VNO - Vornado Realty Trust

[Spekulatius]

Save NYC landlords, go back to the office!

 

 

https://www.bloomberg.com/news/articles/2020-08-20/nyc-landlords-press-finance-bosses-to-speed-return-and-save-city?srnd=premium

 

New York Landlords Press Finance Bosses to Speed up Return-to-Work and Save City

 

 

Group urges employers to be patriotic and call workforce back

Despite ‘guilt trip,’ the reaction so far has been lukewarm

 

New Yorkers never feel guilty about anything. I doubt that this is going to work.

[Spekulatius]

Chanos made some negative comments about VNO and SLG today on CNN.  He's short some midsize CRE heavy banks though, but he cited the big boys just as evidence the market is negative.  Cited a (20%) rents figure and a (30%) cash flow for these guys.  I have to run that down, off the cuff I figured he was citing year over year renewal rates for people who signed leases during covid, which I would expect to be a weirdly small sample size.

 

The bank he is short of is believed to be  $SBNY

[fareastwarriors]

I see  places sit empty for years in my area too. I think it's pretty crazy but what do I  know, right.

 

https://www.eater.com/2020/8/18/21372298/why-landlords-refuse-rent-relief-to-restaurants-lease-covid-19

 

Landlords Lose Money When Restaurant Properties Sit Vacant, So Why Not Give Rent Relief?

 

Property owners with bullish views and big cash reserves see no reason to give tenants any breaks

[Libs]

Referring to the current protests / violence issue - I had in the back of my mind that it's temporary. But now  I'm not so sure we won't have repeat episodes - including the mother of all the bad scenarios: The Minneapolis cop(s) walk on the charges.

 

The result would make the LA riots look like a tea party.

 

Sorry to be alarmist:

 

https://news.yahoo.com/killed-himself-defense-argument-emerges-100047064.html

[johnny]

Referring to the current protests / violence issue - I had in the back of my mind that it's temporary. But now  I'm not so sure we won't have repeat episodes - including the mother of all the bad scenarios: The Minneapolis cop(s) walk on the charges.

 

The result would make the LA riots look like a tea party.

 

Sorry to be alarmist:

 

https://news.yahoo.com/killed-himself-defense-argument-emerges-100047064.html

 

I don't think you'll see the same tacit support and rhetorical endorsement for violent protests in a world where The Good Party controls not just the cities and states, but the white house, house of representatives, and senate. Maybe I'm wrong, but I think the depths of the anarchic aspects of this years protests do have a lot to do with the sense, held by many otherwise non-revolutionary people in the halls of respectable discourse that the current political situation is totally unacceptable and anything that illustrates this is presumptively a net positive for society.

 

Obviously this counterpoint is premised on a Biden victory. Let's turn this thread into a MAGA debate, now.

 

[Mephistopheles]

I picked up a few shares of this, so be prepared for it to tank next week, don't say I didn't warn you :)

 

Question for the experts. The company owns about $1.8 billion of preferreds in a retail JV of which it owns a 51% stake in.

 

Where is this accounted for on the balance sheet? Is it under the line item "Investments in partially owned entities"? In footnote #8 for this line item, the 51% JV stake is listed as just over $2.9 billion of a total $3.6 billion asset.  I'm pretty sure that $2.9 is the full 51% (common) equity stake, because if you look at the description it says " The Transaction valued the Properties at $5.556 billion" which would make sense at it being at about $2.9 (after a $300mn COVID writeoff).

 

So then where is the pref listed on the balance sheet?

 

Secondly, when valuing VNO on a per sqft basis, does it make sense to value this pref separately? It's a significant chunk of the EV.

[thepupil]

https://investors.vno.com/press-releases/news-details/2019/Vornado-Announces-Transfer-of-a-454-Common-Equity-Interest-In-Its-Upper-Fifth-Avenueand-Times-Square-Retail-Portfolio-at-a-Valuation-of-5556-Billion/default.aspx

 

After completion of all these transactions, the joint venture’s right-hand side of the balance sheet that equals its $5.556 billion market value assets will be comprised of $950 million of mortgage debt, $1.828 billion of preferred equity – 100% held by Vornado, and $2.778 billion of common equity – 51% held by Vornado.

 

Originally: $1.4B of common + $1.8B preferred = $3.2B, less $300mm covid write-off = $2.9B of the $3.6B investment in partially owned entities

 

See 113 of 10-K for others.

