It’s the same story we’ve read so many times before in New York City. A neighborhood finds itself being pitched as the hot new thing, newcomers rush to it looking for a profit, and before you know it, no one can afford the neighborhood anymore. It’s a sad story that’s come to Bed-Stuy now, as Brooklyn’s real estate investors can’t seem to make the gigantic profits they once made, and are leaving the neighborhood in droves according to the Daily News. We look forward to their “Goodbye to All That” essay.
Bed-Stuy, which kept being called the new Williamsburg, saw its first $1 million apartment sale (that was put on the market for $1.4 million a year later) and was reimagined without black people, has finally become too expensive to bear for the investors who helped make a condo canyon full of million-dollar condos. Using terms that everyone can sympathize with like “that ocean has been fished out,” house flippers are complaining to the News that since they can’t make “their profit as well as the next guy’s profit,” they’re leaving Bed-Stuy.
Investors are done with Bed-Stuy, and YOU made it happen, people looking to do things like “buy a home to put down roots and live in.” We hope you’re happy, people who just want to live somewhere, since your desire to do so is taking money out of the mouths of house flipping real estate speculators and forcing them to look to other parts of Brooklyn (like say, Prospect-Lefferts Gardens) if they’re going to continue to make ungodly sums of money off of apartments. Still, the News story ends on a hopeful note, with one broker looking to the future and still seeing a phase 3 and phase 4 for Bed-Stuy. You wouldn’t want to go into the weekend on a down note now, would you?