Friday, October 18, 2013

NYC Residential Building Boom - But For Who?

Building boom 2013
Serious question.  Who can afford to buy all these $1M+ condos?  Where are the buyers coming from?

I do worry that Bloomberg's legacy will be a hollowing out of the middle class in NYC.
"However, the Building Congress report notes that last year New York City produced only 11,000 new housing units from $5.3 billion in residential construction because of the shift in the market to the Extell- and Vornado-type projects. In 2008, the city gained 33,000 units from almost the same amount of money, $5.8 billion."
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Shared from the Digg iPhone app

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