Quote:
Originally Posted by mathjak107
This is the first time in 40 years they have offered new tenants a free month on newly renovated apartments.
They also have for rent signs on the building .
Tenants always had to get screened for the criteria the building owners set by a broker ….
Now they opened it up to the public .
Same with our pool ……outsiders can pay by the day
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Main issue right now is what always happens in NYC. *F* ton of new housing goes up then some sort of economic crisis event happens. But this is what you get when lots of rental housing is built or otherwise put on market without clear and strong proof of demand.
Banks learned this over past few similar events which is why they largely sat out pre-covid NYC building boom. For both condos and rentals developers had to go to bond markets (including Israel), and other sources like EB-5 to get investor money. Banks did do some lending, but only to established developers with proven track records and relationships. That and or came in after initial construction financing when a clearer picture of how building would sell/rent.
City poured gas on that fire with various "inclusion" bonuses that allowed developers to build even more units if they added "low income" or "affordable" units.
Thanks to covid suddenly there is a surplus in multi-family housing. It likely won't last long, or so developers hope because many of them are up to their behinds in debt on these projects.
Talk is rents have bottomed out for city and things are beginning to level off. We'll see how that goes by start of 2022.
All this being said things aren't bad as some would have believe.
Yes, many people did pack up and move. But a good amount simply left an apartment in city for another.
For those who earn covid proved a great time to trade up from a small apartment, share situation or whatever to something better. Lots of people moved to Brooklyn taking advantage of the shy* ton of new construction rentals and condos offering good deals.
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