The Face of the Oligarch Recovery – Luxury Skyscrapers Stay Empty as NYC Homeless Population Hits Record High
by Michael Krieger
Posted February 6, 2015
Nowhere is the fraudulent and criminal “oligarch recovery” more on display than in my hometown of New York City. Despite benefitting more than any other community from an enormous taxpayer bailout of the industry that destroyed the economy, financial services, the vast majority of the wealth has been allocated to a handful of oligarchs.
To make matters even worse, American public policy, if you can even call it that, has been to encourage overseas oligarchs to park billions of dollars in U.S. real estate that largely sits uninhabited. Manhattan is a perfect example of this unproductive behavior and misallocation of capital. The Census Bureau estimates that 30 percent of all apartments in the quadrant from 49th to 70th Streets between Fifth and Park are vacant at least ten months a year. More…