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Well fmatthew...the Bronx is trying to go down a different route than the other 4 boroughs. If you are seeking multimillion dollar "luxury" condos/coops, there are 3 other boroughs falling all over themselves to relieve you of your money. If you are seeking an affordable place to live, that will not be immediately overrun by the global elite seeking a place to stash cash, or speculators running rampant disrupting entire neighborhoods to make a fast buck, the Bronx is making itself the best option. The Bronx, and particularly Southern Bronx, is being developed delicately, with very precise buildings, with very precise income targets to meet an enormous need that is not being served anywhere else. If you want market rate heaven, go to the other 3 boroughs..and enjoy the random $600 rent increase, or have to move yet again because another Chinese/Russian/English/Latin American (etc) wants to buy the entire building for themselves when they visit NY for 3 days a year, or a group of investors buy your entire block and want everyone out because they can turn them all into luxury rentals/condos. Does this sufficiently answer your question?
These are 2 extremes. If I could afford a multimillion dollar luxury condo, I'd have my little piece of NYC already and I probably wouldn't be spending my time searching for affordable neighborhoods in the Bronx.
Its a nice idea to provide government regulated affordable housing, but remember there is no free lunch. We all pay for them when april 15 comes around. Rent regulation and other government housing programs limit the housing stock for those outside of the target income ranges and drive market rates even higher. Its a tough squeeze for middle class families in the NYC metro area.
These are 2 extremes. If I could afford a multimillion dollar luxury condo, I'd have my little piece of NYC already and I probably wouldn't be spending my time searching for affordable neighborhoods in the Bronx.
Its a nice idea to provide government regulated affordable housing, but remember there is no free lunch. We all pay for them when april 15 comes around. Rent regulation and other government housing programs limit the housing stock for those outside of the target income ranges and drive market rates even higher. Its a tough squeeze for middle class families in the NYC metro area.
Unfortunately the middle class as usual is squeezed out. I'm glad for all the construction but would be nice to see some market rate coops for middle class folks. ( Teachers, Nurses, Cops, Fireman, small business owners, Con Ed workers, Verizon workers, and construction people.)
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