Late Stage Capitalism

During the beginning of the article my thought was the most common one which is that the problem is just the same one that plagues India but on a different scale. Here developers are busy erecting housing societies, apartments etc. for the expanding middle class (in wealth at least, I don't know about the absolute numbers). But there is a patttern of fraud, delivering the housing much later than agreed upon date, delivering really poor quality of construction, not taking maintenance seriously at all because it is just more cost incurred to the developer and so on.

But the article has some gems like this one:

The disputes at 432 Park also highlight a rarely seen view of New York’s so-called Billionaire’s Row, a stretch of supertall towers near Central Park that redefined the city skyline, and where the identities of virtually all the buyers were concealed by shell companies.

Not much to say about this but what the fuck.

Now, correspondence between residents, some of the richest and most influential people in the world, reveal thorny arguments over how to remedy the problems without tanking property values.

Wow what the fuck even more.

I was under the impression that these buildings came about because of some engineering breakthrough but:

Luxury developers use a loophole in the city’s zoning laws to build these soaring towers in New York City. This may be one reason why these supertall buildings are facing a range of problems

Fuck everyone involved in this.