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Re: Is 'Gentrification' good for Jersey City?
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Quote:

Yvonne wrote:
The problem with gentrification is the tax subsidies that are given.

Or.... not.

Gentrification happens with or without tax breaks. It can happen without any major government policies. E.g. affluent people start moving into a neighborhood, and voila, you've got gentrification.

Tax breaks can be beneficial, if they are used to encourage or require dedicated low-income/affordable housing, or reduce the costs of potentially vulnerable members of our community (e.g. Padua).

Posted on: 2015/5/16 20:52
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Re: Is 'Gentrification' good for Jersey City?
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Quote:

bodhipooh wrote:
I see much of the gentrification hand wringing as SJWs looking for causes and issues around which to rally....

Yes, because the people who get driven out of their neighborhoods never complain about gentrification. I guess they're just too poor to hold opinions on the matter.


Quote:
Gentrification is a natural by product of our capitalist democracy. Is it perfect? No, of course not.

But we shouldn't say anything negative about it anyway? Or even consider addressing the issues, including making sure new construction is appropriately zoned for a neighborhood?


Quote:
And, yes, there are unintended consequences and parties afflicted or whose lot is not improved by it. But, gentrification has many, many benefits for the majority of people.

I don't think that's clear at all, especially if the process is not managed well (or not managed at all).

It has benefits for the people who can afford to live in the newly gentrified neighborhoods, the handful of people who bought early, the developers, and so on.

For the poor, the results are... less evident.

One result is a reverse "white flight," namely blacks are moving out of urban areas, and to the suburbs. They remain poor, with reduced access to these vibrant urban cores which have employment opportunities, and diffuses political power due to living in areas with lower density. They have fewer resources (economic and social) to deal with a less-than-voluntary change in residence.

It's not clear that these disruptions are always bad; e.g. for those who can remain in the gentrified neighborhood, they likely benefit from improvements in services and education. It's plausible that high concentrations of poverty do not help those in poverty.

That said, another likely result is an increase in homelessness. Those who can't afford to relocate or pay for housing and transportation elsewhere, well, have nowhere to live. Does everyone benefit when there are more homeless people?

Also, overall people are spending far more on housing now than in the recent past, which in turn crowds out spending on other goods and services. If gentrification is a component of that (which may be the case in some regions and not others), that's not a good thing for everyone.


Quote:
At the end of the day, people need to get over the notion that just because you live somewhere, you are somehow entitled to continue living there ad infinitum.

But, wait, I thought all the hand-wringing was by those pesky liberals!!! ;)

To be clear, I agree with this comment in regards to renters. At the same time, it elides many critical issues, such as a lack of affordable housing.

Perhaps the better solution is to drop the snarl words, accept that gentrification happens, and figure out ways to deal with it that don't screw over poor people -- e.g. developing affordable housing, improving regional transportation options, targeting systemic issues that impede poor communities.

Posted on: 2015/5/16 13:57
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Re: Is Jersey City Real Estate in a bubble?
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Quote:

jcwalkingman wrote:
Is that info pulled from public records? Were there really only 14 sales downtown in the past 30 days?

I see you're an expert on real estate. ;)

OK, none of us are. However, better info is out there. Zillow's listings are not comprehensive.

The Najjar Group mails out JC/Hoboken summaries of MLS data, which indicates that for all of 2014, 935 condos were listed and 624 sold. In January, 82 condos were active, with an average list price of $693k, and on the market for 74 days. (Hoboken listed 1339 condos, 1016 sold, avg price $826k; Manhattan lists around 10k units, average price was $942k.)

IIRC the Gannon is only 16 units, and the general agreement here is that the units weren't optimally designed, and they're asking too much. It's not a good bellwether.

You also don't recognize that in many cases, adding units will make an area more desirable. E.g. right now, JSQ is not a particularly hot real estate market, but once a big luxury tower opens, the people who live there will want fancy markets and shops and other amenities. This gentrifies the neighborhood, which in turn increases interest and demand.

