Loading ...If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
One of the big largest challenges facing our city that will have to be taken seriously sometime within the next decade is the unchecked rise of housing costs in NYC. While rents continue to be through the roof, there are people that would argue that the way to fix high rent is to do away with rent control. I’m no real estate expert but that doesn’t seem to make much sense to me.
Still there is a group young, growing, professionals who want to look to the future to buy, not rent a home they can raise a family in, and this group is being pushed farther and farther from NYC.
“In 1977, I bought my co-op for $45,000 and still live there,” she said. “The same apartment in our Bay Ridge building is selling for $450,000 today. Our future as a city depends on attracting and keeping young talent and nothing is more important to achieving that objective than access to homeownership.”
That’s in Bay Ridge! That’s as far away as you can get from Manhattan and not be in Staten Island. I think there has to be someone that can put together a chart charting the differences between normal inflation, average income, cost of living and NYC real estate over the past 20 years. I have the feeling that at least one of those would be decidedly unbalance.
The high price of unchecked housing costs [Daily News]
—admin
Subscribe to Metadish using an 
Post a Comment