New report reveals troubling trends for Bronx housing market
This comes as the borough faces a lack of affordable housing units, and some elected officials are expressing their concerns.
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A new report from the Association for the Neighborhood and Housing Development found that home prices in the Bronx have jumped nearly 40% in the last four years.
This comes as the borough faces a lack of affordable housing units, and some elected officials are expressing their concerns.
“The Bronx is leading the city of New York. Eight out of the 10 communities most at risk of being priced out of their homes and evicted are in the Bronx,” said Council Member Pierina Sanchez.
Communities like Kingsbridge, Norwood, Mount Eden, Fordham and Mount Hope are just a few of those neighborhoods at risk of people being priced out of their homes. Sanchez attributes this to corporations and management companies snatching up Bronx properties.
“One thing we look at is who is buying,” said Sanchez. “Unfortunately, it’s not the Miguels or Josephs. It’s not people, it's corporations, companies coming in and buying these units and using them as rentals.”
Homeowner Jose Rodriguez says he has no plans to sell his home, but that other two-story houses on his block have been selling close.
“My neighbor brought one for $800,000,” said Rodriguez.
Council Member Sanchez says she plans to introduce legislation to reduce evictions and help keep New Yorkers in these high-risk housing areas in their homes.
