Report: Rents Rose, But So Did Poverty
In many of the neighborhoods targeted by the de Blasio administration for a rezoning, rising levels of rent are occurring simultaneous to increases in poverty in certain census tracts—creating a complicated picture, where the threats of gentrification are felt equally alongside the pains of deprivation. According to the report, released in conjunction with the 2016 State of New York City Housing and Neighborhoods Report, in the 2011-2015 span, 20.6 percent of New Yorkers live
East Harlem Rezoning could be boon for landlords
The city’s bid to rezone a large chunk of Harlem will increase the development potential of at least 50 properties owned by a motley collection of landlords—some of whom may be less than deserving of a big payday. A Manhattan community board is set to weigh in this month on the East Harlem rezoning plan, which will boost the allowable size of buildings along certain corridors of a 96-block area. The change could create as many as 3,500 new apartments if the City Council signs
Influx of high-priced rentals has pushed Manhattan’s median price up
May’s rental transactions of $15,000 or higher more than doubled compared to last year. An influx of new development rentals, and a large number of new leases signed over $15,000, pushed median rental prices up in Manhattan this May according to Douglas Elliman’s monthly market report tracking rental prices in the borough as well as Brooklyn and Queens. In Manhattan, May’s median rental price increased 2.2 percent from last year to $3,475, while the average rental price rose
