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"Homecrest is a neighborhood with a diverse population of more than 61,000 residents that
reflects its various waves of demographic shifts. The racial makeup of the neighborhood is
predominantly white (52%) and Asian (28%), with 7% African American residents, and 11%
Hispanic or Latinx residents. 51% of the population is foreign born and 63% of the population
speak a language other than English at home, with 21% speaking Russian, Polish, or other Slavic languages and 22% speaking Chinese, including Mandarin and Cantonese."
Chinese carrying southern Brooklyn property values as usual lmao. My take on this is that the buying has probably peaked. Going to need a new wave of Chinese immigrants to continue propping these values. I do believe that Chinese millennials who are American born are looking deep into Queens and Long Island because unlike their parents they don't really need to be in an Asian enclave. If you want to speculate real estate a good investment idea would be to follow wherever these affluent Chinese are moving to because they are not staying in southern Brooklyn that's for sure and those who are staying are probably still living with their parents.
"In 2019, there were an estimated 186,959 people in Bensonhurst, of which 41.0% of the population identified as Asian, 1.1% identified as Black, 16.0% identified as Hispanic, and 38.4% identified as white."
Chinese carrying southern Brooklyn property values as usual lmao. My take on this is that the buying has probably peaked. Going to need a new wave of Chinese immigrants to continue propping these values. I do believe that Chinese millennials who are American born are looking deep into Queens and Long Island because unlike their parents they don't really need to be in an Asian enclave. If you want to speculate real estate a good investment idea would be to follow wherever these affluent Chinese are moving to because they are not staying in southern Brooklyn that's for sure and those who are staying are probably still living with their parents.
Not only Chinese carrying property values. Plenty of other immigrant/ethnic groups as well. The buying hasn't peaked because with each passing year, supply gets tighter and tighter.
Second generation immigrants moving away from NYC is nothing new. That's usually how it's worked for every ethnic group.
Many move away because they are priced out and that is primarily because supply of new housing is not keeping up with demand. In NYC, supply is constrained by NYC zoning.
NYC shoots itself in the foot because many parts of the outerboroughs with subway access like these parts of Southern Brooklyn can be a lot more denser than it is currently allowed to be. For instance, along all the subway lines (R, N, Q, F lines), many of the new developments are limited to about 4-8 stories even on wide streets. Just doubling that can create a lot more inventory and drive prices down.
Many move away because they are priced out and that is primarily because supply of new housing is not keeping up with demand. In NYC, supply is constrained by NYC zoning.
NYC shoots itself in the foot because many parts of the outerboroughs with subway access like these parts of Southern Brooklyn can be a lot more denser than it is currently allowed to be. For instance, along all the subway lines (R, N, Q, F lines), many of the new developments are limited to about 4-8 stories even on wide streets. Just doubling that can create a lot more inventory and drive prices down.
There's a reason more density isn't allowed. It would upend the entire NYC RE sector. The game is predicated on supply not keeping up with demand. By far, the largest portion of NYC tax receipts are property taxes + mortgage/transfer fees.
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