And keep in mind that the developers have a LOT more at stake in this than you or I, along with lots of experience and access to better data. This is not to say they always make the right decisions, but they definitely know what's coming to market. If they think too many condos for sale will hit the market, they will rent out units and wait out the market.

I'm fairly confident JC's real estate market will do just fine in the long term, even with all the units coming on the market. At worst, prices will flatten for a few years.

Posted on: 2015/5/6 13:34
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Re: Is Jersey City Real Estate in a bubble?
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Quote:

jcwalkingman wrote:
Quotes of the day, from Barbara Corcoran, founder and owner of one of the most prestigious real estate firms in New York City:

NYC real estate may be in "a new bubble right now"
The current market "is fueled by foreigners more than anyone else".

Is that a quote, or cherry-picking? ;)

She also points out how no one really knows when a bubble might burst; how middle-class buyers are pretty much permanently priced out of Manhattan; how anything that's a 1 hour commute from the core of Manhattan will continue to gentrify; she's bullish on the property values in the foreign-owned and vacant buildings; that if you overpay today for a Manhattan apartment (even a dump), you'll rationalize it by saying the value has gone up by the time you close; that the first 1% bump in mortgage rates might generate a bump in home purchases, as people realize that low rates won't be around forever; and she highly recommends buying in Washington Heights.

In general, she sounds very bullish on NYC area real estate.


Quote:
As anyone who knows anything about area real estate knows, the NJ Gold Coast market is very heavily dependent on a trickle-down effect from NYC transplants....

Zillow's estimate for 07302 is around $660/sq ft. For Manhattan, they estimate $1670/sq ft.

If Manhattan real estate dropped by 20% today, most of the people buying in outlying areas would still be priced out of that market.

Heck, if the crash was in the right range, some foreign buyers might look at that as a good time to buy.

You're also neglecting how this overflow from Manhattan is gentrifying the outlying areas, which in turn makes them more attractive in their own right, and more robust and desirable.

What's really going on, IMO, is that DTJC is white-hot right now. Demand vastly outstrips supply, so prices are going up, inventory is low, people are getting priced out etc. The last time DT was like this, it was before a global real estate bubble popped. As a result, of course some people will assume this is a replay. But, it isn't, because there doesn't seem to be any sort of artificial underlying factors or bubble which is going to pop, as was the case in the early 2000s. We also don't have an environment where banks will lend to anyone with a pulse -- mortgage standards are much stricter today.


Quote:
In any case, my prediction is that around Q3 2016 we start to see prices erode in downtown JC. Time shall tell.

And perhaps some of us will remember your prediction. ;)

Posted on: 2015/5/2 12:50
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Re: Is Jersey City Real Estate in a bubble?
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Quote:

JCMan8 wrote:
I tend to agree with you except for one HUGE limiting factor and that is the PATH.

Here we go


Quote:
Jersey City, particularly DTJC, has been on a development binge but has failed to improve or upgrade the underlying infrastructure.

Same with Manhattan. They didn't expand MTA service when they built Battery Park City, or condos all over the Queens waterfront, or Williamsburg, or anywhere else. The MTA is struggling just to add the 2nd Avenue Subway. Some MTA lines have exceeded capacity for nearly 10 years. And yet, somehow it hasn't killed NYC property values. Huh....


Quote:
Right now, rush hour trains are already packed to ridiculous levels....

No, they aren't. Such claims are complete BS. I've used a variety of public transportation systems over the years, and while PATH is not the best, it's not the worst either. I see plenty of room on plenty of trains during rush hour, and not a lot of use in the off hours (except for weekend nights). When a PATH train is packed, there's usually one a few minutes behind it with plenty of space.


Quote:
Other posters at Newport have said they have to get on a train going to JSQ just so they can have room for the trip into Manhattan.

Yes, I'm sure that people who live in Newport are going to increase their commute by 20 minutes to... what, exactly? Get a seat in the morning? I'd buy that for a dollar.


Quote:
If this is how it is now I can't imagine how bad it's going to get after the 25,000+ apartments currently under construction get completed.

