As of July 2016, according to the US Census Bureau, New York has an estimated population of more than 8.5 million people. As we know it, an increase in population has a direct impact on the real estate assets of a community, and one can say the city of New York never sleeps! Being the most populous of American states the real estate Industry of New York has a long, rich history filled with dynamism and lots of promises.
About 30 families settled on the tiny “Nutten Island”, the modern-day Governor Island in 1624. However, the need for enhanced real estate development soon took a dramatic turn from year to year and even centuries. New York reality has produced many realtors of repute who have witnessed many property development policies to accommodate the ever-expanding population and demands for to house its citizens. Thus, from a meager population of about 300 people in 1626, New York grew to 18,000 people in 1760 to become the largest US city, almost 400 years after.
Giving its large population, New York is one of the hottest real estate markets in America. All the five boroughs are showing healthy growth and contributing to a strong economy and continuously improving housing sector. Development is about people and the state is backed by a strong population throughout Manhattan housing about 1.6 million inhabitants. Other boroughs including Brooklyn, Queens, Staten Island, and the Bronx are reasonably contributing to the real estate markets of New York as well.
New York is everything to different people. The reason for its large population is because it can provide for the diversities of a cosmopolitan city. Real estate development provides a hub of activity for all cadres of inhabitants from residential, to commercial, to public properties. Thus, policymakers have worked alongside its constituents to foster a sense of belonging and keep a roof over their heads. To ensure robustness in the city’s real estate development, city administrators came up with time-sensitive regulatory policies to give realty & realtor businesses a way to maintain fair competition.
A regulatory law such as Tenement House Act of 1867 was enacted as a measure to organize the city for the modernization we see today. Ever since that time, New York real estate has witnessed a series of laws aimed at saving the housing market. Over the years, the following activities relating to NYC real estate market have been recorded.
1) Zoning is aimed at controlling the way and manner of property development to give room to a properly planned cityscape. Although this policy is under criticism due to bottlenecking and a hindering real estate development, the aim is for proper real estate organization.
2) Rent regulations are a government program meant to regulate rents in New York so oligarchs don’t monopolize the rental industry and jack up prices. However, seasoned Realtors are under the impression that the market and state subsidized housing would cause a reduction in rents overtime.
3) Landmarking is another government effort at developing the real estate market. The intention is to control real estate development and bring sanity to the market.
New York real estate has almost 400 years of an interactive timeline shaping the economy of the city. Investing in New York property is always something you won’t ever regret because of its historical consistency.