The cost of housing in New York City spiral upwards with an inadequate supply of affordable housing emerged as a serious problem. Affordable housing is the biggest problem in the city and as a remedy; state governments offer tax incentives to encourage the New York real estate developers to build projects with a cheaper unit that may never be built.
However, the New York real estate developer of the five towers of luxury Manhattan wants subsidies without including affordable housing. Demands for New York apartments for rent continue to rise. You can browse Live Hollingsworth for acquiring more information about luxury apartments.
The average apartment vacancy rate nationwide fell 10 basis points in the third quarter to 4.2 percent. The report also notes that the weak economic recovery and the labor market that inhibit strong rental growth. That pushed rental prices by three percent this year.
National vacancy rate now stands at 380 basis points, which is below the cycle peak of 8 percent was observed just after the recession ended in 2009. Coming to the Manhattan borough, the early third-quarter data show that the average price of Manhattan apartments sold rose 3% during the last year (2012) to $ 870,000 which is the highest level in more than four years.
Many condos for sale in NYC offer not only greater flexibility but also affordability. However, before buying a condo real estate buyers should find some advantages and disadvantages of condos for sale in NYC based on factors such as freedom, security, facilities, neighbors, storage, green, cost, maintenance and resale value of the condo unit.