Monday Linkage

A couple of weeks back I argued that rents on fair-market units are about to spike. I think the 5th article (i.e., the one on affordable housing) is sort of echoing this point. Here are some excerpts from that article.
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“The vacancy rate in Manhattan hit a razor thin 0.75% in March, according to the most recent data compiled by brokerage firm Citi Habitats.

The average rent for a one-bedroom apartment was $2,516, up 9% from last year.”

“Rental apartments have grown scarce as a number of rental buildings are being converted to condos. And many of those plush residential developments going up around the city are being built as condos — not rentals.”

“At the same time the demand for rentals is mounting, with many would-be co-op and condo buyers waiting on the sidelines for prices to drop.

“With all the ‘bubble talk,’ people want to wait and see,” said Gary Malin, Citi Habitat’s chief operating officer.”

I live in the area and I do not consider it a “crummy deal”. I plan to say in the neighborhood and welcome the changes that the project will bring.

The NYT article on the Atlantic Yards really shows what a good deal many owners and tenants got when negotiating with Ratner. Plus, the stipulation that people can say only positive things about the project was waived for the article, so honesty prevails here. All in all, people got a pretty good deal.