Why New York's Billionaires' Row Is Half Empty
Billionaires Row in New York City is a collection of extremely tall, thin skyscrapers, mostly empty, that represent a new type of luxury real estate. These buildings are designed to be investments for the super-rich, often serving as second or third homes, or simply places to store wealth. Their development was made possible by special zoning rules and tax breaks, which allow developers to build very high and avoid some taxes, even if they don't provide truly affordable housing. This situation highlights the growing gap between the very rich and the rest of the population, and it raises questions about how cities should manage housing and development.
Key Vocabulary
To change or transform, often in a significant or fundamental way, especially in form or nature.
Examples:
- The virus mutates rapidly, making it challenging to develop a long-lasting vaccine.
- Over time, the local dialect mutates, incorporating new words and phrases from other regions.
- The artist's style mutates with each new series, reflecting different influences and ideas.
Spreading out over a large area in an untidy or irregular way.
Examples:
- The city's sprawling suburbs extend for miles in every direction.
- The old manor house had a sprawling garden with overgrown hedges and winding paths.
- From the airplane window, the sprawling metropolis looked like a vast circuit board.
To change the shape, form, or structure of something, often with a significant impact on its function or appearance.
Examples:
- New technologies are constantly reshaping the way we communicate and work.
- The architect is dedicated to reshaping urban spaces to be more sustainable and livable.
- The recent economic shifts are reshaping global trade patterns.
An apartment or dwelling on the top floor or roof of a tall building, typically luxurious and expensive.
Examples:
- The celebrity purchased a lavish penthouse with panoramic views of the city skyline.
- Living in a penthouse offers unparalleled privacy and exclusive amenities.
- The building's top floor was converted into a magnificent penthouse suite for the hotel's most discerning guests.
Large, heavy, or substantial in size or amount, often implying a significant impact.
Examples:
- The company faced a hefty fine for violating environmental regulations.
- She paid a hefty sum for the antique vase at the auction.
- Moving the grand piano required a hefty effort from several strong individuals.
To decrease in value over time.
Examples:
- Most new cars begin to depreciate the moment they are driven off the lot.
- Real estate can appreciate or depreciate depending on market conditions and location.
- Without proper maintenance, the value of machinery depreciates quickly.
Situated in a comfortable, sheltered, or partially hidden position.
Examples:
- The cozy cabin was nestled among the tall pine trees by the lake.
- The small village was nestled in a valley, surrounded by rolling hills.
- The cat nestled comfortably into the warm blanket on the sofa, purring softly.
In a strange and frightening manner; mysteriously or weirdly.
Examples:
- The old abandoned house stood eerily quiet on the hill, its windows dark and vacant.
- The fog rolled in, making the familiar landscape appear eerily unfamiliar.
- The distant sound of the church bells echoed eerily through the empty streets at midnight.
Individuals whose wealth amounts to at least one billion units of currency (e.g., dollars, euros).
Examples:
- The annual list of the world's billionaires includes many self-made entrepreneurs.
- Billionaires often invest in diverse portfolios, including technology, real estate, and art.
- A philanthropic group of billionaires pledged a significant portion of their fortunes to charitable causes.
People who deliberately destroy or damage public or private property.
Examples:
- The park benches were defaced by vandals overnight, requiring costly repairs.
- Security cameras were installed to deter vandals from damaging the historic monument.
- Local residents were angered by the actions of vandals who spray-painted graffiti on their homes.
Completely removed or obliterated.
Examples:
- All traces of the old path were erased by the new development.
- The memories of the difficult period were slowly erased by time and new experiences.
- The company's past mistakes were effectively erased from public memory through a successful rebranding campaign.
To move or cause to move slowly to and fro or from side to side.
Examples:
- The tall trees began to sway gently in the evening breeze.
- The rhythmic music caused the dancers to sway gracefully.
- Despite his strong convictions, he found it difficult to sway the opinion of the stubborn committee.
To postpone or put off to a later time; to yield respectfully to another's opinion or judgment.
Examples:
- They decided to defer the decision until all the necessary information was gathered.
- Out of respect for his elders, he chose to defer to their wisdom in the matter.
- The student asked to defer his enrollment for a year to gain more work experience.
Creative works, especially visual ones, considered to be of artistic merit.
Examples:
- The museum's new wing features a stunning collection of contemporary artwork.
- She spent hours meticulously creating the intricate artwork for the book cover.
- The city's public spaces are adorned with various sculptures and artwork.
An ambiguity or inadequacy in a rule or law, which allows someone to avoid its intent without technically breaking it.
Examples:
- The lawyer found a loophole in the contract that allowed his client to terminate the agreement early.
- Some companies exploit tax loopholes to minimize their financial obligations.
- The new legislation aimed to close a loophole that had been widely abused for years.
A period of decreased activity or demand; also, the part of a rope or line that is loose or not taut.
Examples:
- During the summer months, business tends to be a bit slack.
- When the project was nearing completion, the team could finally take up the slack and relax a little.
- After tightening the knot, he pulled the slack out of the rope.
Very thin or narrow.
Examples:
- The new skyscraper was remarkably skinny, rising like a needle from the urban landscape.
- She preferred skinny jeans that fit closely to her legs.
- The cat managed to squeeze through the skinny gap in the fence.
A dishonest scheme; a fraud.
Examples:
- Be wary of emails promising large sums of money; they are often a scam.
- The authorities warned the public about a new phone scam targeting elderly citizens.
- He realized too late that the investment opportunity was nothing more than a carefully orchestrated scam.
An individually owned unit in a building or complex of buildings, where the common areas are jointly owned.
Examples:
- They decided to buy a condominium in the city center for easier access to work.
- The condominium association is responsible for maintaining the shared facilities.
- Many young professionals are opting to purchase condominiums due to their affordability and convenient locations.
A commonly used, abbreviated term for a condominium.
Examples:
- She rented a vacation condo with a beautiful ocean view.
- Living in a condo often means less maintenance compared to a standalone house.
- The real estate agent showed them several available condos in the downtown area.