 

For example ALX stake is carried at $93mm but has market value of $400mm (and intrinsic value of significantly more in my opinion)

https://www.bamsec.com/filing/89968920000007?cik=899689

 

[thepupil]

There was a helpful discussion of the pref on the last call. I’m in Steve’s camp and consider it a lower risk “financial asset” that can be liquidated at some point.

 

I believe this structure minimized transfer taxes and triggers those of it is monetized too soon. I think that’s the vague “the preferred serves a very important purpose” that Roth is referring to.

 

I think it should be considered separately from the real estate and it’s a key reason for VNO’s cheapness if you think it is money good. Haircut it if you are very bearish of retail. I guess how much depends on your per square foot value of upper fifth retail.

 

It’s a low (Pre covid) LTV fixed income type of instrument. On the more bearish front, it’s a low returning asset. Between that the cash and 220, VNO has a lot of assets in low returning stuff.

 

 

 

Alexander Goldfarb

 

The second question is on the street retail, you took the impairment which is non-cash, obviously, reflect as Michael said the degradation of value from a year ago. How does this impact that preferred, and more to the point, I realize that the cash flows are still good. But if you think about, ultimately trying to liquidate the preferred or when the leases roll that are underlying the preferred, how that - how the $1.8 billion is potentially impacted. So do you think you can get all your money out or when the leases roll, even if they roll where the current rents are. Is that preferred still money good?

 

Steven Roth

 

Michael, why don't you handle that one?

 

Michael Franco

 

Thanks for the model as well. So what I would say on the preferred is, let's just go back and - because I read all the reports, just for everybody to clear on what the preferred is. Preferred was originally proxy for senior mortgage term, right. So it sits on five of the seven assets in the venture and it is - in that first lien position, right? And at the time of the transaction, zero to a little bit less than 50% LTV on those assets. So there's no debt in front of us on those assets.

 

All the cash flow from all seven assets is available to service we preferred. But again, that is the first lien position on the assets. And while the LTV is higher than the time of transaction, the value is still well above the preferred. So - and again, to remind you, there was a period of time where we did let pass before we can think about redeeming that preferred which we have not yet hit.

 

And then last thing I would say is, it's not always not. So it's five separate assets. It can be redeemed in whole and in part as we elect over time. So as we sit here today, and on many of those assets, we have meaningful term on those leases, and we acknowledge that, frankly, on many of those. You had to rerun that today, those numbers would be lower.

 

But we have a term, right? We don't know what the future holds, beyond five or six years. However, the market has stabilized, recovered, maybe not back to peak, but we're not - we're not in a vibrant market. And our believe is still that we can redeem the preferred and the timing may be different for asset.

 

Alexander Goldfarb

 

Okay. So, Michael, the first one -- thank you.

 

Steven Roth

 

Let me jump - let me jump in on top of that for a second. So the first thing is the preferred was structured by our teams in a very important, very - somewhat complicated transaction where we sold or transferred 50% of our major high street retail assets. So the preferred served a very important purpose. I look up on the preferred as a financial asset not as a real asset. So I don't look upon the preferred as real estate, I look upon it as a financial asset, number one.

 

Number two, I look upon it as being not impaired on our balance sheet. If we thought it was impaired, we would have been impaired it. So we look upon it as being a good financial asset. Number three is, we look upon it as a source of future liquidity. Should a certain time frame pass, which is not very long coming, and should we - should we decide that we wanted to end up liquefying that. So it's a financial asset, not real estate. It's good, it's good and it's also a future liquidity.

 

[Mephistopheles]

https://investors.vno.com/press-releases/news-details/2019/Vornado-Announces-Transfer-of-a-454-Common-Equity-Interest-In-Its-Upper-Fifth-Avenueand-Times-Square-Retail-Portfolio-at-a-Valuation-of-5556-Billion/default.aspx

 

After completion of all these transactions, the joint venture’s right-hand side of the balance sheet that equals its $5.556 billion market value assets will be comprised of $950 million of mortgage debt, $1.828 billion of preferred equity – 100% held by Vornado, and $2.778 billion of common equity – 51% held by Vornado.

 

Originally: $1.4B of common + $1.8B preferred = $3.2B, less $300mm covid write-off = $2.9B of the $3.6B investment in partially owned entities

 

See 113 of 10-K for others.

 

For example ALX stake is carried at $93mm but has market value of $400mm (and intrinsic value of significantly more in my opinion)

https://www.bamsec.com/filing/89968920000007?cik=899689

 

 

Thank you. I couldn't figure it out from the Q but the press release explains it better.

