Tuesday, September 16, 2014

Parking For The Privileged

Developers in Manhattan have just placed ten underground parking spaces at a new condo complex up for sale.

At $1 million each.

The spaces may well sell out. Just this past May, another Manhattan developer listed 25 parking spaces for sale at $500,000. The 25 spots all quickly found buyers. That didn’t surprise the developer. The adjacent apartments, the developer explained to the New York Times, were selling for $47 million.

“Another $500,000 for the luxury of not walking a block or two and having your own spot,” the developer observed, “I guess it becomes a rounding error.

Wealth concentration so extreme that some people of 'privilege' are spending over four times more for a parking space than most Americans spend on a home.

taken from here

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