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.
8 comments:
I couldn't agree more but there arent enough apartments in LIC. Someones got to speed things up!!
Saying "People would rather rent in LIC" is incorrect. Just because developers are largely building rentals doesn't mean that folks prefer them to condos or houses.
But, I'd like to know how the study defines LIC. What were their boundary lines? Hunters Point? 11101? Other? I've seen LIC shown as including parts of Queens I'd consider Astoria.
That's because Queens West went bust. All those overpriced condos in the middle of a transportation desert went unsold.
The property pimps....real estate agents....then convinced the builders to rent rather than lose money. Hmmmmm...if a downward spiral continues...welcome section eight housing!
This doesn't surprise me. LIC is not a great area. It still has a gritty feel and I think it attracts the more transient types who got priced out of Manhattan and want to rent for a bit longer before making the move to the suburbs.
LIC a "transportation desert"?!
does anyone WANT to live in Ravenswood or that other project? they are very rough.
Why don't they put those shelters in this area instead of in Maspeth?
NO to more shelters in LIC. Thanks for your comment though, Maspeth-dweller.
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