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☆ 4 of the most competitive rental markets in the country added virtually no new apartments in 2023. It shows the housing crisis isn't going away.
▼ + stars: | 2024-03-15 | by ( Eliza Relman | ) www.businessinsider.com time to read: +3 min

Read previewThe most competitive rental markets in the country are failing to add enough new housing. That's according to a new analysis of the country's 139 largest rental markets by RentCafe, which found that 17 of the 20 most competitive rental markets in the US are building less than the national average. Miami has the most competitive rental housing market in the country, the report found. Just 3.5% of Miami's rental apartments were vacant early this year — far below the five to eight percent vacancy rate that's considered healthy. Seven midwestern cities are among the top 20 most competitive markets in the US.

Persons: —, RentCafe Organizations: Service, RentCafe, Oklahoma City, Silicon Valley , California —, Business, Income Housing Coalition, —, Miami, Chicago . College towns —, University of Arkansas Locations: Oklahoma, Bridgeport, New Haven, Connecticut, Lansing, Ann Arbor , Michigan, Silicon Valley , California, Brooklyn , New York, San Diego, North New Jersey, Miami, Midwest, Milwaukee, North Jersey, Chicago, Fayetteville

☆ NYC and its suburbs won't build new housing, so New Yorkers are flooding into Jersey City and driving up prices
▼ + stars: | 2023-09-30 | by ( Eliza Relman | Noah Sheidlower | ) www.businessinsider.com time to read: +9 min

But prices are shooting up in Jersey City as its neighbors refuse to build. AdvertisementAdvertisementNew Yorkers have been taking notice of Jersey City real estate for years, and its popularity as an alternative to the ever-less-affordable housing market in the city is growing. Between 2010 and 2018, Hudson County, which includes Jersey City, built housing at more than twice the rate that New York City did. New housing in Jersey City is overwhelmingly market rate rather than being explicitly built as affordable housing for lower- and middle-income residents. "The issues facing Jersey City tenants are multifaceted, but the primary concern is to guarantee housing stability."

Persons: —, Steven Fulop, Alex Armlovich, Armlovich, Noah Sheidlower, Amy Klein, Klein, Isaac Jiménez, It's, Goldman Sachs, Abdul Rehman Khan, Jiménez, Fulop, That's, Rich Boggiano, Khan Organizations: Apple, Service, Jersey, Jersey City, New, Niskanen, realtors, Big Apple, Research, Jersey City . Financial, Seton Hall Law's Center for Social Justice Locations: Jersey City, The North Jersey, Jersey, Hudson County, York City, New York, North New Jersey, Newark, Elizabeth, Manhattan, Brooklyn, New York City, Hudson, New York City , Westchester, Long, New Jersey

☆ Opinion | Governor Murphy of New Jersey and Others, on New York’s Congestion Fees
▼ + stars: | 2023-08-03 | by ( ) www.nytimes.com time to read: +1 min

To the Editor:I was surprised to read Paul Krugman’s characterization of my opposition to New York’s congestion tax proposal as “An Act of Vehicular NIMBYism” (column, July 25). The supposed goal of this plan is to keep vehicles out of Midtown and downtown Manhattan. That sounds like vehicular NIMBYism to me. Now, to be clear, I don’t begrudge Manhattan residents their desire to reduce congestion in their neighborhoods. But unfortunately the proposal seeks to reduce congestion in Manhattan while increasing congestion in a number of North Jersey communities, especially those near the George Washington Bridge.

Persons: Paul, George Washington Organizations: New Locations: Midtown, Manhattan, Jersey, George, New York

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☆ Hanover Township, N.J.: ‘A Nice, Family-Oriented Place’
▼ + stars: | 2023-07-05 | by ( Jill P. Capuzzo | ) www.nytimes.com time to read: +1 min

Then they got word that the top offer on a house they’d bid on in Hanover Township had fallen through, and that their second-place offer — $60,000 over the $610,000 asking price — was now sufficient. In mid-June, they closed on the four-bedroom, two-and-a-half-bath split-level on 1.2 acres, and a few days later they were signing up for Hanover’s Bee Meadow Pool, library cards and new driver’s licenses. “Climactically and culturally, I just didn’t see us putting down permanent roots in California,” said Mr. Trexler, who grew up in nearby Summit, N.J. (Ms. Trexler, 46, grew up in East Hanover.) “It’s been so easy to reassimilate into what we had before. This Morris County township with about 15,000 residents has highly rated schools and some of the lowest property taxes in the area — and many buyers are scrambling to find a house there.

Persons: —, ”, Trexler, “ It’s, “ Locations: Hanover Township, California, Summit, N.J, East Hanover, North Jersey, Hanover, Morris County

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