City Home News

There's a parking space for sale in Manhattan right now, and priced at $225,000 and there's a waiting list. I'm not sure what all we can read into this-- a further indication that the gap between rich and poor in the U.S. is growing? Support for the idea that the super rich are congregating along the coasts (where they just might be moving into the path of global-warming related storms and flooding)? I don't know too many people, here in Pittsburgh anyway, who paid more than $225,000 for their home. I'd place the value of a parking spot here at around $5,000 in most neighborhoods. I'm sure there are plenty of people, even in Manhattan, who shake their heads wondering just who can plop down $225,000 on a parking spot. It's a good thing that most people in Manhattan don't need cars or parking.

Also, One of my clients sent along a quote from a recent Newsweek editorial, not about expensive parking spaces in Manhattan, but another obnoxious indulgence, monster houses. Quoting Robert H. Frank's new book, Falling Behind
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rising affluence condemns us to self-defeating consumption contests. People want ever-bigger homes, because their friends have ever-bigger homes. But the extra pleasure of owning these grander homes is muted, because (yes) all our friends have them, too. Meanwhile, the added debt to buy the house may make us more anxious; and we may regret sacrificing some leisure-working harder to buy the bigger home.

Greater individual wealth does not bring greater collective welfare. Moving farther out into suburbia for a bigger home increases traffic congestion and our commutes. Roads grow more clogged, pollution worsens. We engage in behaviors that are smart for one, dumb for all.

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