The real estate industry is the epitome of Capitalism. In the beginning of chapter 2 of Tom Angotti’s book New York for Sale: Community Planning Confronts Global Real Estate, Angotti quotes Lao Tzo: “There is no greater disaster than greed.” The ultimate goal of many large industries such as real estate is essentially ‘gain more money’. Many of the times large industries and corporations will do anything in order to gain more money. This may include the destruction of communities, neighborhoods, and even lives. As long as the stock prices keep going up these industries will continue to justify their actions. Not to sound pessimistic, there are also benefits that come from capitalism. Truly the economic freedom of capitalism also provides for political freedom. Capitalism also offers efficiency as well as economic growth for those that are willing to work hard. However, overall what we notice in the real estate industry is that the quality of life of the residents is undermined so that a select few can gain more.
The reading by Tom Angotti displays exactly what the real estate industry is all about. The real estate industry claim to bring money into neighborhoods by building businesses in poorer neighborhoods and therefore provide jobs. Unfortunately though these jobs are low paying and most run out of business. The previous post “The BQX and the Real Estate Industry” by Patrick Blake puts it well, truly “money is not really being brought in; rather, opportunities are being opened for a select few”. Furthermore, many of the real estate companies are private. We notice how they utilize this power in order to keep gentrifying New York City and keep it segregated. They pressure certain groups to remain at certain locations all in order to keep property values from dropping. They ultimately refuse to take into consideration the communities they harm by doing so.
The real estate industry is led by greed.
Discussion Questions: How can greed in such an important and detrimental position shape the future of a city? Can it be dangerous? Why? Why not?
