Monday, July 7, 2014

More signs of Gentrification in Sunset Park

Jeff Bobula and Caitlin Mennen-Bobula with their son, Ellis, and the family cat.
CreditÁngel Franco/The New York Times

The New York Times recently published an article that typified the ongoing gentrification of Sunset Park proper. I think we can all mostly agree that the Greenwood Heights (so named by realtors) section of the neighborhood has already pretty much reached the peak of it's gentrification stage and is now well saturated with Hipsters and yuppies. The story is interesting in two respects. As rents and property values in the northern part of the neighborhood continue to inch up the pressure is to move further south in search for more reasonable rents and values. The second interesting part of the story is that there is a wave that is moving into the Chinatown section of the nabe providing a competitive pressure for housing and competition with the Chinese population. Nevertheless, despite a rather stagnant economy those who have well paying jobs and the cash to spend are moving ever southward into the neighborhood and the only result can be an upward pressure on rents and property values. For homeowners this necessarily means higher real estate taxes because those taxes are based on valuations. For poorer families it means that affordable rents at their income levels will be harder and harder to find.  You can read the entire article here on the New York Times site..

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