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“Manhattan land prices no longer make sense for rental development, so virtually all future rental development will be in the boroughs,” HWE Managing Director Daniel Parker said. “Bronx market rents have started to reach a level where developers can make sense of new development. I see a bright future for market-rate housing in the Bronx.”
It’s odd they state a median household income of $90k when I believe it’s actually only $63k for nyc overall.
No, what they said was the following:
A family of four on the median New York City salary of $90K has around $2,250 per month to spend on an apartment.
IIRC the median household income and the family income isn't the same. The median household income is calculated slightly differently, just as the per capita income is. The per capita income in NYC (as a whole) I believe is still under $40,000 overall, so when we talk about the median income here of $62k it's for usually something like a two person household. That's why a single person making $50k isn't that bad because it is more than the average per capita income.
They haven't gotten that bold in my area yet. I always see them coming down 161 in coach busses and sprinter vans doing tours, but that open rooftop Manhattan bus is in your face. They basically showing off all the new buildings they built up from 161st on park ave following the BX6 route all the way to 163rd on third avenue.
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