Thursday, August 04, 2005

Another NYT Cover Story on the Housing Bubble, er. . . Boom

Outer borough people should not feel left out. The housing bubble is not limited to Manhatan but is spreading like kudzo to the boroughs as well. This NYT cover story from today focuses on the boom in construction across New York:

"From Bensonhurst to Morrisania to Flushing, new homes are going up faster now than they have in more than 30 years. In 2004, the city approved the construction of 25,208 housing units, more than in any year since 1972, and that number is expected to be surpassed this year. Already, officials have authorized 15,870 permits.

Looked at another way, the city has 38 percent of the region's population but accounts for half of its new housing starts. Much of that development is being fueled by private money, a phenomenon not seen since the 1970's.

. . .

In many cases, complaints about a lack of housing have been replaced with fears of overdevelopment. Neighbors from Bay Ridge to Throgs Neck have flooded the Bloomberg administration with requests to limit the number of apartment buildings being built in their midst, saying that they intrude on the indigenous look of blocks, create overcrowded schools and subway stations and even lower water pressure."

We'll have to see if there is sustained demand for all of this new supply.


Housing Boom Echoes in All Corners of the City


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