Brooklyn builders shift away from condo developments
Rentals make a safer bet
New York City is famous for its lavish lifestyle and high cost of living. However, amid the soaring rental prices, Brooklyn, N.Y., has always offered city dwellers a refuge from Manhattan’s sky-high costs. But even Brooklyn is facing higher expenses in housing, causing builders to shift towards rental properties instead of condos. Per Bloomberg:
About 15,300 new rental units are under construction or planned in the next two years for Brooklyn, compared with just 1,700 planned condos, according to New York brokerage MNS. Developers see rentals as a safer bet in a market where rents are climbing faster than in Manhattan and neighborhoods such as Bushwick, Greenpoint and Crown Heights are gentrifying, drawing professionals seeking more space and tree-lined streets.