Manufacturing In New York Area Cools As Sales, Hiring Slow

U.S. Market Should Be Part of a Portfolio: Shiller

“The reason this is happening is because of a poorly written law originally designed to stop slumlords from running illegal hotels with dozens of rental apartments,” Mishelle writes. “As a New Yorker just trying to pay my bills, I don’t understand why they think I’m a slumlord.” “I figure that if we get 20,000 people to sign the petition, we’ll get the state Senate’s attention,” she continues. “If we hit that goal by October 20th, I pledge to deliver the signatures to every senator myself.” As of this writing the petition has surpassed 20,000 signatures, the majority of which were gathered within the last 24 hours. Airbnb also got behind the petition on Monday by sending out an e-mail to its thousands of New York members. “The New York attorney general has subpoenaed the records of almost all of our New York hosts,” Airbnb’s global head of community Douglas Atkin wrote in the e-mail. “We are fighting the subpoena with all we’ve got, but poorly written laws make for even worse enforcement, and unless you help to stop it once and for all, the laws may never get better and New Yorkers will continue to suffer.” The debacle between New York Attorney General Eric Schneiderman and Airbnb has been ongoing over the past year, but it got heated when Schneiderman filed a subpoena earlier this month. The subpoena requests three years’ worth of data on thousands of Airbnb New York hosts. Airbnb has said that it has 225,000 community members in New York. The Attorney General’s office is specifically looking for data on 15,000 hosts — it’s unclear if this includes almost all of Airbnb’s New York hosts. While Airbnb has said that it will cooperate with New York’s lawmakers to root out illegal hotel operators and slumlords, it also filed a motion last week stating the subpoena was “unreasonably broad” and it won’t turn over sweeping amounts of information on hosts who have done no wrong. Schneiderman’s subpoena is based on a 2011 New York state law that makes it illegal for New York residents to rent out a property for less than 29 days. The law is meant to protect renters, so that slumlords don’t force them to leave to make a quick buck on unlicensed hotels and short-term stays. After the petition popped up and Airbnb sent out its e-mail to New York members on Monday, a spokesman from Schneiderman’s office accused the service of fear mongering, according to the Wall Street Journal . Airbnb is “scaring and misleading thousands of well-intentioned New Yorkers and sending lobbyists to Albany to create legal loopholes,” spokesman Matt Mittenthal told the Journal.

New York magazine considers going biweekly

There is nothing definitive yet, he said. New York Magazine earned widespread praise for its striking cover showing the power blackout in Manhattan after Hurricane Sandy.Photo: AP The company is in the midst of its budget planning for next year in an increasingly tough environment for print. Bagaria declined to comment on profitability but said its not the first time the company has mulled the move. Over the past five years weve considered various options, he said. While digital ad sales are growing, it has not been enough to stem the shrinking dollars coming from the weekly print edition, increasing pressure on Editor-in-Chief Adam Moss. It would be sad if it happened, but it would not surprise me, said Steve Cohn, editor of Media Industry Newsletter, which showed that New Yorks ad pages were down 9.2 percent year-over-year through Oct. 14. Digital now accounts for about half the companys ad revenue, but that is attributable as much to prints steady erosion as it is to digitals gains in recent years. Before the recession, New York racked up 3,343 ad pages in 2007, according to MIN 1,500 pages more than it is expected to tally this year. Ad pages fell 12 percent in 2008, followed by a staggering 27 percent drop in 2009. And in a move that is sure to be worrisome as it pushes for digital dollars, Web traffic in September dropped to 3.6 million unique monthly visitors, according to comScore, a 16 percent drop from last year. A Wasserstein family trust inherited the magazine after the death of Bruce Wasserstein in 2009. The financier brought it for $55 million back in 2003. So far, the Wasserstein family has kept the magazine and websites rolling, but it is not clear what the trusts capacity is to absorb losses over a prolonged period. The most recent example in the weekly media world holds little promise.

The Federal Reserve Bank of New Yorks general economic index fell to 1.5, a five-month low, from 6.3 in September. Positive readings signal expansion in New York, northern New Jersey and southern Connecticut . The median estimate in a Bloomberg survey of economists called for a reading of 7. The gauge dropped even as orders climbed to the highest level in seven months, indicating production will probably pick up next month. The budget and debt-ceiling standoff in Washington may have shaken confidence within manufacturing, which makes up about 12 percent of the economy. A lot of manufacturers uncertainty can be blamed on the fiscal brinkmanship, rather than a deterioration in fundamentals, said Ryan Sweet , a senior economist at Moodys Analytics Inc. in West Chester , Pennsylvania, who projected the index would drop to 1. The improvement in new orders is reason for optimism. Stock futures were little changed, after a four-day rally took the Standard & Poors 500 Index to a three-week high, as investors weighed budget-talk developments. The contract on the S&P 500 maturing in December dropped less than 0.1 percent to 1,703 at 8:55 a.m. in New York. Survey Results Octobers estimates for the so-called Empire State index in the Bloomberg survey of 51 economists ranged from minus 2 to 10. The headline reading is a separate question rather than a compilation of subcomponents and is therefore sometimes considered a gauge of underlying sentiment. The measure of new orders increased in October to 7.8, the highest since March, from 2.4 the previous month. A gauge of shipments declined to 13.1 from a 16-month high of 16.4 in September.