[BG2008]

https://threadreaderapp.com/thread/1297916853570985989.html

 

Tweet on why his thoughts on WFH has changed since April

[Castanza]

“Fresh air and a new wall to look at in the office” really?

 

“Recovery will accelerate in September” Based on what? Any executive forcing employees to come back is making themselves liable. If they make it optional, it could go either way. Maybe a mix of “red team, blue team”.

 

Not saying he’s right or wrong. But anything at this point is 98% speculation. Perhaps I should revisit my original opinion that for every individual looking to exit the cities, there is one wide eyed motivated individual (or company) looking to fill that vacancy in the bustle of urban commerce.

 

It’s like watching a bottle of salad dressing that was shaken up begin to separate again.

 

Either way, thanks for sharing

[BG2008]

“Fresh air and a new wall to look at in the office” really?

 

“Recovery will accelerate in September” Based on what? Any executive forcing employees to come back is making themselves liable. If they make it optional, it could go either way. Maybe a mix of “red team, blue team”.

 

Not saying he’s right or wrong. But anything at this point is 98% speculation. Perhaps I should revisit my original opinion that for every individual looking to exit the cities, there is one wide eyed motivated individual (or company) looking to fill that vacancy in the bustle of urban commerce.

 

It’s like watching a bottle of salad dressing that was shaken up begin to separate again.

 

Either way, thanks for sharing

 

My brother-in-law who is also my former intern is sick and tired of living at home and picking up my son's accidental poo-poos (which he had to do a couple days ago).  I think he's yearning to sow his wild seeds even though he is not the wild man that I was in my 20s.

[BG2008]

Pretty hilarious

 

[thepupil]

I hesitate to post this because it's not that material and I know people may grow annoyed by all the articles about whether or not people will go to the office.

 

Apple is currently subleasing 220K sf from Macy's who is on the hook for 550K /1mm sf feet at 11 Penn Plaza (Penn11 right across from the station/MSG) until 2035. they are looking to take down more space in the same building, I assume from Macy's who is moving their HQ elsewhere to Long Island City. The lease on this building is 55% a junk bond from macy's (whose long duration unsecured credit trades at a 9% yield) about half of which has been replaced by a very IG tenant (Apple). It'd be nice to see that mix shift more to Apple.

 

Apple de-risking the Macy's credit risk further would help with the $443mm refi on Penn11 which is due in December 2020. It would be nice to refi this rather than pay it down. so that would be a near term positive. Longer term of course, it is good for vibrancy of the area to have 280K sf of Apple employees and 800K sf of Facebook employees bookending VNO's Penn District.

 

Madison Square Garden and AMC Networks (not the theatres which I thought before) are the other tenants.

 

Both Apple and Madison Square Garden are rumored potential tenants for Vornado's development projects around Penn Station so it would be good sign if they continue to build a presence in the area. Obviously MSG has its own issues right now but is a very good long-term strategic fit given that their main asset is adjacent to this building.

 

 

 

https://appleinsider.com/articles/20/08/25/apple-reportedly-in-negotiations-to-expand-new-york-city-office-location

 

Apple reportedly in negotiations to expand New York City office location

Apple is currently in talks with its New York City landlord to expand the office space it has in the city.

 

Earlier in 2020, Apple leased 220,000 square feet of office space at the 11 Penn Plaza building in Midtown. Now, the company is looking to expand.

 

According to Business Insider, Apple is negotiating with its landlords to add about 60,000 square feet to its existing 11 Penn Plaza office. Reportedly, there are options in the building for more space.

 

The talks are ongoing and there is "nothing concrete," meaning Apple may not yet have decided on the amount of office space or whether it wants to expand at all.

 

The Cupertino company's expansion in New York would join a growing tech industry footprint in the city over the past few years. Google and Facebook are currently the city's fifth- and sixth-largest office tenants, respectively.

 

Apple, for its part, has long had a smaller presence in Manhattan — and the rumored 60,000 additional square feet is relatively modest among corporations of its size. Business Insider reports that Apple has been rumored to be ramping up its operations in Manhattan, however.

[thepupil]

https://www.barrons.com/articles/new-york-citys-offices-are-empty-how-to-gamble-on-a-recovery-51598649120?mod=hp_LEADSUPP_1

 

For now, holders need to steel themselves....“This is the opposite of 9/11,” says Piper Sandler’s Goldfarb. “It’s more like the 1970s.

