Gentrification in New York City: Price and Demographic Changes

2

Housing prices have gone up in NYC

0

50

100

150

200

250

300

350

400

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

All Properties Single-Family Homes 2-4 Unit Buildings Condos 5+ Unit Buildings

Index of Housing Price Appreciation by Property Type

Sources: NYC DOF, NYU Furman Center

Rents have gone up; not incomes

Sources: ACS, NYU Furman Center

Median Gross Rent

Median Renter Household

Income

96

98

100

102

104

106

108

110

112

114

116

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Index of Median Gross Rent and Median Renter Household Income in NYC

Affordability is a growing problem

9.3%

22.9%

69.4%

89.4%

7.8% 15.8%

51.7%

82.9%

0%

20%

40%

60%

80%

100%

30% AMI 50% AMI 80% AMI 130% AMI

2000 2013

Sources: ACS, NYU Furman Center

Recently Available Appropriately-Sized Units Affordable to Households in NYC

DIFFERENCES ACROSS COMMUNITY DISTRICTS

Housing prices have gone up more dramatically in some neighborhoods

356.3%

138.7% 116.8%

33.6%

0%

50%

100%

150%

200%

250%

300%

350%

400% Morningside Hts.

Sources: NYC DOF, NYU Furman Center

Real Change in Housing Price Index by Community District, 2000-2014, New York City

New York City Bed-Stuy

Jamaica

54.45%

35.71%

21.96%

7.74%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

Rents have gone up more dramatically in some neighborhoods

Sources: ACS, NYU Furman Center

Real Change in Gross Median Rent by Community District, 2000-2014, New York City

New York City

Bed-Stuy

Fort Greene/ Bkln. Hts.

Willowbrook

FOCUS ON BEDFORD STUYVESANT

Housing prices in Bed-Stuy have been more volatile than the city as a whole

Sources: NYC DOF, NYU Furman Center

Housing Price Index, Bedford Stuyvesant and New York City

0

50

100

150

200

250

300

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Bedford Stuyvesant New York City

Rent has risen more rapidly

Sources: ACS, NYU Furman Center

Real Rent Growth, 2000-2013, Bedford Stuyvesant and New York City

35%

21%

0

0.05

0.1

0.15

0.2

0.25

0.3

0.35

0.4

Bedford Stuyvesant New York City

Median income has increased

Sources: ACS, NYU Furman Center

Median household income, Bedford Stuyvesant and New York City

$33,521 $35,060 $37,294 $37,011

$55,554 $54,561 $54,061 $52,207

2000 2007 2010 2013

Bedford-Stuyvesant New York City

The poverty rate has remained steady

Sources: ACS, NYU Furman Center

Poverty rate, Bedford Stuyvesant and New York City

36% 34% 32% 33%

21.2% 18.5% 20.1% 20.9%

2000 2007 2010 2013

Bedford-Stuyvesant New York City

Education level has increased

Sources: ACS, NYU Furman Center

Percent of population with a bachelor’s degree or higher, Bedford Stuyvesant and New York City

17.2% 21.9% 24.1%

32.1% 33.4% 34.9%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

2007 2010 2013

Bedford Stuyvesant New York City

The Black population has decreased, the White population has increased

Sources: ACS, NYU Furman Center

2% 10% 14%

20%

35% 35% 33% 33%

0%10%20%30%40%50%60%70%80%90%

100%

2000 2007 2010 2013

75% 70%

60% 58%

25% 24% 23% 23%

0%10%20%30%40%50%60%70%80%90%

100%

2000 2007 2010 2013

Percent of population Black, Bedford Stuyvesant and New York City

Percent of population White, Bedford Stuyvesant and New York City

Which means racial diversity has increased

Sources: ACS, NYU Furman Center

Racial diversity index, Bedford Stuyvesant and New York City

0.40 0.48

0.58 0.59

0.74 0.73 0.74 0.74

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

2000 2007 2010 2013

Bedford Stuyvesant New York City