Is the East New York rezoning plan good or bad for Brooklyn real estate and the neighborhood?
By now you might be familiar with the city's approved plans to rezone certain parts of Brooklyn, Manhattan and the Bronx. Well here is some pros and cons.
-The Good
- Development of major corridors like Fulton Ave, Atlantic Ave and Pitkin Ave will provide housing, new shopping,employment and community resources.
-The inside block zoning remain the same.
-More than 6500 new apartments are expected to be built with 50% of them affordable housing units.
-Home owners will see increased property value.
- A 98 million dollar, 1000 seat elementary and junior high school will be built by 2020.
-Improvements to city parks, roads and neighborhood infrastructure.
-The Bad
-Gentrification of the neighborhood with new renters / buyers moving into the area will change the “face” and demographic of the area.
-Home owners property value will increase but so will property taxes.
-Rent for people living and doing business in the area will more than likely increase forcing some people out of the neighborhood.
-Property owners being solicited by investors and speculators that may not have your best interest in mind.
So you see, there are good and bad points for the rezoning of NYC including East New York Brooklyn. What do you think?
