Quote:
Originally Posted by Gantz
Actually, Williamsburg is the perfect counter-example. A lot of it has very restrictive zoning and you can't build much there, so the prices are through the roof.
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Many new buildings were built in Williamsburg, and a number of industrial facilities were converted to housing.
Did prices drop?
No they went through the roof as Williamsburg became a much more popular neighborhood.
No city is going to try to build so much housing they cause a housing collapse because there's nothing in it for the city or for the developers.
With that said, as new apartments (including huge high rises in Chelsea, Williamsburg, Long Island City) etc have been built, the changing look of these neighborhoods made them much more desirable so the DEMAND to live in these neighborhoods GREW BEYOND the housing stock increase. Housing prices are based on SUPPLY and DEMAND.
Co-Ops and Condos in hot neighborhoods have billionaires from Europe and Asia who purchase the properties. You deal with global demand in a city like NYC.
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