LandlordsNY Briefing for December 4th

Though the shutdown of the L train for repairs on the Canarsie Tunnel is months away, renters are already fleeing North Brooklyn. StreetEasy has found that the number of rentals on the market in Williamsburg, for example, has reached an all-time high. Landlords, consequently, offered rent cuts on over 30 percent of leases made in October.

Though Greenpoint and Bushwick are faring better because they have alternative subway lines, they are also likely to see a significant decrease in interest as the looming shutdown approaches.

Curbed New York has more.


Yardi Matrix has found that the average size of a newly constructed apartment in the United States has shrunk by 5 percent over the last decade, to 882 square feet (though the average floor plan measures 941 square feet). The average price, meanwhile, has increased 28 percent.

This shrinkage has been most notable in larger cities, particularly those in the northeast. It's also been more pronounced in smaller units. Studio apartments are now 10 percent smaller than they were ten years ago (from 578 square feet to 514 square feet), while two-bedroom apartments have only seen their sizes contract by 0.5 percent. The square footage of one-bedroom rentals, meanwhile, has been reduced by 4 percent.

Urban Land Magazine has more.


In a Landlords New York Minute – A (Very) Brief Look Around the World

France has suspended the increase on its fuel tax after it sparked the yellow vest protests that turned violent over the weekend; Papua separatists killed 31 government workers who were attempting to build infrastructure in the impoverished Indonesian province; Scottish nationalists are divided about what they should do following Brexit; Prime Minister Theresa May’s conservative government has been found in contempt of British parliament for refusing to release the legal advice it was provided during Brexit negotiations; and Robert Lighthizer, who is known as one of the most virulent China hard-liners in the Trump administration, will take the lead on trade negotiations with Beijing about easing trade tensions. Nebraska’s farm bureau estimates that trade conflicts and tariffs have cost the state’s farmers around $1 billion, President Donald Trump criticized the increases in military spending that have taken place largely because of his own demands that military spending be increased to pay for things like Space Force, and the criminal-justice reform bill that the president endorsed a few weeks ago will die in the Senate due to obstruction efforts of the part of Sen. Mitch McConnel (R-Kent.), the Senate Majority Leader for the president's own party. Sen. Jeff Flake (R-Ariz.) and Sen. Chris Coons (D-Del.) are considering legislation that would protect the job of Federal Reserve chairman Jerome Powell and the independence of the Fed from the executive branch; 10-year Treasury notes have dipped below the 3.0 percent mark for the first time in almost three months, suggesting that investors are concerned about the U.S. economy’s potential for long-term growth; palladium, a rare element used to filter emissions from gasoline cars, may soon overtake gold as the most valuable precious metal; and Detroit will begin selling its own bonds again today. New York City is the eighth most visited city in the world, Bleecker Street is on the mend after being plagued by retail vacancies, Staten Island retail continues to be strong, the Metropolitan Transportation Authority says that fare evasion costs them $215 million each year ($116 million from bus fare evasion and $96 million from subway fare evasion), the Taxi and Limousine Commission has approved minimum pay rules for drivers, coders and housing activists are uniting, New York City Council Speaker Corey Johnson hopes to turn Hart Island into a publicly accessible cemetery, the Commercial Observer thinks that a story about gentrification in Bed-Stuy is news, and the historic Gowanus Station may be saved from demolition.

The ban on snowball fights has been lifted in the Colorado town of Severance, dolphins enjoy watching SpongeBob SquarePants, a rogue otter is on the lose in Vancouver, the robot aboard the International Space Station (CIMON) evidently does not like following orders, the Chinese scientist who revealed that gene-edited babies already exist has gone missing, a retail concept project named Kiosk that mocks you as you buy stupid and useless things is popular with people who enjoy irony more than money, and a District of Columbia clerk (and her supervisor) denied a man’s request for a marriage license because they did not think that New Mexico was an actual state.

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