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With Interest Rates High, Inventory is Slow to See Increase

Although since May 2022, the active listings for homes have risen by 26%, the national housing market is yet to fully rebound since it hit record lows back in 2021 and early 2022. There are several factors that affect the low supply of homes, including less single family homes being built after the housing market crash in 2008, and an influx of first-time millennial homebuyers in 2022. As a side effect of the pandemic, many companies have begun to implement a remote work culture which gives pe...

Tags: Demand for Home Purchase, Housing Inventory, Housing Market Crash of 2008, Interest Rate Hike, Investors, Lower Property Tax, Millennial Homeowners, pandemic, remote work, Supply Chain

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Post-Pandemic: A Wave of Change in the World of Real Estate Development

New York City since early this year has been undergoing and adjusting to changes and fluctuations caused by the aftermath of the pandemic and inflation. Interestingly, both sale and rental prices now exceed 2019 levels. More domestic buyers, rather than international buyers, have been buying out luxury condos in Manhattan. With change in the real estate scene, the developers are finding that new adjustments must be made to cut costs and meet the new rental and sale demands post-COVID. Despit...

Tags: 421a Property Tax Exemption, Affordable Housing, Amenities Increase, Condo, Development, Luxury Apartments, Rental Unit Size, Resales, sales

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Co-living companies, viewed as part of the answer to New York City’s affordability crisis, have come under great scrutiny by lawyers who state that some operators are flouting New York’s housing laws. For example, tenants at Bungalow have claimed that the company scammed them. Bungalow is a residential real estate platform that began as a spin on co-living and aimed at giving young white-collar workers access to rental spaces in expensive cities via densification and shared space. Some te...

Tags: affordability crisis, Bungalow, Co-living, co-living companies, lease violation, Letitia James, living, New York City, Office of Special Enforcement, real estate, rent, shared space

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