Terrible news my friends: They have built so many new apartments in beautiful Brooklyn that rents might not go up as fast as they usually did. Uh oh, darn it, shoot!
The New York Times, a newspaper that lives in Manhattan, today presents the terrifying prospect of a Downtown Brooklyn that has sprouted so many new high-rise rental towers that thousands of new housing units will be added to the housing supply of an area that has been rendered extremely unaffordable due to a severe housing shortage. Sounds bad right?? Time to panic? Time to perhaps send a consolatory fruit basket to the innocent victims of all this, the developers? These brave builders are now wallowing in absolute demoralizing inhuman desperation.
At 7 DeKalb, a new 23-story tower atop the City Point mall complex, the landlord is offering two months of free rent with a 14-month lease, and use of the building’s fitness center and other amenities for a year without charge. That means a one-bedroom, one-bathroom place can be had for $3,428 a month; a two-bedroom, two-bath apartment goes for $5,057...
Developers and consultants are not predicting that rents will plunge, but they do expect them to stagnate and perhaps ease in the short term.
I would love to read this story from the “angle” of one of the two and a half million people who are the consumers of Brooklyn apartments, but the New York City media has not yet sufficiently developed to encompass such an arcane point of view.