New rents rose an average $260
Tenants who moved this July had to accept an average rise of $260 in rent from their previous location.
In other housing news, some boroughs are making it harder to get a permit to convert a duplex or triplex into a single‑family home. This was announced by the Plateau a few months ago and discussed here.
DeWolf 10:37 on 2024-07-12 Permalink
My block is full of duplexes that have been converted into single-family houses. The ones that were converted 10 or 15 years ago are relatively modest, but everything done in the past few years is completely ostentatious. One example: the duplex across the alley from me was expanded into a three-storey house with a full basement and an in-ground dipping pool. Nearly 3,000 square feet of living space, according to property records.
And this isn’t an exception: the exact same thing is happening to a run-down old duplex that my friends considered buying for themselves and another family for $600,000. It’s currently getting a full basement excavation, third floor addition and rear extension. These mini-mansions have collectively removed around a dozen affordable apartments from the block. It’s gentrification on steroids.
Ian 11:09 on 2024-07-12 Permalink
This is basically what happened throughout much of residential Villeray about 10 years ago, and * poof * Villeray was suddenly no longer affordable.