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the place is still the hood - the most ghetto renters are going to be priced out within a few years, but the projects (and there are many) aren't going anyyyyyyyyyyywhere. These new home owners are sitting ducks
The housing projects might not be the same. For starters their rents are going up, and in two years sequestration means another 10 to 11% cut in funds NYCHA gets from the federal government. The city may replace people on programs in the housing projects with people who are working class. Particularly in hot areas.
I feel that a lot of people here are living in the past. It's not that easy to get welfare these days. This isn't the 80s.
The housing projects might not be the same. For starters their rents are going up, and in two years sequestration means another 10 to 11% cut in funds NYCHA gets from the federal government. The city may replace people on programs in the housing projects with people who are working class. Particularly in hot areas.
I feel that a lot of people here are living in the past. It's not that easy to get welfare these days. This isn't the 80s.
Two deals earlier this year in Bedstuy closed for 2.25 million. Both properties were purchased for $770,000 or so.
Many of these brownstones have backyards.
"As prices rise in Brooklyn, brokers in Bedford-Stuyvesant have been breaking sales records left and right since March. In a sign of how hot the neighborhood’s become, nine of Bed-Stuy’s top 15 residential sales in the past five years are from 2014, according to data from Property Shark. Meanwhile, the median sales price during the second quarter rose to $630,000, up from $425,000 in the second quarter of 2013. In June of this year, the median asking price was even higher, according to StreetEasy data: $895,000, a 50.4 percent increase from June 2013. - See more at: http://therealdeal.com/blog/2014/08/05/bed-stuys-1-5m-plus-club/#sthash.s5qGvEeP.dpuf"
I think the neighborhood will be really nice in about 10 years or so. The investors are pushing out the Section 8 crowd, so the neighborhood is in transition.
I think the neighborhood will be really nice in about 10 years or so. The investors are pushing out the Section 8 crowd, so the neighborhood is in transition.
Are they still taking Section 8 these days, and if so where?
The investors are pushing out the Section 8 crowd, so the neighborhood is in transition.
Like I said, the people in the projects aren't going anywhere, they are rent-protected. Hopefully as businesses move in there's more jobs for these people and they raise their standard of living so that the problem kids aren't problem kids anymore 10 years from now
Agreed. I would much rather buy a brownstone in Park Slope. At least that area is safe.
Edit: ment to quote hhp3333 first post.
You can't buy a brownstone in Park Slope for that price, that's the point. It's a point that no mater how hard some people try to reiterate, the naysayers will still babble on about how retched and horrible Bed Stuy is, how it's so ghetto, etc. The naysayers will continue to whine while the "gentrifiers" will continue to buy and in 15 years you'll have a whole lot of whiners with their feet in their mouths.
I urge anyone curious about the hype (both the naysayers and proponents) to check out the Brownstone tour on Oct 18th. It's fantastic. You not only get a sense of the neighborhood and different parts but you get to see INSIDE these brownstones. Maybe then you'll understand why people line up for open houses and why a well appointed or nicely renovated brownstone asks and gets over $2 mil.
Like I said, the people in the projects aren't going anywhere, they are rent-protected. Hopefully as businesses move in there's more jobs for these people and they raise their standard of living so that the problem kids aren't problem kids anymore 10 years from now
That may change though. The city needs massive funding to rehab tons of housing projects, and who knows where that money will come from. It would be great if they pulled a Chicago and tore all of them down, and gave folks one way bus tickets to cheaper areas, this way they could live somewhere that they actually could afford without depending on the "gubment" (aka handouts), and the city could use that money for more important issues. A win win for everyone.
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