Friday, March 15, 2013

Bushwick Rents Rose 20% Last Month

Conservative economists and real estate partisans sometimes ask, “why do we need rent regulation?”

We need rent regulation because the housing market in New York City does not provide suitable homes at prices its residents can afford. This fact has once again been evidenced in Bushwick, Brooklyn, where a new report (highlighted on DNAinfo) finds that in just one winter month, rents rose by an astounding 20%. As the Williamsburg phenomenon creeps eastward, long term tenants are facing more and more pressure to leave in search of illusive opportunities in unfamiliar communities.

If stabilized rents keep rising, where are long term tenants in places like Bushwick going to go? Remaining in their neighborhoods- the places they have built up for years- is becoming a great challenge, given the rate of rent inflation. This is one of the most important questions facing the RGB as they deliberate over this year’s rent adjustment.

Average Bushwick rents, February 2013, MNS Brooklyn Rental Market Report

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