Population Migration to NYC February 22, 2006
A follow-up to my post yesterday on moving to a less expensive city to save money, NY Times had an article on the population boom projection into NYC. So if I said that moving from an expensive city such as NYC will reduce housing costs for most people, why the increase in population in NYC? I think it’s the same reason that real estate in NYC will weather a National real estate bust. From Urban Digs post yesterday, NYC will lag in a slowdown because:
- NYC is the financial capital of the world, thus jobs are fairly abundant,
- NYC is a hugely diverse city that anyone from any culture can feel comfortable to call home,
- Most apartments in NYC are co-ops,
- Speculative Markets Hit First,
- Limited land to build on so there’s always a demand for real estate
The intresting part of that article is that since 75% of NYC is co-ops, a housing downturn will protect them against speculators that would’ve bought and are no longer afford to keep their apartments because of increased interest rates or job loss. If NYC becomes less affordable in housing but increase in population, where and how will everyone live there?
Click for larger image:
Source:
New York Times, 2/19/2006
By Sam Roberts