University Neighborhood Housing Program, Bronx, NY
Abstract
The Bronx has one of the highest concentration of multifamily housing units per capita in the United States. Although the number of rental units continues to grow and apartment vacancy rates have declined and stabilized, the number of rentals has not kept pace with the number of apartments and thus many apartments have yet to be built. The Bronx Housing and Economic Development Corporation (HVDC) has estimated that for every 1,000 units of multifamily housing planned, the Bronx is expected to need a minimum of 6,500 new units in the next 10 to 20 years.
HVDC data show that the Bronx is currently experiencing high housing prices that are outpacing the economy. This paper provides analyses about four residential periods: 1985, 1993, 2007, and 2010. The findings indicate that the market is not only experiencing a housing price correction, but that it is also experiencing a multifamily housing boom in the Bronx that parallels the booming suburban apartment market.
An Overview of Land Use Patterns and New Construction.
1.1 Land Use Patterns Since 1985
During the two decades between 1985 and the present, the majority of land uses in the Bronx have changed substantially, especially the suburban apartment and multiunit suburban submarkets. By 2004 there were nearly six times as many multifamily units per capita in the Bronx as there were in suburban counties, with one in five of these units being multifamily apartments and the other four percent being mixed-use. There have been dramatic increases in the number of multiunit residential buildings in the Bronx which are comprised of 2-6 units, with the most substantial units often being located in the neighborhoods of Parkchester-East Rock away, the High bridge Parkland and the Flushing Meadows-Corona Park. There may also be a greater concentration in the most urban areas such as Jamaica and Washington Heights, but there have been no comparable studies as to these locations.
Most of the apartment and apartment-like units in the Bronx are located in the most diverse neighborhoods. There are four “urban clusters” that represent more than 35% of the residential units in the Bronx (Figure 2). These are: the Washington Heights/East Rock away (57%); the High bridge Parkland (41%); the Flushing Meadows-Corona Park (19%); and the Jamaica community (9%). The Jamaica area encompasses most of the neighborhoods surrounding the Jamaica Bay Terminal, including Parkchester-East Rock away, Jamaica and Flushing Meadows-Corona Park.
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A Real Estate Bubble in the Bronx A Study of Trends in Bronx Multifamily Housing Pricing 1985 to 2001 James Buckley Catherine O Leary A Report Issued by University Neighborhood Housing Program Bronx New York May 2003 Publication of this report was made possible with the generous support of GreenPoint Bank. VI. Policy Implications of the Research Ameliorating Speculative Markets and Promoting Affordable Housing Markets Current price levels in the ...
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