POLL: Is Brooklyn Heading Into a Housing Glut?
Over the last year, building permits have risen by 156 percent, hitting levels not seen since 1963. And this percentage rises to 749 when compared with the 2010 post-slump low. This building boom is particularly rampant in Brooklyn, where, according to a report put out last month by CityRealty, northern Brooklyn alone will get 22,000 new apartments over the next four years. Following these reports, the Wall Street Journal made the claim earlier this week that Brooklyn may be headed into a housing glut thanks to “a torrent of new inventory.” They say, “As land costs soar, developers are pegging thousands of rentals to the luxury market, intensifying competition for the same pool of moneyed millennials, hip techies and so-called broken-hip-sters, empty nesters and baby boomers flocking to the urban core.” How do you see the future of the Brooklyn real estate market?
