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I think it's only going to get worse as the popularity of it grows ever more and the manhattanization of it over time. With the influx of people moving here every year, especially from the college grads. I would not be surprised if rentals rose 20% in the next 2 years. Dumbo and Brooklyn heights already rivals/surpasses rents in some areas of Manhattan already...it's only a matter of time when the other upscale neighborhoods of Brooklyn do the same.
I think it's amusing to see AGAIN that so many think things will go on as they have the last decade or worse, the last 3 years.
New York has suffered economic collapse before, and it will again, it's only a matter of timing.
And then we will all have a new deck to deal.
Brooklyn has always been hot in the HOT periods and deadly cold when the economy chills, same can be said of Jersey City...it ebbs and flows as the Manhattan economy expands and contracts. It provides excess capacity when Manhattan gets "full." It is sleeping space for when Manhattan needs an excess of workers.
Remove Manhattan and Brooklyn becomes Detroit...worse, because there isn't even the shambles of an auto industry.
I've always been lucky when it comes to renting in the city. My parents pay $250 rent for a 3 bedroom, 1.5 bath in Sunset Park Brooklyn. I pay $575 for a small 2 bedroom slightly off Soho Manhattan, and I have no roommate. Thank you rent stabilization!
I think it's amusing to see AGAIN that so many think things will go on as they have the last decade or worse, the last 3 years.
New York has suffered economic collapse before, and it will again, it's only a matter of timing.
And then we will all have a new deck to deal.
Brooklyn has always been hot in the HOT periods and deadly cold when the economy chills, same can be said of Jersey City...it ebbs and flows as the Manhattan economy expands and contracts. It provides excess capacity when Manhattan gets "full." It is sleeping space for when Manhattan needs an excess of workers.
Remove Manhattan and Brooklyn becomes Detroit...worse, because there isn't even the shambles of an auto industry.
Every city has its Central Business District. In New York both CBDs happen to be in Manhattan. Nothing different about NYC than Chicago or Miami. Remove CBDs from them and they will become empty really fast.
What makes NYC special is an unparalled growth while most other American cities suffer and shrink. Never before there was rent parity between Manhattan and Brooklyn. Brooklyn moved way beyond being just a place to sleep. It has its own art and culture. Some claim more vivid and interesting than Manhattan.
Be grateful you live in NYC in 2012 and not 1986.
I only hope the next mayor will not give in to the choir of whiners and kill this success story that is New York.
Last edited by noworneveragain; 09-15-2012 at 02:14 PM..
Basing costs the way this "Council" does says basically that THE RICH IN BROOKLYN PAY A LOT. That's quite meaningless in evaluating an entire borough.
This. It's like saying "Brooklyn Heights is more expensive than the wealthiest neighborhood in San Fransico and Honolulu". You can't automatically assume it applies to the rest of the borough.
This. It's like saying "Brooklyn Heights is more expensive than the wealthiest neighborhood in San Fransico and Honolulu". You can't automatically assume it applies to the rest of the borough.
Brooklyn is a 2.5M city. It's hard to compare it to San Fran or Honolulu in the first place. And like other cities has better and worse areas.
Or from 1973-1975. THAT (or those depending on whom you believe...some called it two) was the most brutal of my lifetime.
Real estate wise in NYC, I think 1990-1992 was the biggerst bloodletting.
This will recur again, and there is no reason to believe the next will not be worse than the others. In fact there are a lot of reasons to believe that it WILL be worse.
New York is unlike a LOT of Cities in that it has pretty much become a one industry town, FINANCIAL, and the reason the current downturn has not been too brutal here is that the entire wealth of the United States for the next decade has been dumped into the banking industry forcing preposterously low interest rates that FORCE stock prices up while converting the currency to Charmin.
It is not sustainable and when the dust settles and the rest of the country claws its way to normalcy and common sense, perhaps even with a little bit of industry if possible, the inevitable failure of the financial industry, left to its OWN devices and NOT given access to the lifeblood of the nation, will contract massively HAMMERING NYC unlike any other City.
This retrenchment will return Brooklyn to the Dark Ages.
Real estate values have dropped in some neighborhoods over the past 6 - 7 years. Not every neighborhood in Brooklyn is on fire. There are middle class areas that people consider too distant to consider and those are probably still on par with Queens.
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