Recently, the New York City Council released a proposed budget that included a section for $212 million for funding “Fair Fares”. This proposed program would give New Yorkers the ability to obtain half-priced MetroCards to citizens within the city whose income falls below the poverty line ($23,339 for a family of four). If this program passes along with the proposed budget, it would allow around 800,000 New Yorkers to save about $726 a year.
The Council created and released their budget in response to Mayor Bill de Blasio’s preliminary budget which he made public in February of 2018. This idea is not new and was actually first proposed by the Community Service Society of New York.
A rally held at City Hall this month rooted in the “Fair Fares” coalition, consisting of over 60 organizations helped to give more light to the idea. Rumored 2021 mayoral candidate Corey Johnson noted that rent, food, and Metrocard fares have increased over the years paired with wages decreasing or stagnating among New Yorkers.
Discounted public transportation for locals is not a foreign concept. Other cities like Seattle, San Francisco, Denver and even Toronto have a similar program in place. Especially with 22 percent of New Yorkers currently living in poverty, this could be a massive financial relief for many citizens. As well, the city’s overall budget has grown from $86 billion to a projected $88 billion starting in July. The proposal is also supported by 44 of the 51 council members.
Many believe that this program can be a step in the direction of directly addressing the issue of poverty in the city which many are prevented from going to school, getting jobs, or seeking employment if they are unable to pay for train fares.
Mayor de Blasio proposed a millionaires tax on wealthy New Yorkers that would then allow for the financing of subway repairs as well as reduced fares for low-income New Yorkers. He went on to comment on the Fair Fare program stating, So I understand the City Council wants to achieve something noble, but it’s going to be a very straightforward conversation with them about the actual money we have available and how far it will reach.”
Many investors wonder if investing in commercial real estate is a good idea. There are certainly big benefits. First, commercial real estate provides a stable cash flow in the form of rent payments, a big benefit overstocks. Second, as a hard asset, commercial real estate’s supply is always limited. This means its built-in scarcity ensures it will always have value, and it usually appreciates. Third, commercial real estate tends to increase in value in tandem with the overall economy. It is far less volatile and far more predictable than investments like stocks and bonds.
Commercial real estate consists of many types of properties which are purchased to generate profits. These can include apartment buildings, warehouses, factories, and office buildings. The properties are leased. Sometimes, one tenant leases an entire property, while other times, many tenants occupy units in a building, such as an apartment or office building.
The strategy for investing in commercial real estate relies on demand for that type of real estate in a given area. Downtown areas, for example, often have a high demand for offices and apartments; however, investors must be careful that the area has not been oversold. Oftentimes, high demand in a certain area leads to new construction and eventual overbuilding.
How do investors make money with commercial real estate?
As Fundrise, a real estate investment firm, explains, the two primary ways of making money in commercial real estate are rental income and appreciation, Your text to link…. Rental income for office buildings includes leases to businesses like law firms. Typical leases run for 5 to 10 years. Apartment buildings lease for much shorter terms, usually one year or even month to month. Industrial leases generally run for 5 or more years.
Appreciation profit depends greatly on demand. If demand remains strong relative to supply, appreciation can be expected. Investors can also profit from price increases driven by property improvements. For example, new appliances in an apartment building can increase both the rental value of the units and the appreciation of the property.
The downside of commercial real estate investment is a reduction in demand can lower rents and property values. Demand levels are highly dependent on the local area. The attractiveness, condition, and maintenance costs of a particular property must also be carefully considered. Investors who carefully research locations and select cost-effective properties succeed with commercial real estate.
Technology’s ability to perpetually advance arouses a multitude of conflicting emotions. Whether you fall on the distraught, elated, or neutral point of technology’s ever-evolving spectrum is ultimately irrelevant, for technology has no intentions of slowing down or appeasing vast sectors of society. Real estate professionals, as predicted by Forbes contributor Matthew Murphy, are especially prone to bearing the fruits of technology’s labor. Here’s a look at five innovations Murphy predicts will be assimilated into the real estate industry.
Transparent and consistent communication is conducive to most lines of work. Real estate professionals, in particular, interact with many clients on a daily basis. Unceasing lines of communication can prove too taxing – enter Chatbots. Chatbots intend to facilitate the interaction process, tasking itself with questions and discussions, in turn freeing time for the Realtor.
The fast-paced nature of real estate promises evolving trends and unending advancements. As the market progresses, real estate professionals are forced to follow suit. Big data aims to aid in the process, providing relevant information with visual data to boot. This unmatched insight could prove revolutionary, offering clear-cut data that’s unprecedented in most fields. Such bountiful knowledge could lead to accurate analyses and fact-based decision making, allowing real estate professionals to deduce findings logically.
Potential home buyers often search for a wow factor. They want their interests piqued and preferences catered to so they can make sense of the financial journey they’re soon to embark upon. Offering stunning aerial photos is a viable solution to cementing such reactions. Drones help capture an understanding of the surrounding environment while alluring prospective buyers with captivating visual aids. What’s more, for those who elect to opt out of open houses, drone footage can serve as a visual tour, breathing convenience into the home buying process.
While millennials are often regarded as self-entitled tyrants, there’s no disputing their prevalence in society. They’re single-handedly dominating the real estate market, bringing their 21st-century gadgets along with them. Real estate professionals are encouraged to lead a mobile-friendly lifestyle as an attempt to acquaint themselves with modern-day technologies. Being that smartphones are the very hallmark of millennial society, it’s best for real estate professionals to acquiesce and hop aboard the smartphone express.
Avraham “Ray” Glattman is a successful business man in the industry of Real Estate. Avraham has been working in Real Estate in New York City for over 20 years and has his own Real Estate business, First American Properties Group. He and his long time business partner, Pete Jacov, have properties in several boroughs, such as Brooklyn, Queens and Manhattan, including Harlem. Their properties are both commercial and residential.
Avraham Glattman received both his Bachelor’s Degree and Master’s Degree in Business from Newport University. These two degrees have helped Avraham Glattman become the successful business man that he is today. While he started as an agent in Real Estate, Avraham has gained tons of experience in the industry along the way.
Being a strong advocate for buying property in areas that he believes are up and coming in terms of value and popularity, Avraham Glattman has recently bought a decent amount of property in Harlem. Avraham predicts that Harlem will win in New York Real Estate this year. Harlem is a great place for individuals moving to New York City to reside in, as well as NY natives to relocate to. Still part of Manhattan and containing a multitude of subway lines, Harlem is convenient and full of character. It is unique and nostalgic. There is truly something for everyone in Harlem, from the parks, to the music venues to the soul food and historic churches.
Likewise, Avraham believes that a recent shift in popularity for the Jamaica neighborhood in the New York City neighborhood of Queens is a sign of similar success, outside of Manhattan, offering opportunities to diversify the amount of developments and housing throughout the entire city. New York is seeing some of the greatest development it has seen in years, and Avraham is hoping to continue to be at the forefront of those changes. Over the last couple of years, Avraham has received consistent praise from his peers for his visionary approach to real estate, and his ability to not only predict trends but to see them through, entirely.
New York City is a very competitive, cut throat place where only the strong survive. Having a successful Real Estate business such as Avraham Glattman’s First American Properties Group says a lot about the type of person he is. Avraham is not a quitter and he is extremely optimistic. New York City is his home, and he’s proud to have contributed to its current growth, making it a place for millions of others to call home as well.
Avraham Rami Glattman Education
Bachelors and Masters Degree in Business from New Port University Newspaper. Reporter with “Israel Shelanu” from 1989-1991 – covered the life of the Israeli community in New York. Served 3 years in the Israeli Army from 1985-1988.