Daily ridership is around 240,000 trips per day. The 33rd Street line will expand to 10 cars in a few years. The PATH will be fine.


Quote:
And no one is tackling the problem because it isn't their problem.

Yes, aside from signal upgrades, putting in new cars, expanding stations, expanding train capacity, and having to spend money for Sandy repairs, no one cares.

PA definitely has its issues and pulls lots of shenanigans (like putting in a huge new entrance for Grove Street without any handicap access). But yes, a little bit of stuff is getting upgraded, and quite a few politicians do keep tabs on the PATH. Just look at how many pols shrieked about the merest hint of stopping PATH late night service.


Quote:
So I think the PATH will tremendously dampen DTJC's future property values. It's the sort of thing people won't realize until it is too late.

Suuure it is. I guess you ought to sell RIGHT NOW before it's too late!!! Go right ahead. See you in Williamsburg.

Posted on: 2015/4/29 2:58
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Re: For those in flood prone areas. Storm surge
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Quote:

dtjcview wrote:
Which act of god will hit first - the $2 billion funding or another Sandy?

I don't know the funding sources, but I'm guessing a chunk is federal. They may also need to have a plan in place before applying for grants. I for one am not too worried about it right now. Maybe later, if we start hearing that someone is deliberately holding up funding.


Quote:
Tell you what. Why not fill in this EPA checklist on JC's behalf? Let us know how many boxes have been ticked yes.

lol

Dude, I'm just a citizen. I don't know everything the city is doing. Hero69 asked, I found a few articles, it looks like they're making some progress, and obviously major infrastructure changes like this take years.

If you want to rake someone over the coals for moving too slow, or moving too fast, or both at the same time, or whatever, go pester Fulop. 'Cause that is most certainly not my job.

Posted on: 2015/4/28 15:11
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Re: Is Jersey City Real Estate in a bubble?
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Quote:

my2cents wrote:
I'm not afraid, what I am saying is that certain people may be underestimating the impact that social unrest could have on their transitional neighborhood....

Yes, we should all be worried that there will be a yuppie riot if Starbucks runs out of Pumpkin Spice Lattes in October. :D


Quote:
....no different than the pendulum having shifted towards urbanization during recent decades, there can easily be a Malcolm Gladwell type tipping point that shifts it back. Heaven forbid something like this could happen but if it did, no doubt it would have a major change on the current housing market.

Yes, and Buffy the Vampire Slayer could also marry Bob Dole, and raise penguins in Guam.

Maybe I'm missing something, but I can't think of a single neighborhood in the metro NYC area that has slid backwards after gentrification. We should also remember that Hurricane Sandy didn't make the slightest dent in DTJC or Hoboken real estate values... and it probably should have.

Posted on: 2015/4/28 3:41
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Re: Is Jersey City Real Estate in a bubble?
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Quote:

jcwalkingman wrote:
To determine whether there is a bubble at this specific point in Jersey City history, you really need to know how many CONDO units are owned by investors. I believe it's a fairly high percentage from what I've read & heard.

IIRC 70% or more of JC is rental. That includes condos.


Quote:
When the supply of rental units increases that dramatically, that increases competition among owners of rental units.

Aren't you forgetting something? Y'know, it's on the tip of my tongue, from that first week in Microecon 101, it's... it's... Oh yeah. It's demand.

Keeping in mind that no one has a crystal ball:

Rental prices are increasing all along the Gold Coast. As more supply comes onto the market, prices may drop a little bit, but they might not. It depends heavily on how many people want to rent those units.

While it is possible that some buildings will sell instead of rent, that kind of shift is not trivial and is not fast, especially in larger buildings. Condo conversions take at least 2 years, lots of paperwork, and dealing with recalcitrant tenants. I.e. We are not going to wake up one fine Tuesday morning with 50,000 new condos for sale in DTJC.

Even if that impossible scenario did happen, the market for condos is pretty healthy too. Demand is high right now for condo sales, which means the market probably can absorb a big increase in supply without killing condo prices.