The city was on an upswing after 9/11, and crime was declining, and the city was more

affordable.”.....Today, the city has a 20% unemployment rate, double the national rate, and a $8 billion

projected deficit in its $90 billion budget for the current fiscal year.....“I think it’s, ‘Stay alive to 2025,’ ” the investor Litt says. “There could be a phenomenal

opportunity to invest in New York, but there has to be a massive reset in rents,

occupancies, and valuations.”

 

 

Of the three New York REITs, Vornado is the blue chip. It is sitting on more than $2

billion in cash, thanks in large part to its huge success with a residential condominium

project near Central Park. That development may net about $3 billion in sales and $1

billion in profits...“The balance sheet is good, and Vornado has enough cash to pay for the Penn Station

district buildings renovations, but the [financial] numbers keep coming down,” says

Piper Sandler’s Goldfarb. The company’s adjusted funds from operations, a

conservative measure of REIT cash flow, may fall as much as 30% this year; investors, he

says, ask, “When will Vornado grow earnings again?”.....

 

“Vornado is run like a private company with a long-term outlook, and SL Green is more

like a private-equity shop, looking at a more immediate return on its investments,” he

says...

 

The smaller Empire State Realty has an older portfolio than its peers, including the

1931 Empire State Building. Its stock has been hit hard in part because of the revenue

and profit collapse at the observatory at the top of the iconic building. The observatory,

which has relied heavily on overseas tourists, used to generate nearly $100 million in

annual profits. Competition, meanwhile, looms from the nearby One Vanderbilt

observatory, due to open in 2021..

[thepupil]

https://streeteasy.com/building/220-central-park-south-new_york#tab_building_detail=2

 

220 CPS with a nice $60 million closing on the 19th, now getting reported.

 

I count $380mm+ of closings since Q2 end, should bring cash above $2B and liquidity past $4 billion.

 

 

 

 

 

[BG2008]

New York Post is a trashy tabloid newspaper, but it is the only newspaper that is reporting shootings, rapes, slashings, and other scary crimes. 

 

Stuff like this that happens in broad daylight is what really scares me.  Because somewhere a young woman is having a conversation with her parents about the safety of moving to NYC

 

https://nypost.com/2020/08/30/attempted-rape-on-nyc-subway-platform-thwarted/

 

If you own VNO or any other NYC related RE names, you need to pay attention to stuff like this. 

 

This is not a political post, this is a post from someone who is pragmatic.  If moms are worried about homeless people masturbating in front of their kids or people are afraid of getting slashed or you have to walk through druggies shooting up, the appeal of living in NYC is gone

[Spekulatius]

New York Post is a trashy tabloid newspaper, but it is the only newspaper that is reporting shootings, rapes, slashings, and other scary crimes. 

 

Stuff like this that happens in broad daylight is what really scares me.  Because somewhere a young woman is having a conversation with her parents about the safety of moving to NYC

 

https://nypost.com/2020/08/30/attempted-rape-on-nyc-subway-platform-thwarted/

 

If you own VNO or any other NYC related RE names, you need to pay attention to stuff like this. 

 

This is not a political post, this is a post from someone who is pragmatic.  If moms are worried about homeless people masturbating in front of their kids or people are afraid of getting slashed or you have to walk through druggies shooting up, the appeal of living in NYC is gone

 

I looked at the NYC crime states and everything except shootings  (which are up substantially) is down YoY and far below levels from way back. I agree the shootings are a concern, but the historical, perspective seems to indicate that this surge in crime is exaggerated way out of proportion.

 

https://www1.nyc.gov/assets/nypd/downloads/pdf/crime_statistics/cs-en-us-city.pdf

[Guest cherzeca]

New York Post is a trashy tabloid newspaper, but it is the only newspaper that is reporting shootings, rapes, slashings, and other scary crimes. 

 

Stuff like this that happens in broad daylight is what really scares me.  Because somewhere a young woman is having a conversation with her parents about the safety of moving to NYC

 

https://nypost.com/2020/08/30/attempted-rape-on-nyc-subway-platform-thwarted/

 

If you own VNO or any other NYC related RE names, you need to pay attention to stuff like this. 

 

This is not a political post, this is a post from someone who is pragmatic.  If moms are worried about homeless people masturbating in front of their kids or people are afraid of getting slashed or you have to walk through druggies shooting up, the appeal of living in NYC is gone

 

I looked at the NYC crime states and everything except shootings  (which are up substantially) is down YoY and far below levels from way back. I agree the shootings are a concern, but the historical, perspective seems to indicate that this surge in crime is exaggerated way out of proportion.

