostile citizens. The most influential and enduring of his maxims is undoubtedly: “Once you sink that first stake, they’ll never make you pull it up.”

More than the thousands of miles of roads and bridges and tunnels, the grand parks and parkways, the exhibition centers and fairs, more than the innumerable demolished homes and displaced families, the congestion and pollution, the social unrest—more than anything that Moses built or destroyed, this idea, get the shovels in the ground and there will be no stopping us, shaped the country’s public works ethos.

While his projects were largely confined to New York, his ideas about how, and why, to build persisted across the country. Sure, there were the acolytes who parroted Moses’ ideas of urban renewal in cities across America, but they fell out of favor not long after their patron fell from power. His ideas, on how to build, and more importantly how to keep building, persisted for decades after Moses was deposed. For almost 30 years after he was laid to rest in 1981, Moses’ spirit lived on in infrastructure.

Sink those stakes, and the money will follow for more. It always does.

Then, almost over night, we gave up the ghost. It did not start with New Jersey Gov. Chris Christie and his decision to cancel the ARC Tunnel—recall the Congressional fight over much-maligned stimulus spending—but that was certainly the clarion call. Read More