By the way, JC is not the only place that's experiencing a resurgence in the real estate market. Existing home sales are up across the US, mortgages are up. New housing starts faltered for years after the real estate bubble popped, which means they're now a bit below where they ought to be. There are fewer defaults and fewer foreclosures. Inventories are down; they should be at 6 months, but are closer to 4.5 months. All this despite strict lending requirements by mortgage originators.

I.e. don't expect a big crash in JC real estate any time soon. It is likely to cool off a bit, but drop significantly or crash? Possible, but unlikely. And if it does, no one can possibly know when, or how much -- or how quickly it will recover thereafter.

Posted on: 2015/4/28 3:37
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Re: For those in flood prone areas. Storm surge
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Quote:

hero69 wrote:
sea walls are a joke, what about pumping stations to deal with 1x a year flooding as opposed to &X every 100 years storm surge

They put in a few pumps back in 2013:

http://www.nj.com/jjournal-news/index ... y_installs_fourth_of.html

I have no idea whether pumps or seawalls are more effective, as I'm not a civil engineer or hydrologist. Are you? ;)


We should note, by the way, that Hoboken's city council refused to put in pumps, because of the usual NIMBY politics:

http://www.nj.com/hudson/index.ssf/20 ... ed_by_hoboken_city_c.html

JC might not be at the peak of efficiency, but it does seem that there is some tangible progress with flood mitigation.

Posted on: 2015/4/28 3:20
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Re: For those in flood prone areas. Storm surge
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Quote:

dtjcview wrote:
Think you meant no. Hot air doesn't count.

lol

No, I said "yes" because I meant "yes."

Any big project like this takes years just to get started. Lots of people want a piece of the action -- citizens, developers, local politicians, state and federal elected officials and bureaucrats. Then there's the environmental reviews, the inevitable NIMBY lawsuits, and on it goes.

I'd also say that if Fulop -- or any elected official, really -- declared unilaterally and by fiat that they'd start building whatever the hell they wanted 6 months after Sandy hit, people like you would be screaming bloody murder. Am I right, or am I right? Or are you saying that you actually WOULD want Fulop to do spend billions on flood mitigation, with little or no community input or any environmental reviews?

Posted on: 2015/4/28 3:12
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Re: For those in flood prone areas. Storm surge
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Quote:

hero69 wrote:
has fulop made any progress in solving/mitigating the issue with flooding in jersey city..or is he more focused on keeping chains out of dtjc

Yes.

There are some preliminary plans to add seawalls for JC and Hoboken. It'd cost $2 billion, so it must include federal money. However, don't expect any solutions any time soon, it takes years just to get approval, and years to build.

http://www.nj.com/hudson/index.ssf/20 ... wntown_from_flooding.html

Posted on: 2015/4/28 0:57
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Re: Is Jersey City Real Estate in a bubble?
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DTJC is in high demand, and there isn't much supply. Apparently, buyers are putting in bids on multiple properties, hoping that something will stick.

It's unlikely this is a bubble. I doubt that we're looking at any artificial conditions that only apply to DTJC. More likely is that prices will plateau at some point, and people who are priced out will look elsewhere.

Posted on: 2015/4/25 10:27
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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It's not about one individual establishing an arbitrary figure for everyone else. You're free to do whatever you want, but where do you think unsustainable spending habits will lead our nations and their cities?

Rome used to be an empire, but what is it today? A museum.

The Western half of the Roman Empire (or, much later, the Eastern half) didn't collapse because its citizens spent too much on rent. ;)

Posted on: 2015/4/16 13:36
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Re: Australians investors buying up Jersey City housing
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Quote:

loco wrote:
There are three different generations in the home. They would need to find three homes.

So it's acceptable for them to live in one apartment because they're already there, but if they take the buyout they must live separately? Huh?

$200k may not be enough to buy a home, but after taxes it should cover the cost of moving and about 4 years of rent in JC. That really does not sound terribly unjust, considering that they don't own the apartment.

