The Long Island City real estate market is dominated by rentals, with permanent homes hard to come by, according to a recent report released by a New York real estate research firm.
The report, put out by Property Shark, noted that permanent residences make up less than one fifth of the housing stock in Long Island City. Its research found that there are 990 single and two family homes in the area and 4,056 condos/co-ops.
There were 25,950 rental units at the time of this August 2 report, more than five times the amount of family-owned units.
Most unique about these rental properties, however, is how many low-income units are available.
The report incorporates housing complexes owned by the New York Housing Authority in Ravenswood and Queensbridge. Between these two complexes there are 5,123 subsidized housing units, making up about a fifth of all rental units available in Long Island City.
In addition, there is the affordable housing project at Hunters Point South.