Though rents are falling in some of the nation's cities that have been struggling with high housing costs, a more nuanced look at the data reveals this is only partially true. Rents for high-end rental units are coming down as the market for these apartments dries up, but rents for working- and middle-class tenants are on the rise.
This seems to challenge the arguments put forth by many city officials from around the country who have argued in favor of luxury construction as a means to bring down housing costs overall. While this glut of luxury housing is a boon to wealthy renters, who can now rent high-end apartments at a discount, the benefits do not trickle down to the poor, as the housing market for middle- and low-income renters has only gotten more competitive.
The Washington Post has more.
The Bronx Metro-North Study was launched last week to identify how communities in the eastern and southern portions of the borough will benefit from additional Metro-North service, particularly if stations are added at Hunts Point, Parkschester/Van Nest, Morris Park, and Co-op City. This additional line would run from Penn Station, into Queens, through Randall's Island, and along the eastern part of the Bronx before the linking up with the New Haven Line at New Rochelle. The study claims that these new stops will likely open new economic, recreational, and residential opportunities for Bronx residents, and that it will fuel the borough’s resurgence.
The areas around these future stops will also become extremely valuable to developers.
6sqft has more.
In a Landlords New York Minute – A (Very) Brief Look Around the World
President Nicolás Maduro of Venezuela narrowly escaped an assassination attempt by drone on live television this weekend, China is planning to build the longest rail tunnel in the world to unite the mainland with Taiwan, an earthquake struck the Indonesian resort island of Lombok and killed at least 98 people, Saudi Arabia has frozen all new trade with Canada because the latter nation called on the former to release activists who have advocated for civil and women’s rights, and Canadians are boycotting items made or grown in the United States due to tariffs introduced by the Trump administration. Two giants of U.S. steel, Nucor and United States Steel, which both have deep ties to the Trump administration, have successfully lobbied the administration for extremely favorable treatment concerning tariffs. Meanwhile, pump and dump schemes continue to be extremely common with cryptocurrencies, bankruptcy is becoming more common among older Americans, hundreds of thousands of acres in California are on fire, a Category 3 hurricane may collide with the currently-erupting Kilauea Volcano on Hawaii’s Big Island, 73 people were shot in Chicago over the weekend, Chicago will be the site of a Pizza Museum that no New Yorker will ever acknowledge as legitimate, retail and factory hiring is outpacing the expectations of economists, home construction per household is at its lowest level in more than half a century, and rising housing costs for the poor are leading to rising homelessness. Brooklyn, the Bronx, and Queens have all contributed to the city’s population and jobs boom in different ways; New York City may become a major hub for video game developers; and new renderings of the Bedford-Union Armory have been released.
Wisconsin broke the world record for largest cheese board by putting 145 different varieties and 4,437 pounds of cheese on a single piece of wood, 100 people in Finland slept in a supermarket to beat the heat, mice are scared off by ghost peppers, our pets are too fat, and there are now luxury chicken diapers because someone picked two random nouns and an adjective and decided to run with the idea. Two German seniors escaped from a nursing home to attend a heavy metal music festival, a fly ruined an attempt to break the world record for most mini-dominoes to fall from a single setup, and a face tattoo isn’t a good idea even if they are, like, totally mainstream.