Tuesday, October 28, 2014

More Signs of Gefntrification In Sunset Park, Losing Section 8

DNAinfo/Nikhita Venugopal

The website DNAINFO.com has a piece on the recent decision by E&M  Associates which owns a lot of housing stock in Sunset Park to not renew their section 8 housing contract when it expires. E&M has a total of 24 buildings with 270 units. The decision appears to be purely an economic one as rents on the average in the neighborhood now fetch from $2000 to $2100 for an average sized apartment in the neighborhood. This is in keeping with the rents in the Greenwood Heights section of Sunset Park which are slightly higher and signs that the gentrification wave is reaching southern Sunset Park. Opting out of section 8 housing would give E&M the opportunity to get higher rental income from their properties. It may also be that due to the rising real estate values they are considering getting rid of some of their properties... READ MORE HERE..


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