If they were trying to evict them without cause, that's a problem. A reasonable buyout offering is not.


Quote:
The family has lived there for decades. Its their home.

Unfortunately, that doesn't matter. They don't own the apartment, they are renters. They do not have the same property rights as an owner.

Posted on: 2015/4/15 11:46
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Re: PATH (pathetic attempt at transporting humans)
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Quote:

jc2007 wrote:
Does anyone know what happened to the NY Waterway Ferry service from Newport?

The landing site is deteriorating, NYW doesn't think it's safe. NYW talked to Newport about an alternate site, and apparently decided that Paulus Hook was close enough.

http://www.nj.com/hudson/index.ssf/20 ... _of_newport_terminal.html

Posted on: 2015/3/10 11:37
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Re: Drunk in Hoboken - Lepre-Con Bar Crawl is Today
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Quote:

fat-ass-bike wrote:
I don't understand how bar owners are allowed to blatantly promote a 'bar crawl' without city hall or Police stepping in and having some sort of checks and balances in place.

Legally, I don't think they can stop it.

The city already shut down the St Patrick's Day Parade, as it was ludicrously out of control. I haven't been in Hoboken during the crawl since it started (I avoid it, frankly) but it does sound tamer than the previous parades.

Posted on: 2015/3/8 13:30
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Re: PATH (pathetic attempt at transporting humans)
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Quote:

SRhia wrote:
@Dolomiti - the breakdown of common sense and the structure of the society is all around us - one just needs to see and recognize them....

Oh? Maybe I'm not the one who is seeing what he wants to see.

I do not see any "breakdown of common sense." I don't even know how you could measure that, let alone claim that people have less common sense today than in the past.

In the measurable world: I see a massive city that has significantly less crime than it did in the 1990s, with a crime rate that is still falling. I see how the 1960s were a time of incredible tumult, conflict and social upheaval in the US, and that isn't the case today. I see how women face far less discrimination in the workplace than they did in the 1950s, 60s, 70s, even 80s. I see how discrimination against gays is becoming less acceptable, while gay marriage is becoming legal -- something inconceivable a mere 15 years ago. I see huge changes in civil rights and treatment of minorities since the 50s and 60s, albeit there is more work to be done. I see how more people today are going to college than ever before. For better and worse, I watched Hoboken and JC gentrify; I saw Times Square get taken over by Disney. I remember that blackouts in the 70s caused a breakdown in social order, while multi-day power losses in swaths of Lower Manhattan did not result in widespread crime and disorder.

I see how almost every generation disparages and sharply criticizes the younger generations and views all social changes as a "degradation" of social mores.

I see how almost every social change, proposed and actualized, is fought by people who claim our society will be destroyed utterly if it happens. Once a change happens, it's usually taken for granted.

I see how people have held declinist attitudes for centuries, and how flawed that ideology is (e.g. http://www.theguardian.com/science/he ... ld-actually-getting-worse)

There are still many problems, and not every change is positive. However, I see lots of measurable evidence that things are getting better rather than worse. Sorry, but I just don't think the nation is destroying itself because people play Candy Crush and use Snapchat.

Posted on: 2015/3/6 12:36
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Re: PATH (pathetic attempt at transporting humans)
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Quote:

vindication15 wrote:
Dolomiti - you are aware that the PATH a few years ago was cheaper, less crowded, and had increased service (ie. Direct train from HOB to 33rd on weekends for example).

I am, I've taken the PATH for years. I take it nearly every day, including during rush hour.

I don't see a huge difference in crowding. There are many times during the morning rush hour when one 33rd Street train will be packed to the gills, and the next one (5 minutes later) has plenty of room. Evening rush hours do get bad when there are delays, otherwise it's not that crowded.

PATH certainly isn't perfect, but it isn't anywhere near as horrifying as people suggest (with the exception of abysmal communication). What can I say, I simply don't think my life is ruined because a Saturday train ride takes 5 minutes longer than it used to.

