A limited number of neighborhoods. And often they aren’t exactly new per se. But expansions of old buildings, or nearly identical or slightly taller footprint replacements. With combined office space and residential space. Plus a little something happened about 17 years ago that led to a lot of necessary construction. Most of those towers were planned or approved a while ago.
Also remember Manhattan is the the smallest Borough. There’s not a lot of high rises going in anywhere besides Manhattan. Low-rises and row housing/pseudo-brownstones are a lot more common. In terms of the ratio of housing units added or, well, manipulated in the City; the number of high rises going in is apparently dwarfed by shorter construction.
Yeah in Jersey City. Which is not part of NYC. Or the state of NY.
When I left Brooklyn about 5 years ago I was spending $1850 a month for a studio in Bushwick (and Bushwick was really shitty at the time and not yet a trend). And that was cheap Today the average rent for that neighborhood is something like $2200. Think my old apartment rents for ~$2500. A friend who lives down the block from where I did currently pays $3200 a month for a 1 bedroom. And I haven’t seen anything to indicate rents are going down anywhere in the city.
Your link cited a 1.3% drop. That’s minuscule. The same metric fell more than twice that in 2008. It didn’t turn out to be a sustained trend, and the rent increases only accelerated during the prolonged recession. Rent and purchase prices aren’t going down in a real way in NYC, Manhattan especially, without some serious regulatory and urban planning changes.
And as a result Jersey City, Hoboken and the like are increasingly where the middle class people are moving to. Same developers building that stuff. Exact same company puts middle class condos in Hoboken and builds a super luxury coop across the water.
Not without another round of this:
The developers still want to see their investment back.
NY like a lot of large cities has population growth in excess of the number of housing units added. Property values and housing costs will continue to go up as long as that’s true. NY needs to be building a lot more housing. The fact that what units are added, are almost exclusively high value investment properties just exasperates it. Because you’re adding and updating units. But they’re functionally excluded from the housing pool. So you might as well be removing units. It does let DiBlasio brag about adding 50,000 units of housing though.
