May 8, 2019
Goldstein Hall Partner, Matt Hall, Provides Insight on Affordable Housing in Realtor Magazine
Attractive Options Fill the Affordable Housing Void
A growing cadre of real estate professionals are delivering quality, low-cost properties to an underserved market. Their products are quickly being purchased, rented, and even waitlisted.
Tremont Renaissance by Mastermind Development is in the East Tremont neighborhood of the Bronx. A 265-unit, mixed income dwelling, it’s part of Mayor de Blasio’s plan to build or preserve 200,000 units of affordable housing over time in New York City.
Since the housing industry began to recover from the Great Recession, most developers, builders, and architects have focused on market-rate and luxury properties. These segments helped them reap healthy profits by charging what a market would bear. Now, many regions have peaked and are starting to see increasing inventory, softening prices, and squeezing profits due to higher costs for land, labor, materials, and government compliance fees. But at the opposite end of the spectrum, affordable and workforce housing sales have climbed, and more industry professionals are noticing the huge lack of inventory and the pent-up demand.