Brooklyn, which is a dump, is now too expensive for people to live in



For many years people who wanted to live in New York wanted to live in Manhattan, or at least parts of Manhattan. People who couldn't afford it lived in Brooklyn, which is kind of a dump--old, broken down buildings, a long commute to Manhattan, and crime, lots of crime. But now demand for housing in Manhattan has pushed so many people to dumpy Brooklyn that people are even getting priced out of dumpy Brooklyn!

By many measures, Jeff Huston and his wife, Lisa Medvedik-Huston, arrived late to Williamsburg, Brooklyn.

--She can't decide what her last name is. Ha!

And last year, when they were ready to buy, the couple quickly realized they had been priced out. “I can’t tell you how many listings said, ‘cash only,’ ” said Mr. Huston, whose real estate search included everything from $500,000 apartments to $900,000 fixer-upper rowhouses and took him from Williamsburg to Bedford-Stuyvesant. “That was a wake-up call.” And so the Hustons bid farewell to Brooklyn. In October, they spent $550,000 on a 2,000-square-foot loft in a converted suitcase factory in Jersey City Heights, a section of Jersey City that overlooks Hoboken. “We weren’t sure there was anyone like us in the neighborhood,” he said. Then a Brooklyn-style coffee shop arrived. “The line down the street was all people like us.

--White people! What a relief it must have been for these liberal minded New Yorkers!

But a combination of scarce listings, high demand and rapid-fire gentrification has sent prices soaring in the northwest quadrant, from Red Hook to Greenpoint along the waterfront and inland to Gowanus and Park Slope South. In the second quarter of 2014, 107 sales priced above $2 million took place, more than any other prior quarter, according to the Corcoran Group. Those deals included a $10.625 million townhouse on Willow Street in Brooklyn Heights, a $5 million loft in a shoe polish factory turned luxury condo building in Williamsburg, and a $3.15 million condo in Dumbo, to name a few.

--Curiously, rent control is not listed as a factor. Neither are very strict zoning restrictions that prevent new building. It is liberal policies that is driving up rents, but the article, from the NY Times, of course, couldn't mention that.

The tendency is to move the search deeper into Brooklyn before looking elsewhere.

--Which means even more crime ridden slums. Good for liberals, go, please, go!!!!!

(NYTimes)



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