Downtown Brooklyn Partnership Says No Need to Worry About Housing Surplus
While REITs like AvalonBay are worried about the influx of new housing inventory in Brooklyn driving down prices, the Downtown Brooklyn Partnership isn't concerned. In fact, president Tucker Reed believes the exact opposite is the case.
He says that, like the rest of NYC, Brooklyn is actually facing a housing crisis. He cited a Columbia University report that estimates the city's population will grow by 1 million residents by 2030, which translates into 5,500 new residents per month over the next 15 years.