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The most-anticipated presidential candidate, aka Trump The Builder, has now become the official president-elect who will likely enforce deportation/deterrence of illegal immigrants that probably make up 1/10 of the NYC population. Fewer residents, less housing demand, as simple as that. Is it reasonable to expect a decent correction in the NYC RE market soon?
The most-anticipated presidential candidate, aka Trump The Builder, has now become the official president-elect who will likely enforce deportation/deterrence of illegal immigrants that probably make up 1/10 of the NYC population. Fewer residents, less housing demand, as simple as that. Is it reasonable to expect a decent correction in the NYC RE market soon?
Trumponomics has come of age...
I might be right on this. Nyc real estate, but real estate in other liberal urban areas will be hit hard when interest rates go back up. Nyc real estate developers better hope and pray that interest dont go up by 1 percent increase. Another thing is demographics. If the Midwest bounces back, nyc and other liberal cities will see less migrants moving to such places for jobs, compared to what we saw in the past decade under bush/Obama. Such drop in migrants will result in less crowded transit system, decline in rents, an availability of jobs that were once competitive in local markets.
I think in the coming months, developers will probably buy up as much land as possible before Trump is sworn in, or buy up as much land and property before new reinterest rates are set. NYC and NYS real estate lobby will head down to K Street in DC to give Mr. Trump one hell of a kosher breezy if anything so that NY real estate can remain afloat.
Last edited by Bronxguyanese; 11-14-2016 at 08:05 AM..
I might be right on this. Nyc real estate, but real estate in other liberal urban areas will be hit hard when interest rates go back up. Nyc real estate developers better hope and pray that interest dont go up by 1 percent increase. Another thing is demographics. If the Midwest bounces back, nyc and other liberal cities will see less migrants moving to such places for jobs, compared to what we saw in the past decade under bush/Obama. Such drop in migrants will result in less crowded transit system, decline in rents, an availability of jobs that were once competitive in local markets.
I think in the coming months, developers will probably buy up as much land as possible before Trump is sworn in, or buy up as much land and property before new reinterest rates are set. NYC and NYS real estate lobby will head down to K Street in DC to give Mr. Trump one hell of a kosher breezy if anything so that NY real estate can remain afloat.
The MidWest will bounce back. Because it is so hollowed out, real estate is cheap there and already some people had moved to these places to take advantage. All they need is large scale investment from the corporate sector, which the federal government can address with policy changes like tax credits.
The fact that the MidWest and the interior of the country asserted this political power is telling. They will come back. They've already made a political comeback by breaking with the West Coast and the Northeast.
If republicans can make life more affordable than the democrats have, that would be a great thing. If not, I don't see the point of party politics anymore.
If the NYC RE bubble bursts (and this may have already started pre-Trump's election), it's because of local issues and/or government interference.
The government has acted to try and keep "dirty" money out of American, and particularly NYC, real estate. This has had the effect of putting a crimp on demand for super high end condos. Also, developers may have overbuilt highish end rentals, especially in Brooklyn. So prices and rents at the upper end of the market seem to be coming down. But none of this has anything to do with Trump becoming POTUS.
If the NYC RE bubble bursts (and this may have already started pre-Trump's election), it's because of local issues and/or government interference.
The government has acted to try and keep "dirty" money out of American, and particularly NYC, real estate. This has had the effect of putting a crimp on demand for super high end condos. Also, developers may have overbuilt highish end rentals, especially in Brooklyn. So prices and rents at the upper end of the market seem to be coming down. But none of this has anything to do with Trump becoming POTUS.
When undocumented illegals leave NYC in droves in the coming year, you will see a lot of landlords hurt and forced to sell their empty cages.
When undocumented illegals leave NYC in droves in the coming year, you will see a lot of landlords hurt and forced to sell their empty cages.
How do you plan to make illegal immigrants leave? The optics will look bad if it going to go be like the Elian Gonzalez situation.
In addition, people are not factoring the cost of setting up a task force and businesses shutting down because 1/3 of their labor force is being deported and the rest of the US citizens will be out of a job.
When undocumented illegals leave NYC in droves in the coming year, you will see a lot of landlords hurt and forced to sell their empty cages.
I'm not so sure about that. How many Americans from other parts of the country don't move to NYC because rents are too high? For every person that leaves NYC, there's another person waiting to move in.
As long as crime remains low, I don't see the needle moving much.
If the NYC RE bubble bursts (and this may have already started pre-Trump's election), it's because of local issues and/or government interference.
The government has acted to try and keep "dirty" money out of American, and particularly NYC, real estate. This has had the effect of putting a crimp on demand for super high end condos. Also, developers may have overbuilt highish end rentals, especially in Brooklyn. So prices and rents at the upper end of the market seem to be coming down. But none of this has anything to do with Trump becoming POTUS.
Not just in Brooklyn. "Highish" end real estate has gone down in Western Queens as well. Look for the same to happen in Manhattan as all those units come online on the West Side of Manhattan.
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