Posted on: 2015/3/6 12:09
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Re: PATH (pathetic attempt at transporting humans)
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Quote:

SRhia wrote:
Well, I think this is a much bigger societal problem

What is? One person stabbing another on a train? This is hardly new, it's definitely not common, nor is one incident an indicator of a society-wide trend.


Quote:
- raising one's own children properly, teaching them discipline and boundaries, rather than outsourcing that to nannies (who don't care) or daycares? Or just trying to be "friends" with your kids????

So your concept of how people raise their kids comes from the NY Times Style section?

You understand that people hire nannies and have their kids in daycare because we've gone from 30% of women being in the formal workforce, to over 60%? Is it a bad thing for women to work outside the home?


Quote:
- giving seats to the elderly and young on trains? During my second pregnancy, no one on the PATH train ever gave me a seat

I see people giving up their seats on occasion. Maybe not as much as they should, but no more or less than in the past, or on a variety of transit systems.


Quote:
- being responsible for one's own actions?

Where is the change in this respect? What evidence do you have? For centuries, people accused of a crime have tried to escape punishment and avoid responsibilities. What basis do you claim for a change? Compared to when?


Quote:
- using one's own brain (e.g. well, if you're buying a hot coffee from McD, it will be hot, right? Remember that law suit when someone sued McD because they were "burnt" by the hot coffee)?

I do, and she actually did have a valid reason for that lawsuit. She wasn't driving, she wasn't holding the coffee in her lap, and spilling coffee on your legs should not cause 3rd degree burns. Much of the ridicule benefits the very large corporation trying to avoid paying for damages.


Quote:
- and the list goes on and on and on....

The list is also quite deceptive and misleading.

Aside from a near-complete absence of actual data to back up your declinist claims, you fail to note that today, we have 300 million people living in a highly connected society. In 1950, we had half the population of today; no Internet; no video-camera enabled smartphones. FARK did not exist. If some dude in a small town in Ohio did some freaky stupid thing, it wouldn't be broadcast across the globe.

Meanwhile, lots of solid data shows that the world in general, and the US as well, are getting much better. Pretty much every type of violence has fallen precipitously over the centuries. Wars in modern times, horrible as they are, kill a tiny percentage of the population and far less than in the past. A typical city or town in Medieval Europe was easily as dangerous as Camden today. Medical care is better, people care much more for their children today than in the past, methods of punishment are generally far less cruel, the list goes on.

I'm sorry to hear that people weren't polite enough to you on the trains when you were pregnant. However, that's simply insufficient evidence to proclaim that the nation is going to hell in a handbasket.

Posted on: 2015/3/6 4:15
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Re: PATH (pathetic attempt at transporting humans)
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Quote:

owlie wrote:
It's absolutely OUTRAGEOUS that this happened. It makes me so angry to even imagine that people are too busy playing games or texting on their phones to even notice that someone got stabbed.

You, uh... do understand he was making a joke, right?

News reports haven't said what happened in this case, but people certainly do pay attention to these kinds of things. I've seen people pass out on the PATH train, and nearly everyone around tried to help -- giving water, getting a conductor, and so forth.


Quote:
I do not buy into the notion that this was caused by any equipment failure.

Who said it was? They got into an argument.


Quote:
There is a breakdown in humanity going on but nobody is paying attention.

There is no "breakdown in humanity."

Crime rates in the US, and in the NYC area in particular, have been DROPPING since the early 1990s. Even during the worst economic crisis since the 1930s, crime rates fell. Violence on PATH, and on metro area trains in general, is quite low these days.

Yes, bad things do happen, and need to continue to work to stay safe. However, we don't need to collectively panic because of a dramatic incident like this.

Posted on: 2015/3/6 1:15
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Re: Christie broke law by cutting pension payments, judge rules
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Quote:

Monroe wrote:
Fully funding the pension fund that wasn't hardly funded at all by every Governor going back to Florio is Christie's fault?

It is... when he declares the problem "fixed," takes a victory lap, and then fails to hold up his end of the agreement.

