Streams

The State of New York City's Housing and Neighborhoods

Monday, April 30, 2012

Vicki Been, director of the Furman Center for Real Estate and Urban Policy at NYU, discusses the center's tenth annual State of New York City’s Housing and Neighborhoods report, including findings on diversity, foreclosure rates and property tax distribution.

Comments [11]

Ben Watson from New York

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Jan. 20 2014 04:55 AM
Vern from Harlem

UHAB, the Third Party Transfer program developer, I mentioned has their current portfolio here:

http://www.uhab.coop/homeownership

Because buildings in the program are subjected to a substantial rehabilitation, they only list what's currently available and on the verge of coop conversion. Every few months the listings change as other buildings come online.

At one point there were dozens of non-profit sponsors. HPD trimmed the number to just over a dozen for the most recent round:

http://www.nyc.gov/html/hpd/downloads/pdf/TPT-Sponsor-List-Round-8-9.pdf

Apr. 30 2012 11:31 AM
Lane from NYC

A British report on NPR yesterday said that the richest people in England have had their income increase by 4.7% during the same period that the middle class and poorer got poorer. This same phenomenon exists in America.

Please ask the Ambassador why the rich have gotten so much richer in this period and why he is talking only in terms of the masses accepting a lower standard of living and cut backs? How much more "confidence" do the rich need?

Will they only feel really "confident" when the rest of us live as permanent serfs?

Apr. 30 2012 11:27 AM
Leo from queens

This is all about Speculation and money laundering. What I've been seeing in Queens for the past 10 years is the buying of small propeties at inflated prices, allowing the properties and neighborhoods to blight as the older homes are torn down to build dense, low quality tenements and reselling these at very inflated prices. In all cases, the new higher density tenements are paying lower taxes than 2 family homes; taxes are not being paid and other building tax incentives are being collected from the City while city government and existing neighbors have to carry the burden of covering for additional services and demands on the existing infrastructure.

Apr. 30 2012 11:12 AM
Sheldon from Brooklyn

@ladyjay, I'm not complaining, I live in Crown Heights, believe me I know.

Apr. 30 2012 11:07 AM

The City has been continually trying to re-establish tax bases throughout the city and the main way is via increased home ownership.

@Sheldon - It is gentrification but its also people who want to live in a bigger home but they don't want to pay Ft. Greene and Park Slope prices. Also many sections of Bed-Stuy and Crown Heights have become much safer, and that increases interest in those nabes.

Apr. 30 2012 10:59 AM
Renter from East Village

I think this may be a local manifestation of the national trend where foreclosed homes are being bought up by a big real estate firm with huge financing. They repair the homes and put them on the rental market. The NY Times had an article about it not long ago.What we see are the vulture speculators coming in to cash in on the misery of the people made homeless by the same financiers and banks that profited from the foreclosures. The landlords and speculators money make sure the policies and politicians allow it.

Apr. 30 2012 10:59 AM
Vern from Harlem

Just below is a link listing all the programs sponsored by the City that attempt to convert rental buildings into coops. Usually there is an insider's price ($250 - $2500 depending on the program) and an "affordable" outsider's price, usually a fraction of market rate.
http://www.nyc.gov/html/hpd/html/developers/hpd-owned_rehabilitation.shtml

The City maintains a list of affordable rent lotteries:
http://www.nyc.gov/html/hpd/html/apartment/lotteries.shtml

And here is a listing of some useful resources and tips. You should be ready to do a lot of research and cross referencing here:
http://www.nyc.gov/html/housinginfo/html/apartments/apartment_hunting_tips.shtml

Apr. 30 2012 10:57 AM
Kate from Washington Heights

Hi - just tuning in - can you explain HDFC?

Apr. 30 2012 10:52 AM
andy from manhattan

it seems a huge leap to assume that the purchasers in these neighborhoods are not simply exploiting the foreclosure market, mr lehrer. it seems to me to just signal a new season of gentrification and real estate speculation. i'm not sure i'd call that a silver lining!

Apr. 30 2012 10:51 AM
Sheldon from Brooklyn

Sounds like gentrification to me. Middle class people that have to "move down" a neighborhood to afford a house.

If you can't afford Fort Greene or Park Slope - Bed Stuy and Crown Heights don't look that bad after all.

Apr. 30 2012 10:50 AM

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