Housing Market Bubble

If you've been watching the wild oscillations of the stock market these past few weeks, you know that something is not quite right. Many people are not aware that virtually all of this recent volatility relates to the housing market bubble, which was allowed to inflate beyond reason over the past few years. The fault for this lies mainly with a Republican congress and the shameful policies of the Bush administration.

But the news media also comes in for some serious criticism. The media actively enabled the bubble, serving as a loudspeaker for the paid shills of the National Association of Realtors, the Mortgage Bankers Association, and the National Association of Homebuilders. Their talking points were all too often presented as the unbiased estimates of "experts", while academics were given short shrift.

Dean Baker of the Center for Economic Policy Research has a great paper (warning, pdf) illustrating some aspects of this mess.

For a much deeper understanding of the fundamental problems we will be facing over the next few years due to an unprecedented credit bubble, see Calculated Risk, my go-to source for thoughtful analysis on the housing and related economic issues.

Possible Replay of Flooding Problems Tomorrow

What the hell is going on with our weather this month? Two crazy lightning storms, and now we have another flash flood warning in effect for tomorrow morning. See the NYT blog, here.

Three day weekend, anyone?

"Everybody talks about the weather, but nobody ever does anything about it!"
- Mark Twain (probably)

Play Hooky Today! Subways A Disaster

Why reinvent the wheel? Ben at Second Avenue Sagas has the gory details on the debacle in the subway system due to last night's storm.

I was up and out early for an 8:00 dentist appointment way the hell over in Jersey City. Needless to say, that did not happen, but I did make it to work by 9:00 . . . a mere 1:45 commute.

Everything is totally screwed up this morning. Stay home if you can.

But what a storm last night! That was the second time in five days we've been woken out of a sound sleep by a massive thunder and lightning display. The lightning was impressive enough from indoors. But my brother was paving La Guardia this weekend, and they had a spectacular view of the action in the last storm. He said it was the first time he's seen ball lightning. Picture a giant orb of flickering power, and then lighting bolts shooting out of it in several directions at once.

Brooklyn Daily Eagle on Dangerous Gowanus Expressway

Great minds think alike. The Daily Eagle did a story on the dangerous situation we have with the Gowanus Expressway:

According to the New York State Department of Transportation, its concrete riding surface is crumbling, and the network of the expressway’s supporting steel beams is also deteriorating. Additionally, undrained dirt and salt-laden water flood and corrode the highway.

The Gowanus is currently being re-decked as it undergoes “continual emergency repairs,” according to the state Department of Transportation. It will be in a state of repair until 2012, said Harold Fink, the DOT’s Gowanus Expressway project manager. At a recent Community Board 7 meeting, Fink acknowledged the Gowanus’ “rapid rate” of deterioration.

Good quotes in the article from neighborhood institutions Buddy Scotto and Joanne Simon.

Although the costs significantly differ, Simon argues that the tunnel is a long-term investment. “The life of an overhead is roughly 50 years; the life of a tunnel is at least 200,” she said, adding, “A tunnel is much cheaper to maintain.”

Minneapolis Bridge Collapse: Could it happen here?

I was inspired to post this by Streetsblog, which linked to the NYT coverage of the Minneapolis bridge collapse and posted a "related" link to the Gowanus Expressway page.

All of the ongoing and onerous construction work on the Gowanus Expressway (hereafter, "Gowanus") are temporary fixes. Basically, we're applying tens of millions of dollars in band-aids to this scar that runs through South Brooklyn. Structurally, the Gowanus has deteriorated to the point where the entire structure MUST be replaced in the near future. (Don't take my word for it; go check out that Gowanus link, which feeds to a DOT page.)

It's not out of the question that we could face a similar catastrophe here due to the state of the Gowanus, and for that we should remain concerned.

The larger question for us is, what will we replace this monstrosity with? Another monstrosity, even larger, or with an additional elevated viaduct? Or a tunnel, which would allow the Gowanus as we know it to be torn down, reuniting neighborhoods rent asunder and providing the space for parkland, affordable housing that isn't built on toxic waste or in flood plains, and a beautification of the South Brooklyn landscape?

Certainly, the tunnel will not be cheap. But considering all the positives of a tunnel, including neighborhood values, health concerns, job creation, and lower future maintenance costs, a tunnel is the clear choice for Brooklyn.

Be sure to let the DOT know that when we replace the Gowanus Expressway, we need to do it the right way: with a tunnel. Let's correct this historic injustice once and for all.

McCrap

Just what the neighborhood needed. Hello, neighbors, hope ya like crap!

This rumor surfaced a while back, was discounted, and now appears to be back. I still hope it doeesn't happen.

Atlantic Avenue Tunnel

I've been meaning to post on this for some time, but never got around to it. My neighbor Celia told me about the long lost Atlantic Avenue Tunnel in June. Then McBrooklyn did a post on it.

And today, Bob Guskind over at Gowanus Lounge has posted on it as well, and I can't put it off any longer. I've already emailed Bob Diamond at the Brooklyn Historic Railway Association to plead for a berth on the next tour.

Bob Diamond rediscovered the long forgotten Atlantic Avenue Tunnel in 1980. The Brooklyn Historic Railway Association (BHRA) was formed in 1982 to restore the historic tunnel. BHRA successfully filed and received designation for the tunnel on the National Register of Historic Places. BHRA continues to maintain and conduct tours and events within the Atlantic Avenue Tunnel.

There are few things that get me more excited than lost and abandoned infrastructure. There is a magical quality about these things that makes me feel like a kid again.