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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Steve Lokness who wrote (125535)	11/25/2009 10:47:46 AM
From: Mary Cluney	Read Replies (3) \| Respond to of 543150

<<<I fail to see the answer to my question that both you and krugman fail to address; where is the demand to come from? We are filling all the demand right now and then some! And THAT is the problem.>>> This is just one data point, but it is a fairly big datapoint. I toured Williamsburg and Greenpoint in Brooklyn over the weekend. There was massive construction that came to a halt when the housing bubble bursted last year. Most of those construction cites that had broken ground before the bubble and halted are now resuming. After touring the local restaurants and cafes (btw most of these businesses have noticeably slowed down but hanging on). New York City as you might know lost massive amounts of high paying jobs after the Lehman Bankruptcy and financial meltdown. The construction in Williamsburg and Greenpoint were being built on speculation that people were being priced out of Manhattan and get more for their money in Brooklyn. These units going up in Brooklyn (my guess tens of thousands units) still are in the million dollar price range. Guess what? My sense is that the demand IS there. The financing is not and there are people with jobs looking for financing. My sense is that a pent up demand is building up. I am not all that pessimistic.