Despite concerns than foreign investors would snatch up expensive condo properties around Manhattan, keeping the supply our of reach of local renters, analysts report rental prices are dropping as new supply enters the market.
"A condo-development boom that added thousands of luxury homes to the Manhattan market is benefiting renters willing to pay up for high-end accommodations," reports Oshrat Carmiel. "Buyers -- in many cases out-of-town investors -- are taking possession of their new apartments and seeking to become landlords. That’s swelling the number of upscale rentals available and pushing down leasing costs for wealthy tenants."
The article echoes news from February, also reported by Carmiel, that new supply was stabilizing housing prices in Manhattan. In the most recent article, Carmiel quotes Jonathan Miller, president of New York-based appraiser Miller Samuel Inc., in describing the dynamics at play at the upper end of the Manhattan real estate market: "Luxury sales activity in Manhattan has brought more luxury rentals," said Miller. "It’s the hidden supply entering the market."
The article includes more data and more anecdotes about the effects of the new supply on the market.
Read the full story: Manhattan Luxury Rents Slide as Condo Buyers Seek Tenants
A Housing Boom in San Francisco?
We've seen builders responding to high demand for residential housing Manhattan and Seattle, but could it be happening in San Francisco? Sort of, according to San Francisco Chronicle business columnist, Kathleen Pender.
NYC's Plan to add 9500+ Housing Units to Midtown
The city council approved a rezoning plan that will allow high-density mixed-use development in a formerly manufacturing-only district.
Zero New Housing Permits Issued in Manhattan Last Month
July was a dead month when it comes to approving new housing units.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
California plans to bury El Niño’s downpour
If the state plays its cards right, it may be able to store a billion acre-feet of El Niño’s water in aquifers.
Chicago breaks ground on $3 billion megadevelopment
The new neighborhood, titled Foundry Park, will one day host 3,700 residences.
California High-Speed Rail Authority CEO resigns after $600,000 scandal
Under Ian Choudri, the authority used taxpayer dollars to fund first class flights and trips to nightclubs.
Want to study the Missouri River? Soon, you may need unanimous approval from 10 states
Legislation would require 10 governors’ permission to study or build projects moving water outside the basin.
Desperate measures: Advocates weigh draining Lake Powell to fill Colorado River
Draining the reservoir could reduce evaporation losses by a couple hundred thousand acre-feet.
FREE Course: Walkable City 1: Why Walkability?
After describing his path towards focusing on walkability as the essence of good planning, Jeff Speck marches through his five principal reasons for making more walkable places.
Reinventing Malls: Planning Alchemy—Turning Gray Fields Into Gold
The course focuses on the opportunities and imperatives that shape reinvention of mall sites.
City of Rosemead
Rutgers University, Edward J. Bloustein School of Planning and Public Policy
One Hundred Miles
Hunter College, City University of New York (CUNY)
The Architects Foundation
University of Cincinnati Online
City of Cambridge
Montrose County
The Pocatello Development Authority