You’ll have to wait ’till tomorrow for today’s promised data — since today’s New York Times has provided fodder for a diversion.

The Times reports that the 2,820 households at the Penn South co-op building are doing some “soul-searching.” Their complex needs $80 million for repairs — and the city is dangling aid, but with an expensive string attached: the co-op owners will have to keep the units “affordable” for another eight years, meaning that current owners won’t be able to “cash in and sell their apartments at the market rate.”

These perennial dilemmas expose the hypocrisy of many self-styled “affordable Manhattan” advocates.

The first problem is with the city itself. Why on earth is New York offering any taxpayer resources — in addition to tax breaks, $22 million in this case, including a $5 million outright gift — to a building filled with people whose paper wealth — cheap real estate in Manhattan — is immense?

If this collection of co-op owners would rather see their apartments fall to the ground rather than pony up $30,000 a unit to fix them, that’s their right. The city’s only role is to step in when Penn South eventually presents a danger to health and habitation, and condemn it under public-safety laws.

The second problem is with Penn South residents who pretend — including to themselves — that they are sticking up for some sort of social-justice cause rather than just for their own good deals. Take the statement of one Penn South resident, “retired acting State Supreme Court justice” Karen Smith: “Our co-op is very unusual. We have rejected greed in our history.”

Well, no. If Penn South’s residents truly “rejected greed,” they would decide collectively to move to, say, Pakistan, and let far more deserving people have their “affordable” apartments … for free. Of course, this move would cause problems in Pakistan. By throwing Western money around, Penn South exiles would then raise the cost of housing for people there. (Being completely selfless is so complicated.)

By staying in place, Penn South residents are keeping other New Yorkers from “affordable” apartments. The Times notes that “some 6,000 people are on the [complex’s] now-closed waiting list, and … many will die before getting in.”

If Judge Smith is worried about greed, at the very least, she would leave now, and offer one of these long-suffering New Yorkers her pad.

The former Soviets learned long ago: you can allocate resources either by price, or by waiting.

You may also like

The Attorney General’s MFCU SNAFU

Attorney General Letitia James' latest fight with the Trump administration focuses on New York's Medicaid Fraud Control Unit, a federally funded agency housed in James' office. On T Read More

Healthcare Revelations in the Enacted Budget Financial Plan

The state financial plan published on June 10 disclosed key information about healthcare revenue and spending that lawmakers had not made public when approving the annual budget two weeks before. Read More

Federal Suit Traces Medicaid Fraud to the Top of NYS Government

The Trump administration's latest salvo against Medicaid fraud takes aim at a different kind of target – two high-ranking New York officials along with a major state contractor. A Read More

It Is Time to Rethink the Regional Greenhouse Gas Initiative

Before budget negotiations, Gov. Hochul warned that unless New York changes its climate plans, New Yorkers could face a $2.26-per-gallon increase in gasoline prices. The reason is the so-called “cap-and-invest” scheme, under which energy companies wou Read More

Healthcare Highlights in the New State Budget

Governor Hochul's focus on affordability seems to have skipped over the healthcare portions of the new state budget. The deal finalized May 27 Read More

Lawmakers Consider Hiking Fees for Filling Prescriptions

UPDATE: The proposal discussed below passed the Assembly Friday evening by an unofficial vote of 133-0. Having previously been approved by the Senate, the bill will head to Governor Hochul's desk for her signature or ve Read More

Lack of Common Sense on Energy in the Budget

Lack of Common Sense on Energy in the Budget Anyone hoping the governor would make even modest, common-sense changes to New York’s disastrous energy policies will be disappointed. The energy portion of the budget is out, and the nons Read More

Budget Deal Reportedly Earmarks $100M for 1199 and Extends MCO Tax

As Governor Hochul and legislative leaders rush to finalize the overdue state budget, outlines of some healthcare-related deals have begun to emerge from the closed-door negotiations. Read More