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Is it a rental or you own it? If you own it, it might be to your benefit.
Own it. Yes and no, Home values will keep climbing but since it's our primary home selling it would mean we would have to move to a less expensive/further out neighborhood or move out of state, which we have zero plans to do (not a big fan of Florida). Plus there's the added hassle of constant construction in the area, crowded trains and all the changes, plus property taxes will eventually jump up.
Own it. Yes and no, Home values will keep climbing but since it's our primary home selling it would mean we would have to move to a less expensive/further out neighborhood or move out of state, which we have zero plans to do (not a big fan of Florida). Plus there's the added hassle of constant construction in the area, crowded trains and all the changes, plus property taxes will eventually jump up.
On a long term base, it's better for families to have assets worth money. One day your kids or grandkids will be able to sell the house for a lot of money and reinvest that money elsewhere if need be.
Property taxes fund local schools. More money comes in means you get better grocery stores.
The development of office buildings in downtown Brooklyn, Williamsburg, etc means that East New York is no longer so far from job centers. It was a neighborhood where poor Black people were dumped in housing projects on in buildings that took Section 8 precisely because it was far from economic activity.
"Take Charles Pastore, whose new LCC Bluefish NYC bought a property in East New York a few weeks ago. His listing on Streeteasy advertises a two-bedroom apartment for $1,800 a month, but tenants must have an annual income of at least $72,000.
"I've been following the De Blasio rezoning carefully," says Pastore, who said this is his first property purchase in East New York. "When the people come, the retail follows and that's when you start to establish a real market. "
It used to be there would be maybe one or two ENY listings on streeteasy, times have changed.
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