 

https://www1.nyc.gov/assets/nypd/downloads/pdf/crime_statistics/cs-en-us-city.pdf

 

I agree historical perspective is important, but the relevant history for NYCers is to compare Giuliani and Bloomberg terms with deblasio terms, and that comparison leads many NYCers to conclude that the city has become much more oppressive (and dangerous) to live in...not just crime, but also homelessness, which is far more visible than crime...and unless you want to see some guy taking a dump while you are out going to the supermarket, you are not a fan of homelessness.  one factoid most people don't appreciate is that deblasio made nonpayment of violations a civil offense (formerly criminal), which means that the guy who just got ticketed for taking a dump on Broadway while you are out going to Zabars never faces any incentive to avoid taking another dump on Broadway.

[BG2008]

New York Post is a trashy tabloid newspaper, but it is the only newspaper that is reporting shootings, rapes, slashings, and other scary crimes. 

 

Stuff like this that happens in broad daylight is what really scares me.  Because somewhere a young woman is having a conversation with her parents about the safety of moving to NYC

 

https://nypost.com/2020/08/30/attempted-rape-on-nyc-subway-platform-thwarted/

 

If you own VNO or any other NYC related RE names, you need to pay attention to stuff like this. 

 

This is not a political post, this is a post from someone who is pragmatic.  If moms are worried about homeless people masturbating in front of their kids or people are afraid of getting slashed or you have to walk through druggies shooting up, the appeal of living in NYC is gone

 

I looked at the NYC crime states and everything except shootings  (which are up substantially) is down YoY and far below levels from way back. I agree the shootings are a concern, but the historical, perspective seems to indicate that this surge in crime is exaggerated way out of proportion.

 

https://www1.nyc.gov/assets/nypd/downloads/pdf/crime_statistics/cs-en-us-city.pdf

 

I agree historical perspective is important, but the relevant history for NYCers is to compare Giuliani and Bloomberg terms with deblasio terms, and that comparison leads many NYCers to conclude that the city has become much more oppressive (and dangerous) to live in...not just crime, but also homelessness, which is far more visible than crime...and unless you want to see some guy taking a dump while you are out going to the supermarket, you are not a fan of homelessness.  one factoid most people don't appreciate is that deblasio made nonpayment of violations a civil offense (formerly criminal), which means that the guy who just got ticketed for taking a dump on Broadway while you are out going to Zabars never faces any incentive to avoid taking another dump on Broadway.

 

Well said.  The 2-4% cap rate for NYC assets bakes in that Guiliani/Bloomberg level of "enforcement" of  property rights and safety. 

[fareastwarriors]

New York Post is a trashy tabloid newspaper, but it is the only newspaper that is reporting shootings, rapes, slashings, and other scary crimes. 

 

Stuff like this that happens in broad daylight is what really scares me.  Because somewhere a young woman is having a conversation with her parents about the safety of moving to NYC

 

https://nypost.com/2020/08/30/attempted-rape-on-nyc-subway-platform-thwarted/

 

If you own VNO or any other NYC related RE names, you need to pay attention to stuff like this. 

 

This is not a political post, this is a post from someone who is pragmatic.  If moms are worried about homeless people masturbating in front of their kids or people are afraid of getting slashed or you have to walk through druggies shooting up, the appeal of living in NYC is gone

 

I looked at the NYC crime states and everything except shootings  (which are up substantially) is down YoY and far below levels from way back. I agree the shootings are a concern, but the historical, perspective seems to indicate that this surge in crime is exaggerated way out of proportion.

 

https://www1.nyc.gov/assets/nypd/downloads/pdf/crime_statistics/cs-en-us-city.pdf

 

I agree historical perspective is important, but the relevant history for NYCers is to compare Giuliani and Bloomberg terms with deblasio terms, and that comparison leads many NYCers to conclude that the city has become much more oppressive (and dangerous) to live in...not just crime, but also homelessness, which is far more visible than crime...and unless you want to see some guy taking a dump while you are out going to the supermarket , you are not a fan of homelessness. one factoid most people don't appreciate is that deblasio made nonpayment of violations a civil offense (formerly criminal), which means that the guy who just got ticketed for taking a dump on Broadway while you are out going to Zabars never faces any incentive to avoid taking another dump on Broadway.

 

We see this on the daily here in SF.

[BG2008]

New York Post is a trashy tabloid newspaper, but it is the only newspaper that is reporting shootings, rapes, slashings, and other scary crimes. 

