There goes the neighborhood

From a NY Times article on New York City's housing boom. Of course, bubbles can go "boom" too.

BTW, the project in the photo must have started before the recent Kelo decision by the Supreme Court, otherwise the lonely remaining house would be gone too. Paul Craig Roberts points out that Kelo leaves homeowners basically defenseless, even if their city, county or state passes a law trying to block using eminent domain for private use--because the Feds can trump the locals and take your house anyway.