More Manhattan-ites relocating to The Bronx (Morris, Washington Heights: real estate, apartments, income)

[SeventhFloor]

Curbed: Bronx Winning Battle for Manhattan's Castoffs?

[Guywithacause]

Interesting post..but lets put things in perspective. Although it is true that Manhattan residents are moving in greater numbers to the Bronx versus everyother borough, the reality is that the bulk of the Manhattan residents during this time moving to the Bronx are people of color seeking affordable housing, where as the bulk moving to Brooklyn are the sterotypical Manhattanites (white/hipsters, etc).

However, there is generally a mixed bag NOW of people moving to the Bronx in my experience. Whereas people of color were leading the way out of Manhattan (and most other boroughs) to the Bronx for more affordable housing/cost of living, there is now a growing share of the white/Hipster/stereotypical Manhattan residents seeking more space, cheaper rents, AND proximity to the city, with areas like Mott Haven, Melrose, and Yankee Stadium area soaking them in.

I have seen the changes firsthand, as in the last few months I have noticed far more white faces than I have in the past 5 years total!

[SuperMario]

Washington Heights to Bronx is a main reason why.

[mead]

Yeah a lot of buildings are being bought up in Northern Manhattan by investment companies who rehab the apartments and jack up the rent.

The same thing is actually going on in the Bronx, but the rent increases are to a much smaller degree.

EDIT: Here's a link, Tenants say rent-regulated apartments threatened by investment firms

[Guywithacause]

Although I think buying up apt building just to jack up rents to make good returns for investors is wrong (but nonetheless the American way..take it or leave it), I think when you actually LOOK at what is occuring in places like the Bronx...the term "jacking up" is hype and not reality.

The reality is...when these funds/investors take over the buildings, the buildings are typically in bad condition. The investors plunk down ALOT of money to buy and rehab these buildings...so yes they should increase the rents. BUT the reality is that the residents are paying such paultry rents...like $400 for a 3 bedroom apt, and most everyone is on some sort of government subsidy (Section 8), so whether the rent is $500 or $1,500, the government pays the majority and the tenant pays a TINY portion, like $200 a month.

What is the net effect? Residents who are market rate, instead of paying $400, they now pay $600...I would not qualify that as "jacking up" anything, and they are still paying an ABYSMALLY low rent that does not cover basic operating expenses..yet they will still complain. Furthermore, those on government assistance continue to pay the tiny portion..so although the face rent changes, the rent they actually pay remains a miniscule portion.

So what is the alternative? Well we can have the buildings continue to rot, with tenants paying ridiculously low rents in NYC no less, and they will complain about the horrible condition. Or, people, companies, investors, whoever can buy these building, fix them, and raise the rents MINIMALLY, which is the reality of what they are doing in the Bronx, with Tenants STILL paying abysmally low rents, and Tenant's STILL complain and make ignorant statements about being pushed out and white people trying to get rid of them

What did we learn? Tenant's will complain no matter what. I am glad ANYONE is buying these buildings and fixing them FINALLY. Yes rent will go up, MINIMALLY, but what is the alternative? Continuing a welfare state where tenant's live in horrible conditions, or improving the housing stock and having tenant's pay their fare share for better conditions? I think the decision is clear..which is why buildings are being bought up all over the place in the Bronx in particular.

[cyrusjul]

Originally Posted by SuperMario

Washington Heights to Bronx is a main reason why.

I don't think that is the main reason why. It seems like Riverdale might top the cake, and I am sure most of them aren't Dominicans. Also seems like alot of 'native' people are actually moving out.

More exiting Bronx than moving here

According to the IRS data, around 85,000 people moved to the Bronx between 2000 and 2006. Most of those were concentrated in the neighborhoods of Kingsbridge, Riverdale, Crotona and Belmont. In turn, 125,000 people left the borough. The neighborhoods of University Heights and Parkchester lost residents. The foreign-born population has been rising exponentially in the Bronx since 1970s and it was 31 percent of the population in 2006. Dominicans, Chinese and Jamaicans are the top three immigrant groups.

Real estate prices in the Bronx are substantially cheaper than those in Manhattan. The average price per square feet is only $224 in the Bronx compared to $1,344 in Manhattan, according to the real estate Web site Trulia.com. The average price of a one-bedroom apartment in the Bronx is around $188,000, while the price of a similar space in Manhattan stands at a whooping $915,000.

http://www.bronxbeat.org/cs/ContentS...te=Bronxbeat08

[cyrusjul]

Where exactly is Crotona in the Bronx? What neighborhoods surround it?

[Freak]

Dominicans, Chinese and Jamaicans are the top three immigrant groups.

Chinese in the Bronx? Did this phenomenon happen overnight or something?

[mead]

Yeah I'm highly doubting that there are a large number of Chinese moving to the Bronx. I haven't seen it. Most Asians like Queens or Brooklyn because the public schools are usually MUCH better than here in the Bronx.

The people moving to Riverdale are generally Orthodox Jews, that has been the trend for many years now. They like living in the city but want more room in a neighborhood that still has a lot Jewish amenities, therefore they pick Riverdale.

With Kingsbridge a lot of Dominicans live there, and even more are moving there. Belmont has seen a lot of Mexicans move in, but there's a good mix.

I think the general trend in the bronx is that middle-income people from Northern Manhattan are getting priced out of their neighborhoods in Manhattan and are looking for the cheaper rents that are available in the Bronx. This in turn is pricing out a lot of the lower-income people living in the Bronx who seem to be moving out of the area.

[SuperMario]

Originally Posted by cyrusjul

Where exactly is Crotona in the Bronx? What neighborhoods surround it?

Awful neighborhoods.

It's by East Tremont, West Farms, Morrisania

Those areas of the central Bronx.