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It will bring supply up, and that will be downwards driving force on RE prices. Of course it depends on many factors too. But the law is the law.
Although removing criminals from a neighborhood ultimately makes the neighborhood more desirable. People who choose to inconvenience themselves by accepting further commutes because that don't want to live among such overcrowded conditions and send their kids to Spanish speaking public schools may soon have an option to live closer to work.
If you've ever been to those areas in central queens its obvious that the only reason why the homes there can sell for close to a mil is because there's like 30+ people living in illegally partition houses each paying like $200 bucks a month for rent. Absent the illegals you'd need hords of hipsters again living in illegally partitioned homes to support the real estate values. The problem with depending on non-illegals to support the illegal rental income is that all it takes is a call to 311 and that's the end of it.
I've been saying for a long time that immigration (regardless of legality) plays a bigger role in NY's real estate dynamics than most people think. The ability for 4-6 wage earners to share a apartment is why areas far outside the gentrification hot zone are still more expensive than in other cities. Just 4 dudes throwing in 400-500/mo sharing a one bedroom means you have areas with no "hipsters" still netting 1500-2000/mo rents. It's not talked about because it's not PC, but it's a big part of the housing affordability issue.
Guys, there's rumors going around that ICE agents are going into stores, locking the doors, asking everyone inside for IDs and detaining anyone who doesn't have one on them. Can anyone confirm this???
^ That argument is just the same as the chicken or the egg, which came first?
If NYC housing wasn't expensive, then those 4 dudes wouldn't need to resort to sharing a bedroom now would they?
This was done in the 80s, when NYC housing wasn't that expensive and it pushed housing prices higher and living standards lower. If the occupancy laws were strictly enforced NYC would be a very different city.
Guys, there's rumors going around that ICE agents are going into stores, locking the doors, asking everyone inside for IDs and detaining anyone who doesn't have one on them. Can anyone confirm this???
Guys, there's rumors going around that ICE agents are going into stores, locking the doors, asking everyone inside for IDs and detaining anyone who doesn't have one on them. Can anyone confirm this???
Guys, there's rumors going around that ICE agents are going into stores, locking the doors, asking everyone inside for IDs and detaining anyone who doesn't have one on them. Can anyone confirm this???
LOL! Taking back this country one day at a time from illegals.
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ICE Raids Brooklyn
