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The average rent price is NOT (significantly) going down in places with increasing density from new construction; Inwood, Hell's Kitchen, Chelsea, etc. Any recent price drops are due to oversupply of luxury units on the high end. These areas are not getting any more affordable for the middle or lower class. Greenwich Village could probably sell out all those 80 story apartments with studios starting at $2,700 p/month.
The average rent prices might not go down in those neighborhoods but they will certainly go down in many other parts of the city, which will then bring down the average rent prices of the city as a whole.
Many posters here have hit the nail in the head. It is government interference (zoning, rent regulations, affordable housing, unions, etc.) which artificially creates higher costs to do anything including building new units, limited supply and high demand.
all of them ... any non evicting co-op has stabilized tenants . any tenant that did not buy their apartment remains stabilized .
don't forget it is the apartments that may be stabilized , not the building .. our building has stabilized apartments in bay terrace and it never was a co-op , it was a pure rental from day 1 . our building in manhattan at 200 central park south was converted to co-op in the 1980's but original tenants are stabilized if they did not buy .
any sponsor owned apartments that are unsold remain stabilized until the tenant is out .
Last edited by mathjak107; 01-24-2019 at 01:56 AM..
Everything is going down once the babyboomers start to die off. I read an interesting article in The Economist on it.
ha ha ha ,, we have been hearing about the baby boomer sell off in stocks for a decade as stocks get sold and spent down . it has been found to have no merit .
t when boomers die the investments just pass to their kids .
The average rent prices might not go down in those neighborhoods but they will certainly go down in many other parts of the city, which will then bring down the average rent prices of the city as a whole.
Many posters here have hit the nail in the head. It is government interference (zoning, rent regulations, affordable housing, unions, etc.) which artificially creates higher costs to do anything including building new units, limited supply and high demand.
Except the ROI is in selling luxury. Nobody wants to built housing for the middle class unless the government is subsidizing the costs. No serious developer wants to pave over Greenwich Village and stab themselves in the foot with lower housing costs.
Except the ROI is in selling luxury. Nobody wants to built housing for the middle class unless the government is subsidizing the costs. No serious developer wants to pave over Greenwich Village and stab themselves in the foot with lower housing costs.
There's plenty of "middle class" housing being built in the boroughs. And really, luxury is just a way for developers to sell higher priced units because the cost to build in Manhattan is so high, which gets back to what I said in my previous post, NYC government interference and high demand is the cause for that.
There's plenty of "middle class" housing being built in the boroughs. And really, luxury is just a way for developers to sell higher priced units because the cost to build in Manhattan is so high, which gets back to what I said in my previous post, NYC government interference and high demand is the cause for that.
Our building in bay terrace always has apartments for rent . Most of the apartments are stabilized . A two bedroom is about 2300 and 150-190 for a parking spot ... we have an optional pool club and tennis courts...
There's plenty of "middle class" housing being built in the boroughs. And really, luxury is just a way for developers to sell higher priced units because the cost to build in Manhattan is so high, which gets back to what I said in my previous post, NYC government interference and high demand is the cause for that.
Show me these middle class housing projects and I bet the word 'luxury' is liberally used in advertising. I'm also betting rental costs of the new construction units are higher than surrounding old housing stock. I'm talking about market rate housing, not subsidized affordable housing stock.
Show me these middle class housing projects and I bet the word 'luxury' is liberally used in advertising. I'm also betting rental costs of the new construction units are higher than surrounding old housing stock. I'm talking about market rate housing, not subsidized affordable housing stock.
I am talking about market rate. It doesn't matter if they advertise as luxury. The new, market rate units in places in various parts of southern Brooklyn, not close in Queens, SI and Bronx do not cost millions. They are usually in the $250 to $800 K range. While this may sound high, this is cheap and still relatively affordable to middle class compared to $1 million new units to start in Manhattan.
I myself bought a brand new 1 bedroom for $260K on Kings Highway in the Madison part of Brooklyn a couple of years ago (2013 to be exact) that I am renting out for $1800 month. I have relatives that just bought (last year) a brand new "luxury" 2 BD on Ave M in Midwood for around $700K.
THESE WERE MARKET RATE UNITS, NOT SUBSIDIZED IN ANYWAY.
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