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...
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
The April 2022 S&P CoreLogic Case-Shiller Home Price Index, which measures U.S. residential real estate prices and tracks changs in value of residential real estate nationally, recently reported a 20.4% year-over-year growth nationally and a record 21.2% growth for its top 20-City Composite. The index listed New York City as one of its data point cities. As a result, it should now be recognized why the main housing concern was an overheating housing market rather than the crash that many peopl...
Tags:2022, crash, home sales, inflation, overheating housing market, purchase market, rent, residential real estate prices, S&P CoreLogic Case-Shiller Home Price Index
