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A neighborhood is a collection of people, not of buildings or consumer amenities. If most of the people in a neighborhood are made to leave, the neighborhood has not been "improved." It has simply been replaced by another neighborhood of the same name.
I thought gentrification was supply and demand. More people coming into a neighborhood would cause landlords to max out as possible on this demand, raising rent/housing prices.
I read an article recently on how Bed Stuy's housing prices are causing certain people to move to East New York. Whether people like East New York or not, or whether the neighborhood "improves", it is quite possible that the influx of folk in the area (demand) will still cause a jump in housing prices there, based on the laws of supply and demand. That will be very interesting!
I thought gentrification was supply and demand. More people coming into a neighborhood would cause landlords to max out as possible on this demand, raising rent/housing prices.
I read an article recently on how Bed Stuy's housing prices are causing certain people to move to East New York. Whether people like East New York or not, or whether the neighborhood "improves", it is quite possible that the influx of folk in the area (demand) will still cause a jump in housing prices there, based on the laws of supply and demand. That will be very interesting!
The people that are moving into East NY are poor-working class... I doubt they'll be able to meet any increased demand for housing... That's why despite the increase in population the housing prices for the area remain relatively low... People have to understand that with inflation, prices for housing that at one point were considered very high are nothing nowadays even in bad areas... Back when we purchased our house over here in Ridgewood back in 96' we paid what most considered to be alot which was 239,000... Nowadays, the house is listed if it were to be sold at around 750,000...
So when you see these two and three family houses go for 3-400,000 that's not really all that much when considering inflation... And these are the types of numbers you see in East NY... The two-three family houses go for around this much, some for lower and the six family apartment buildings go from anywhere between 5-700,000... These prices are on the low end for what is offered nowadays... You'll see POC 6 family buildings in Bushwick or Bed-stuy ask for close to a million or more... It's just the way things are nowadays... And it's why the middle class of this city that use to live in these areas that were improving without gentrification continue to leave or move to stable working middle class neighborhoods in Queens, the Bronx, Staten Island or parts of South Brooklyn...
You have to realize that NOTHING STAYS THE SAME!!!!! .
here is a fact. The median household income in NYC is $60k....har5dly enough to justify $3,000 for a 1BR.
Another fact. The fastest growth in jobs are in low income sectors like healthcare, hospitality, etc.
A third fact. The significant numbers of stalle luxury condo projects, now converted to rentals, suggests that there is not an infinite market for luxury housing.
So those who think that they can turn all of NYC into Park Slope are dreaming. The market isnt there. In the meantime the high housing costs are driving out thye middle class, teachers, nurses, mid level mamagers etc, that the city needs if it is to function.
We have a growing crisis in the middle class segment. Policy makers need to work with developers to solve this problem.
here is a fact. The median household income in NYC is $60k....har5dly enough to justify $3,000 for a 1BR.
The median 1br apartment in NYC doesn't cost anywhere close to $3k a month.
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Another fact. The fastest growth in jobs are in low income sectors like healthcare, hospitality, etc.
Healthcare is not a low income sector. There are low income jobs within it, but it is not a low income sector at all.
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A third fact. The significant numbers of stalle luxury condo projects, now converted to rentals, suggests that there is not an infinite market for luxury housing.
This is true to some extent. It depends on what you mean by luxury housing though. I live in a 'luxury' condo, at least by NYC standards. Anywhere else in the country it would be an average to above average condo. The issue is that units like this have been commanding luxury to uber-luxury prices.
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So those who think that they can turn all of NYC into Park Slope are dreaming. The market isnt there. In the meantime the high housing costs are driving out thye middle class, teachers, nurses, mid level mamagers etc, that the city needs if it is to function.
The vast majority of Park Slope is not luxury condo projects, its brownstones (many that have been carved up into apartments or condos). There is no reason why a place like Clinton Hill or even BedStuy can't clean up and be a nice place to live. There's plenty of demand for that.
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We have a growing crisis in the middle class segment. Policy makers need to work with developers to solve this problem.
They'd do far better with providing current home owners and landlords incentives to improve their properties. Developers are primarily concerned with tearing down and building new.
here is a fact. The median household income in NYC is $60k....har5dly enough to justify $3,000 for a 1BR.
Another fact. The fastest growth in jobs are in low income sectors like healthcare, hospitality, etc.
A third fact. The significant numbers of stalle luxury condo projects, now converted to rentals, suggests that there is not an infinite market for luxury housing.
So those who think that they can turn all of NYC into Park Slope are dreaming. The market isnt there. In the meantime the high housing costs are driving out thye middle class, teachers, nurses, mid level mamagers etc, that the city needs if it is to function.
We have a growing crisis in the middle class segment. Policy makers need to work with developers to solve this problem.
I would like to add the decline of middle class families in NYC is attributed to single parent families over two parent families who both provide an income or the man bringing home the bacon. Most families in nyc are only headed by a woman with no man involved, this opens up a can of bad worms for society even for middle class family which is no longer two parent operated.
Last edited by Bronxguyanese; 06-01-2012 at 06:57 PM..
A good show illustrating the topic well is CLYBOURNE PARK (currently running on Broadway.)
A big old Victorian house is bought by a black family during the white flight to the suburbs, neigbors up in arms about block busting, and then a generation later and Act 2, a middle-class white family is moving into the "new upcoming neighborhood" talking about gutting the bathrooms, exposed brick, and putting "granite" everythere all with the subtly understanding that "those people" will soon be gone.
A good justaposition of changing values with time. (I saw it last year when NYU did an excellent student production of the British import ...CHEAP, natch.)
A good show illustrating the topic well is CLYBOURNE PARK (currently running on Broadway.)
A big old Victorian house is bought by a black family during the white flight to the suburbs, neigbors up in arms about block busting, and then a generation later and Act 2, a middle-class white family is moving into the "new upcoming neighborhood" talking about gutting the bathrooms, exposed brick, and putting "granite" everythere all with the subtly understanding that "those people" will soon be gone.
A good justaposition of changing values with time. (I saw it last year when NYU did an excellent student production of the British import ...CHEAP, natch.)
In the show did the black family have the property well kept?
Yes they did, but it was dated.
Little had been done to change the home from when they bought in.
(A double wrinkle was that the black family that bought had WORKED for the white owners.)
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