I recently moved into a newly rehabbed apartment in a “vintage” (read: poorly insulated) walk-up. I’ve quickly come to realize the advantage of living in new construction: it’s freaking new. New sink, new toilet, new tub, new walls, new floors, new refrigerator. It’s new.
New means you don’t have to deal with the bizarre smells and ubiquitous little body hairs left behind by generations of former tenants. New means the sealant on the tub hasn’t turned black, the sinks aren’t overgrown with lime, and the door hinges and light switches and windows haven’t been encrusted with layer upon layer of carelessly slathered paint.
If you’re a, well, fastidious individual like myself, it’s worth searching high and low for these rare, rehabbed apartments. I want to pose the question, “why aren’t more new rental properties being built?” but I already know the answer.
An overwhelming majority of construction projects in the city are condo developments. With this unprecedented housing boom, the smart money is in converting old apartment buildings into condominiums that can easily sell for hundreds of thousands of dollars.
So, if new construction in the city favors the half-million-dollar condo, where will all the renters go?