In New York, businesses shutter and longtime residents must make the painful decision of packing up and leaving, or staying and starving. That is the reality for the real estate market in the large metropolis, but it is not only major city experiencing a housing crisis as real estate surges.
The 2008 economic crash established a trend of young career-minded people to choose renting as a better financial choice; however, the rent, simply put by a former New York mayoral candidate, Jimmy McMillian, “is too damn high.”
Renters seem to be joined by first-time home buyers in affording real estate.
As well, reports show that more millennials receive loans from their parents to purchase; but for most of that demographic they are on their own; especially when many baby boomers were affected by the economy added to the increasing costs of aging.
Gentrification
Another face of the housing crisis is gentrification. The d