In failing to fund the pensions properly, he violated the very law he signed. Not only did he violate it, he tried to claim the law he wrote and signed violated the state constitution!

Last but not least, we're 5 years and one re-election into his administration. It's past time for him to assign him responsibility for the financial condition of state government.


Quote:
The Obama economy led to a shortfall in state revenue...

He made the deal in 2011. He's had years to figure it out, and it's not like the deal was made in 2007.


Quote:
The way the money is compounded if previous Governors had paid as much as Christie has paid the unfunded obligation would be manageable. It's not.

Yes, especially when Christie makes a deal to reduce benefits in exchange for fully funding the pensions... and then fails to do so.


Quote:
NJ taxpayers can't carry the water for the special interest groups any longer.

That's nonsense.

For decades, public workers have accepted lower salaries in exchange for decent benefits. Governments accepted this because it kicked the costs down the road. Now, Christie doesn't want to hold up his end of the bargain. Shame on him.


Quote:
And please, everyone, note that what Christie is trying to do is keep the benefits for those receiving them currently!

No, he doesn't. His new plan is to eliminate defined benefits.

What he wants is to convince Republicans that he can beat the unions, and manage a state's finances. That has f'all to do with protecting pensioners.

Posted on: 2015/2/26 2:46
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Re: Christie broke law by cutting pension payments, judge rules
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Quote:

Monroe wrote:
If NJ is like the rest of the US, almost half here pay no Federal taxes.

*bzzt* wrong

Many people do not pay federal INCOME taxes. About 20% of those people are retired. Many are exempted due to the EITC, a bipartisan law that dates back to the Reagan years. Many have such low incomes that they would pay minimal taxes in the first place. Most still owe payroll taxes.


Quote:
The rich in NJ already pay out the wazoo.

The rich in NJ, like the wealthy elsewhere in the US, pay lower effective tax rates than middle-class people. Mostly because they can afford tax shelters, expert accountants and lawyers who reduce their effective tax rate. Nor have I seen much evidence that upper income brackets in NJ genuinely pay higher effective tax rates than in other states.

I.e. Cry me a river.


Quote:
if we don't fix the pension system now even taxing the rich won't be enough-which means that the middle class will be the new 'rich' paying more.

Err, hello? Christie is the one who declared the system "fixed" four years ago, when he cut benefits. He has failed to do his part of the fixing. Stop trying to pretend otherwise.


Quote:
Because the real rich can pick up their feet and move to a state that doesn't have such onerous taxes.

If that was the case, all the rich people would have left NJ years ago for CT.

There is very little evidence that people move because of tax rates. e.g. http://www.nytimes.com/2013/02/16/bus ... s-say.html?pagewanted=all

Posted on: 2015/2/25 12:57
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Re: Christie broke law by cutting pension payments, judge rules
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Quote:

Monroe wrote:
Anyhoo, every Governor, of either party, has been kicking the can down the road on pension payments, as well as pension reform. Finally we get someone who isn't a Polyanna with an ostrich attitude and people are complaining?

What a crock.

Christie signed a deal to cut public employee benefits, in exchange for fully funding the public employee pensions. He trumpeted this as a bipartisan success -- and then abjectly failed to make those payments. This is his fault, no one else's. No amount of deflection will make this rather basic fact go away.

Posted on: 2015/2/25 12:50
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Re: $37.2 million tax break lures retailer to Jersey City waterfront
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Quote:

caj11 wrote:
This tax break pisses me off for other reasons. Jersey City and other municipalities are constantly bribing companies to be located where they are....

Again: The tax credits in this case were not issued by Jersey City. They were issued by the NJDEA, a state agency.


Quote:
The jobs these companies have are already filled (some by Americans, some by foreigners)...

Again, staffing is not static, people don't stay at companies for life these days. There will be turnover, and if the company is in New Jersey, then NJ residents are more likely to apply.

In addition, this sort of "local job protectionism" mentality is absurd, given how many JC / Hudson County residents work in NYC.

