East New York: The next frontier?
Andrew Rice of New York Mag has a must read article on the rush to develop in East New York. NYC’s continuing economic renewal has created an opportunity for new housing. Everyone wants a piece. The race for new luxury and affordable housing has begun.
East New York was once considered too crime ridden and not economically feasible for a housing boom. With NYC’s continuing urban renaissance, Rice’s article describes why real estate interests and the City want to develop housing here.
The area is ripe for change. Critics would say gentrification. East New York has a good transportation hub. There are a number of abandoned and dilapidated properties ready for development and renovation. Don’t we need to produce more housing in a city with low inventory and high demand?
As East New York changes, potential buyers and homeowners would be wise to invest now. East New York has had a history of foreclosures. There are many distressed properties. As a result, the poorest New Yorkers have lost or are threatened with losing their homes.
One major concern is what the changing area will mean for the poorest of New Yorkers and the middle class. Will we see, as the article refers to “the wave” of a changing real estate market hit East New York? Will the price of renting and buying here skyrocket? Can the Mayor develop enough affordable housing here and for whom?
With little new land left to develop, the Mayor has to succeed here. As the article states you can’t you can’t go further east in NYC.
We can’t forget the human story here. Sure, it can be a very positive scenario for first time homebuyers and developers. It will probably be a wise investment.
What will happen to the poorest New Yorkers and the working class?
More on the changing landscape of NYC and real estate in Rice’s article:
Photo Credit: Built for WWII veterans, the largely vacant Arlington Village is a target of redevelopment plans—if its landlord can be persuaded to sell. Photo: Christopher Anderson