Comments on: Bed-Stuy Real Estate Picks 02/22/08

By: BedStuyGal

BedStuyGal — Sun, 24 Feb 2008 14:48:03 +0000

What I read into Changeling’s comment was a statement of proportions and probabilities – more home owners living in the homes they own in the neighborhood is better for the community – not that all renters don’t care.

If you compare the concept to co-ops, generally banks may not lend to a buyer of a co-op unit if the co-op’s owner occupancy is below 75%; and co-ops tend to not permit rental of their units for a certain period of time after someone buys a unit; and then they charge a maintenance premium for the unit not being owner occupied. The belief is owners who live in their units have an incentive to care MORE about where they live – it’s more than just an investment or rent roll.

That is not to say that renters do not care, but with a higher percentage of owner occupied properties, there is a higer probability that there will be greater concern for the community and the homes they live in. In fact, insurance companies charge significantly more for home owner’s insurance if it is an “investment property” with tenants than for a owner occuppied home.

Just food for thought, that these topics are not just about the social aspects, but there are real economic and actuarial impacts.

By: LookingforHome

LookingforHome — Sat, 23 Feb 2008 16:42:45 +0000

Windowbox: Exactly. The residents had “ownership” of the community gardens. That is why the gardens thrived.

By: Alexa11221

Alexa11221 — Sat, 23 Feb 2008 12:29:01 +0000

@pick of the week:

“Pete” Mondrian? lol.

As to renters vs owners: I don’t think there needs or ought to be a war. But I know that on my block the high proportion of ownership makes a big difference. Anything that gives residents a stake in the community is a Good Thing.

By: windowbox

windowbox — Sat, 23 Feb 2008 01:22:33 +0000

looking for home: because it enriches your quality of life?

my friend is moving into a rental down the street and is really excited about planting a garden in the back yard. today i salted my front steps, and i often pick up the windblown trash that accumulates just inside my gate. and i’m a renter! poverty does sometimes breed apathy, but having a well-maintained neighborhood is only one thing that makes it a fun place to live. i mean, there’s a reason we live here and not some boring part of queens.

besides, who do you think started the community garden movement in the South Bronx and Lower East Side? low income renters, that’s who! most of whom could not afford to buy a home in bedstuy!

By: LookingforHome

LookingforHome — Sat, 23 Feb 2008 00:40:24 +0000

I think the problem is much deeper than renters vs owners. There is a hopelessness in poverty that is not addressed in these simple terms. I’m not going to go out and sweep my landlord’s sidewalk when I’m working two jobs just to feed my family. But, neighborhoods are generally more well-maintained when there is a higher ratio of owner-occupied homes to renters.

Why should I invest in the upkeep of someone else’s investment?

By: Newbie2

Newbie2 — Fri, 22 Feb 2008 23:19:22 +0000

Lina: I hear you on the need for more projects like the ones sponsored by PACC! I think the housing stock they make available is a great addition to the neighborhood but there are so many people and so few units it must be so frustrating to apply. I would much rather have PACC housing over some of the crappy new construction.

By: lina

lina — Fri, 22 Feb 2008 23:08:23 +0000

I hate to say it, but some of those new homebuyers in north stuy might actually be students whose parents are buying, or those interested in a short term investment opportunity. Just because they are buyers doesn’t mean they will be around for a long time or actually invest energy in the neighborhood. The way to do that is to create opportunities for stable working people to establish long term housing arrangements.

I grew up in Michell-Lama housing (what?), where everyone stays for 30-40 years in a rent control situation. It shows a real lack of perspective to say that only homeowners care about the place they live. It reflects a privileged viewpoint and doesn’t take into account that many of the most creative, interesting, and fun neighborhoods in Manhattan and Brooklyn were spawned by renters. But now everything is just a land-grab.

By: seabass

seabass — Fri, 22 Feb 2008 22:23:19 +0000

I totally agree that homeowners tend to value their neighborhood more than renters, and that is true for BOTH new and longterm residents. I believe blocks with a high proportion of homeowners tend to be cleaner, prettier, and safer, and there is more a sense of community. I say “tend to” because of course there are exceptions. Some renters are very attached to the community and are involved in making in better, and some homeowners don’t care much about what happens outside their house.

I don’t live in northwest bedstuy where the kodachrome building is, but my impression is that many of the recent residents in the area are fairly young renters (student/artist types) that are probably not going to spent more than a few years in bed-stuy (unlike my area Stuy Heights where many of the new residents bought houses and are putting down roots here). So I think it’s great news that there are condo development in that area to increase homeownership and people who are going to have a vested interest in the community.

By: lina

lina — Fri, 22 Feb 2008 21:56:46 +0000

Newbie2: Thanks. I applied for PACC’s most recent condo lottery, but so did probably a hundred thousand others. I’m glad they are doing something both for renters and first-time homebuyers, but they are a small drop in a big pond, and we need more of that kind of good work in the neighborhood!

By: Newbie2

Newbie2 — Fri, 22 Feb 2008 21:20:11 +0000

Lina: There are programs for people with lower incomes to buy condos/housing in the area. I believe PACC can give you more information about buildings they are rehabing and are making available for sale. Not sure if there is an organization that is Bed-Stuy specific, but PACC works in the area and in Clinton Hill. (Why do I think there is something in the Restoration Plaza complex that can help?)

As for free-market rents and housing that is affordable, I don’t think that will ever be available in Bed-Stuy again.