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We aren’t short millions of units nationally. We are short millions of units in a few popular cities, while we have surpluses in other less desirable cities and
by seanmcdirmid 3y ago
We aren’t short millions of units nationally. We are short millions of units in a few popular cities, while we have surpluses in other less desirable cities and locations.
High demand in NYC is definitely not high demand in buffalo. But people need to be where the jobs are, and they aren’t in buffalo.
- zbrozek 3y agoRental vacancy in Buffalo is 4.9%. https://www.rate.com/research/buffalo-ny https://www.rate.com/research/buffalo-ny Better than NYC, but still low. For reference, the state defines anything below 5% vacancy as a 'housing emergency'.
- seanmcdirmid 3y agoBuffalo is popular right now because its rents are below national average. It isn't really that buffalo somehow is popular on its own, it is popular because it is cheap. This is completely different from NYC. Keep in mind that Buffalo used to have a lot more housing than it does today, it was more than one million people in 1970, and today, its just 800k or so.
- zbrozek 3y agoThat sounds like we're short millions of units nationally, not just in a few cities.
- seanmcdirmid 3y agoThen please be my guest and volunteer to live in Detroit or Cleveland or Buffalo, rather than NYC, SF, Seattle, LA, etc... Keep in mind that Buffalo used to have more than one million people 50+ years ago, and now only has around 800k.
- seanmcdirmid 3y agoThe above number is for Buffalo's metro area. Buffalo is actually under 300k today and was almost 600k in 1950.