And yes, companies moving to JC provide several ancillary or multiplier economic benefits. They will pay local taxes, even if it's less than without the credit; they will hire local services; they are paying local rents; and yes, eventually they are likely to hire NJ residents.

Posted on: 2015/2/23 13:00
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Re: $37.2 million tax break lures retailer to Jersey City waterfront
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Quote:

JGJDNYCJC wrote:
Quote:

Yvonne wrote:
Newport is filled with foreign nationals, who has jobs that Americans cannot get, especially in the banking industry.


Evidence, other than noting all the brown people in Newport living in high rises?

Who needs evidence when you have base speculation? ;)

Plenty of Americans are eligible for banking jobs, and there are limits on foreign workers. The vast majority of H1B visas are issued for high tech, and 13% of high tech jobs are H1B. For financial sector jobs, it's closer to 6%. The foreign workers are also highly educated; roughly half have more than a Bachelor's Degree. (https://www.aier.org/research/h1b-jobs-filling-skill-gap)

H1B jobs also have to be available to American citizens, must be offered at market wages, and make things complicated for employers and employee alike. Oh, and those visas are limited to 6 years tops.

I gotta say, I don't see how 6-13% means an industry is "filled with foreign nationals."

Posted on: 2015/2/22 16:09
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Re: $37.2 million tax break lures retailer to Jersey City waterfront
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Quote:

JCishome wrote:
The city gains little from their being here...

The city gains nothing from 3 empty waterfront office floors.

The tax credits are also not being issued by Jersey City, but by the NJDEA. It's a state agency, not a city one.

Keep in mind that staff change over time. Right off the bat, some people will find JC too inconvenient a commute. Chances are that eventually, they'll have a more NJ-based workforce.

Posted on: 2015/2/22 15:55
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Re: More craziness! NJ Teens Just Learned What Happens When You Start A Business In America
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Stories like this are an example of why I don't trust Zerohedge.

Ordinances like that do exist. However, that wasn't why the cops told the kids to stop. It's because they were out during unsafe conditions, and when there was a state of emergency.

Police Chief Michael Jannone said the two young businessmen were not arrested or issued a ticket, and that the police's concern was about them being outside during dangerous conditions, not that they were unlicensed.

"We don't make the laws but we have to uphold them," he said Tuesday after reading some of the online comments about the incident. "This was a state of emergency. Nobody was supposed to be out on the road."

The teens took the incident in stride and said that police told them that they only needed permission to go door to door, but were still allowed to shovel walkways if residents called them.

"The cops were nice about it. They weren't jerks. They were trying to make sure everything is OK," Molinari said Tuesday.
(Emphasis added)

http://www.usatoday.com/story/news/na ... h-run-afoul-law/22454761/

This has nothing to do with allegedly awful government bureaucracies, and everything to do with projecting one's political ideas on trivial incidents.

Posted on: 2015/2/3 12:42
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Re: Christie bars NJ media cuz he's got POTUS ambitions
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Quote:

Monroe wrote:
Yes, I know Lefty-like most Lefties you don't want Hilary to testify....

Why are you discussing Hillary Clinton in a thread about Christie barring NJ reporters from a mini-press conference?

Unless he was holding the talk in a closet, there's no valid reason why he should have kept NJ press out.

I don't care if he's running for higher office, as long as he does his job reasonably well in the meantime, and cares about his current constituents. He doesn't seem to have done either of those two things, and this is yet another indication of the latter.

Posted on: 2015/2/2 12:37
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Re: Fulop wants to change the election from May to November
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Quote:

amc wrote:
2013 November Election Sample Ballot

BOE candidates listed at the bottom, very messy for voters

The instructions are unclear, the layout needs improvement. That has nothing to do with the date of the election, or even the number of people on the ballot.

(Bigger turnout + saving money) > (fewer names on the ballot)

Posted on: 2015/1/10 15:27
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Re: Prosecutors Seek Documents Relating to Meetings Allegedly Canceled With Jersey City’s Mayor
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Posted on: 2015/1/8 15:00
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