Rising Housing Costs Threaten Longtime Residents in Brownstone Brooklyn

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Last year was a watershed year for housing costs in Brooklyn. Reports of increased housing costs just keep on coming. Sales prices for all kinds of housing jumped more than 13 percent in brownstone and North Brooklyn in 2013, according to a data released by real estate firm Ideal Properties Group.

Rents have also soared, particularly in Bed Stuy and Bushwick, where they increased more than 15 percent in 2013, reported The New York Daily News based on info from real estate firm MNS. Average rent for a one-bedroom in Bed Stuy is now $1,835 a month. In Bushwick, it’s $2,099. Longtime residents are being priced out, said the story.

FWIW, we know of at least two buildings in Bed Stuy that were emptied of longtime tenants seemingly overnight, renovated over a few months, and then rented out in a matter of days to young, mostly white tenants.

A report out by the city’s Economic Development Corporation attributed an 8 percent jump in property values along the waterfront to the launch of the East River Ferry service, reported The New York Post.

 

9 Comment

  • Ball Don’t Lie, Son

  • The real threat is with long term buyers/holders. This is an “all cash” flipper jenga. A catastrophic stock market crash, and the revelation that “all cash” is mostly debt, will soon end it. 75% off.

  • LoL “SMASH” SUV Club decal in window.

  • Not disagreeing with what you’ve written, but ironically the house you have pictured was not a flip, the previous tenants were given all the time they needed so that they could find a similar housing situation, house is owner occupied and the new family is not all white. Just sayin’… ;)

  • It is not only long term tenants that are being pushed out. Long time owners, especially senior citizens are being hounded, harassed, bullied to sell. Not just the mailings of “we can buy your house all cash” that every property owner gets, but in many areas a relentless knocking on the door campaign. They target people pretending to be young potential owner occupants “looking for our first home to raise a family”, plying on the emotional scripts…just to be fronts for speculators flipping.
    To many of these long term owner occupants they feel hounded even scared as to what will happen if they do not move, they are made to feel that they no longer “belong” in their own home.
    Along with the long time owner occupants their long term tenants are put out as well.
    People get frustrated with flyers and menus clogging up their front doors, just imagine what it feels like to have relentless parade of people at your door suggesting that you sell, that you move out, “see more money than you have seen in your life”.
    I know many people that are scared to answer their doors, not from possible burglars…but house hunters!
    This harassment has got to stop.