TRAILING indicators are measurable economic factors that change after the economy has already begun to follow a particular pattern or trend. Typical are surveys regarding rental rates, in this case for Queens, which completely miss turns in the market. And of course the headlines touting these surveys lead to regurgitated copy slightly altered from the press releases, with minimal analysis. Not here at LICtalk.
Two months ago we detected a turn, and that was before SVB. This is the trend, and I think it’s in it’s early stages, especially here in LIC where the increases were most abrupt and the supply keeps pouring in. Rendering requests for loosening local residential zoning regulations a moot point, yet they continue. It will be national (and global) factors that influence supply and demand (or lack of) going forward. So I’m going to log off from my mountainside chalet in Gstaad, and get back to the slopes, thankful the local news cycle has slowed in time for Spring Break. Miami next week, then back in time for cherry blossom season. Action packed-schedule IRL, so don’t go looking for any LICtalk Instagram page!
//ON a more serious note, former LIC residents Bill & Rebecca Kastin have put together a Go Fund Me page for wrongfully convicted Sheldon Thomas. Bill has helped represent Sheldon throughout his 18 years of incarceration, and now he and his wife are assisting him get his life back together with a Go Fund Me page, as New York provides nothing to him upon release. Please read his story in the link below, and help if you can.
Developer’s Chasing Rent Growth In Queens Amid Cost-Fueled Brooklyn Spillover – will hit a brick wall on financing
MNS Real Estate Report Reveals Drastic Increases In Rental Prices Throughout Queens – it’s in the past
Which NYC Neighborhoods Would Change If Density Cap Did? – LIC? maybe not
Help Wrongfully Convicted Sheldon Thomas – GoFundMe page and his story
Where to Enjoy NYC’s Cherry Blossoms – the Oval in Hunters Point South Park and Roosevelt Island
anon says
April 6, 2023 at 12:04 pmThe people who aren’t directly tied to real estate interests and who think LIC needs MORE density clearly don’t live in LIC. They should go look at other neighborhoods.