Thursday, August 04, 2005

Just in Time for "Rent," the Movie

In case you missed it, either in today’s Times or on your block, the city is experiencing a housing boom not seen since the 1970s. I had a previous post tabulating much of the new large-scale developments being erected around New York. Now comes the small/medium scale housing tabulation: “From Bensonhurst to Morrisania to Flushing, new homes are going up faster now than they have in more than 30 years,” reports Jennifer Steinhauer. Some real estate experts are predicting a rental housing crisis in the next five years, but a competing theory disputes that. Housing is housing, and the more that’s built, the more opportunity for filtering there is, i.e. people filter up as the housing supply improves, leaving less desirable housing available for those just entering the rental market. This is a concept worth exploring in greater detail, but I’m on deadline at the moment. More later. (I took this not-terribly-relevant photo on St. Marks Place.)