A Truly Affordable NYC Apartment | Falling Homeownership Rates | ‘Reclaiming’ Gentrification

(credit: Karsten Moran, New York Times)

1. The truly affordable New York apartment.  The incentive to stay put offers a real financial reward: New Yorkers who had lived in the same apartment for more than five years as of 2012 paid a median monthly rent of $1,057, substantially less than the $1,444 paid by people who had moved recently, according to data provided by the Furman Center for Real Estate and Urban Policy of New York University. [The New York Times – 01/31/14]
2. What are you doing here? New York ranks No. 1 for most people departing. Housing is more expensive now than ever in the downstate regions of New York City, Long Island, and the lower Hudson Valley. In 2011, NYU’s Furman Center documented a third of New York City residents allocating 50 percent or more of their income to rent and utility costs. Those housing burdens have only grown since the report completed in 2012. Rapid gentrification in neighborhoods like Long Island City and Astoria only contribute to the rising living costs. [Syracuse.com – 01/28/14]
3. No check-out for homeless. New York City, which is under court order to provide shelter and is grappling with record-high numbers of homeless people, uses hotels and apartments for overflow. Hennepin County, Minn., uses a Minneapolis hotel to support its comprehensive shelter goals, and Montgomery County, Md., often uses motels. [The Wall Street Journal – 02/02/14]
4. Why we shouldn’t obsess over the falling homeownership rate. That statistic specifically calculates the share of households in America that are owned. So if the number of households (the denominator) rises thanks to new renter household formation, while the number of homeowners (the numerator) stays the same, it would look as if homeownership were declining. Conversely, if every renter in America moved in with someone who owns their home, we’d have a lot fewer total households (to the chagrin of the construction industry). But we’d have a magnificent homeownership rate of 100 percent. [The Atlantic Cities – 02/03/14]
5. Archicritic makes a case for ‘reclaiming’ gentrification. The word ‘gentrification’ holds a lot of negative connotations. In New York, it conjures images of trendy coffee shops replacing decades-old eateries, long-time residents getting pushed out as wealthy yuppies move-in, and luxury rentals rising in place of affordable housing. But is this how we should be thinking of gentrification? In his latest piece, New York Magazine’s architecture critic Justin Davidson suggests that perhaps it’s not. [Curbed NY – 02/03/14]
6. Big Queens complex is up for grabs.  A huge portfolio of rental apartment buildings in eastern Queens has hit the market as more major real estate investment companies have begun to look to the boroughs for investment opportunities. Hudson Realty Capital is selling a package of 53 buildings, containing 1,270 apartments in Kew Gardens, Queens. The properties could fetch as much as $250 million. The company has hired a sales team from Massey Knakal Realty Services, led by the company’s chairman Bob Knakal, to market and manage the portfolio’s auction. [Crain’s New York – 02/03/14]
7. AIA-NY looking to change the conversation on housing As the city shifts its focus to housing in 2014, the New York Chapter of the American Institute of Architects is set to lead the conversation. With planned programs that address the pressing issues facing New Yorkers, the chapter’s Housing Committee will promote dialogue about housing design and city policy. It intends to invite a variety of local and international experts to speak, including the city’s new deputy mayor for housing, Alicia Glen. [Real Estate Weekly – 02/03/14]
8. What is the biggest issue on Yellen’s desk? According to the Wall Street Journal, after three years as second-in-command at the Federal Reserve, new Chairman Janet Yellen will now be faced with the big question: what should the central bank do about unemployment? [Housing Wire – 02/03/14]
9. Modular construction takes off in New York. Modular building and prefabrication have been gaining attention in recent years, largely because of high-profile projects and micro-unit housing rolling out in major cities like New York and San Francisco. Former Mayor Michael Bloomberg supported the modular concept with his adAPT NYC micro-housing competition last year, allowing for smaller than ever units to be built in the city. Construction of nARCHITECTS’ winning design for My Micro NY, at 335 East 27th St., in Kips Bay, will begin this year. Also, after 10 years in the works, the Atlantic Yards project in Brooklyn has finally started stacking modules. [The Epoch Times – 02/01/14]
10. The 122 apartments coming to Court Sq. will look like this. At long last, a rendering for Long Island City’s 44-35 and 44-51 Purves Streethas been revealed. Originally planned as two separate projects, Purves 1 and Purves 2, it is confirmed that the site will definitely be home to at least a 22-story, 121-unit residential building, with plans in the works for a 28-story, 158-unit building for the neighboring lot. The current development is poised to include two tenant recreation spaces and enclosed parking for 18 cars. No architect has been listed for the 89,938-square-foot building. [Curbed NY – 02/03/14]