 

Stuff like this that happens in broad daylight is what really scares me.  Because somewhere a young woman is having a conversation with her parents about the safety of moving to NYC

 

https://nypost.com/2020/08/30/attempted-rape-on-nyc-subway-platform-thwarted/

 

If you own VNO or any other NYC related RE names, you need to pay attention to stuff like this. 

 

This is not a political post, this is a post from someone who is pragmatic.  If moms are worried about homeless people masturbating in front of their kids or people are afraid of getting slashed or you have to walk through druggies shooting up, the appeal of living in NYC is gone

 

I looked at the NYC crime states and everything except shootings  (which are up substantially) is down YoY and far below levels from way back. I agree the shootings are a concern, but the historical, perspective seems to indicate that this surge in crime is exaggerated way out of proportion.

 

https://www1.nyc.gov/assets/nypd/downloads/pdf/crime_statistics/cs-en-us-city.pdf

 

I agree historical perspective is important, but the relevant history for NYCers is to compare Giuliani and Bloomberg terms with deblasio terms, and that comparison leads many NYCers to conclude that the city has become much more oppressive (and dangerous) to live in...not just crime, but also homelessness, which is far more visible than crime...and unless you want to see some guy taking a dump while you are out going to the supermarket , you are not a fan of homelessness. one factoid most people don't appreciate is that deblasio made nonpayment of violations a civil offense (formerly criminal), which means that the guy who just got ticketed for taking a dump on Broadway while you are out going to Zabars never faces any incentive to avoid taking another dump on Broadway.

 

We see this on the daily here in SF.

 

A politician can probably get quite a bit of votes running on "No more shit, literally!"

 

[Mephistopheles]

 

We see this on the daily here in SF.

 

Ya, I visited SF for the first time last year and was appalled by all the homelessness and people shitting all over. I noticed the same thing in LA and in Philly. I'm from NYC, and never understood the appeal of these places. Ok I know LA and Philly are cheaper, but SF I believe is even more expensive than NYC. Why do people pay so much?

[Castanza]

 

We see this on the daily here in SF.

 

Ya, I visited SF for the first time last year and was appalled by all the homelessness and people shitting all over. I noticed the same thing in LA and in Philly. I'm from NYC, and never understood the appeal of these places. Ok I know LA and Philly are cheaper, but SF I believe is even more expensive than NYC. Why do people pay so much?

 

LA made it illegal for police to move belongings of homeless individuals.

[fareastwarriors]

New York Post is a trashy tabloid newspaper, but it is the only newspaper that is reporting shootings, rapes, slashings, and other scary crimes. 

 

Stuff like this that happens in broad daylight is what really scares me.  Because somewhere a young woman is having a conversation with her parents about the safety of moving to NYC

 

https://nypost.com/2020/08/30/attempted-rape-on-nyc-subway-platform-thwarted/

 

If you own VNO or any other NYC related RE names, you need to pay attention to stuff like this. 

 

This is not a political post, this is a post from someone who is pragmatic.  If moms are worried about homeless people masturbating in front of their kids or people are afraid of getting slashed or you have to walk through druggies shooting up, the appeal of living in NYC is gone

 

I looked at the NYC crime states and everything except shootings  (which are up substantially) is down YoY and far below levels from way back. I agree the shootings are a concern, but the historical, perspective seems to indicate that this surge in crime is exaggerated way out of proportion.

 

https://www1.nyc.gov/assets/nypd/downloads/pdf/crime_statistics/cs-en-us-city.pdf

 

I agree historical perspective is important, but the relevant history for NYCers is to compare Giuliani and Bloomberg terms with deblasio terms, and that comparison leads many NYCers to conclude that the city has become much more oppressive (and dangerous) to live in...not just crime, but also homelessness, which is far more visible than crime...and unless you want to see some guy taking a dump while you are out going to the supermarket , you are not a fan of homelessness. one factoid most people don't appreciate is that deblasio made nonpayment of violations a civil offense (formerly criminal), which means that the guy who just got ticketed for taking a dump on Broadway while you are out going to Zabars never faces any incentive to avoid taking another dump on Broadway.

 

We see this on the daily here in SF.

 

A politician can probably get quite a bit of votes running on "No more shit, literally!"

 

Nah, he/she would get run out of town with that platform.

 

 

Anyways, maybe we shouldn't crowd the VNO specific thread and move on the death of the urban office building thread.

 

https://www.cornerofberkshireandfairfax.ca/forum/general-discussion/the-death-of-the-urban-office-building/100/