Community Corner
Poll: Do Housing Projects Dictate Where You Choose to Live?
A profile on Warren Street, in Boerum Hill, also takes a look at the two major housing projects nearby.
Would prominent housing projects affect your decision to move to a neighborhood? That was essentially the question proposed by the New York Times yesterday as the paper profiled the quiet tree-lined block of Warren Street, in Boerum Hill, and the nearby Gowanus Houses and Wyckoff Gardens public housing projects.
The Times points out that a condo development on the same block as the projects had a high selling price of $639 per square foot for a four-bedroom apartment, while a single-family townhouse two blocks away on Bergen Street reached a high of $1,079 at the end of last year, according to the real estate web site Streeteasy.
An agent with Ambassador Realty is quoted in the piece saying, “When the market is down, the projects are a factor. When it is up, the projects aren’t a factor.”
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According to the Times, a recent study suggests higher-income renters and first-time homebuyers are more likely to move into lower-income neighborhoods where there is a better opportunity for value. The article mentions another study that says public housing in New York doesn’t typically have an impact on property values within “a roughly four-block radius.”
