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So the investors are buying a completely market rate complex in order to convert it to an "affordable housing" complex ?
Obviously there is more money to be made in the "affordable" ( subsidized,abated) market than in the regular market rate real estate market.
This tells you everything you need to know about all the shenanigans that go on with the NYC housing market and tells you all you need to know about who actually benefits from the whole "affordable Housing" charade. Hint: It's not the tenants/renters and it's not the taxpayers.
So the investors are buying a completely market rate complex in order to convert it to an "affordable housing" complex ?
Obviously there is more money to be made in the "affordable" ( subsidized,abated) market than in the regular market rate real estate market.
This tells you everything you need to know about all the shenanigans that go on with the NYC housing market and tells you all you need to know about who actually benefits from the whole "affordable Housing" charade. Hint: It's not the tenants/renters and it's not the taxpayers.
Affordable housing is big business.
Agree, I have mentioned this several times.
For this reason I am quite skeptical about the extent of "gentrification" that will be accomplished in certain areas.
All of this babble about "ghetto people" being priced out ...
FWIW that place isn't worth market rate for the area - for those of you that are not familiar with the complex. They're better off demoing the whole thing and re-building.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
For this reason I am quite skeptical about the extent of "gentrification" that will be accomplished in certain areas.
All of this babble about "ghetto people" being priced out ...
It is not babble. Formerly ghetto areas were anywhere north of 96 ST East and West. The LES. All of the southern Bronx, and a lot of Brooklyn like parts of Clinton Hill, and Bed-Stuy, and Bushwick. I also see that I should have bought a house in certain parts of Jamaica Queens 5 years ago.
In the areas futher out more "affordable" housing will be built or renovated. The areas further out with more private homes will be kept for the working homeowners or maybe not since nicer ones are past the 1/2 million mark. That could mean foreclosure disaster for regular working people.
In the areas futher out more "affordable" housing will be built or renovated. The areas further out with more private homes will be kept for the working homeowners or maybe not since nicer ones are past the 1/2 million mark. That could mean foreclosure disaster for regular working people.
Regular working people are not what people usually mean by ghetto people.
The working people probably will be priced out - that's the thing. Just not the very low income people, or not as many. Beneficiaries of the new social service housing industry.
FWIW that place isn't worth market rate for the area - for those of you that are not familiar with the complex. They're better off demoing the whole thing and re-building.
I just posted about this article. Pretty sure the idea is to demo everything and build up, it's a huge site and will probably fan the speculation flames. This will probably put pressure on the city to get on finalizing the rezoning, we just have to wait for the local Pols to get their beaks wet first before it'll be finalized.
It is not babble. Formerly ghetto areas were anywhere north of 96 ST East and West. The LES. All of the southern Bronx, and a lot of Brooklyn like parts of Clinton Hill, and Bed-Stuy, and Bushwick. I also see that I should have bought a house in certain parts of Jamaica Queens 5 years ago.
In the areas futher out more "affordable" housing will be built or renovated. The areas further out with more private homes will be kept for the working homeowners or maybe not since nicer ones are past the 1/2 million mark. That could mean foreclosure disaster for regular working people.
It's happening as we speak. Many of us won't be able to live in NYC in the next ten years with incomes like 40k. You need 100k to survive here.
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