4 ms·
Because I grew up in Brooklyn and Queens and saw what all of the new development did to the demand. The street that my grandmother used to rent an apartment for
by m_ke 4y ago
Because I grew up in Brooklyn and Queens and saw what all of the new development did to the demand. The street that my grandmother used to rent an apartment for in the early 2000s for under $1k/month now only has units that go for $5K/month.
Here's greenpoint as an example: https://www.zumper.com/rent-research/new-york-ny/greenpoint https://www.zumper.com/rent-research/new-york-ny/greenpoint. Same goes for LIC.
- pgodzin 4y agoMaybe because Greenpoint and LIC became a lot more in-demand in those 20 years and development followed the demand?
- m_ke 4y agoYou have that backwards. Bloomberg rezoned the queens and brooklyn waterfront for his real estate investor buddies, which gentrified the shit out of these neighborhoods and brought in a ton of people that would have never dared to cross the east river.
- pgodzin 4y agoSo they allowed housing to be built to meet the demand of living on the waterfront.
- truffdog 4y agoAs a Californian, if the demand is there, it will eventually bid up trash fire apartments to 2k a month, even if they're still colocated with violence and bad schools, you don't need to induce any demand with development.