Not to beat a dead horse, but there were several commenters in Friday’s discussion that seemed to feel that the new construction eyesores being slapped up around the borough serve the purpose of providing lower-income people with the benefit of the american dream. Our rebuttal was that these structures actually do the opposite. They are almost without exception poorly constructed and almost without exception extremely ugly. We don’t see how these things have a chance of holding their value over time against the traditional housing stock. Take these two comparably priced houses within a few blocks of each other in Bed Stuy, both of which were posted in the last couple of days on Craigslist. Which owner do you think is more likely to have preserved or built equity 20 years from now? Which owner is more likely to get completely wiped out in a downturn? So much for serving the needs of the needy. These developers are taking the money and running from those least able to afford it.
3 Family New Construction [Craigslist] GMAP
4 Family Brownstone [Craigslist] GMAP