Real Estate Developer Engel Burman Working to Address Long Island’s Housing Challenges
It’s no secret that Long Island is facing a number of housing challenges. These challenges are changing the demographics and are a potential barrier to the long-term economic recovery and future growth of the region, according to an analysis by the Regional Plan Association. “The birthplace of the suburbs, Long Island today must adapt its housing system to meet the needs of a new era,” said Tom Wright, President and CEO of Regional Plan Association.
Shortage of Appropriate Housing
Long Island falls short when it comes to meeting the housing needs of its population with a lack of a variety of housing options and the limited inventory of those options that do exist.
Housing needs differ and change with age. Young people may require smaller spaces than families, and older adults may be empty nesters looking to downsize. However, with single-family homes dominating the housing stock, there are very limited options.
When it comes to rentals, Long Island is lagging behind other regions with approximately 20% of the housing stock being rentals, compared to 37% in Northern Nj and 34% in Westchester.
In addition to the lack of variety and limited rental stock, availability is also an issue. And once again, more pronounced on Long Island as compared to other areas. For example, Long Island’s vacancy rate is 2.9% which is roughly half the national average rate of 5.9%.
The Economic Impact
The lack of appropriate housing is driving many young people to leave Long Island. This demographic is key to a strong workforce and attracting new businesses that contribute to the growth of the economy. Instead, we’re seeing a demographic shift towards older households. By 2040, Long Island’s population of those over 65 is expected to grow by 40%, while the population of those under 35 is expected to shrink by 13%.
Working Towards Solutions
As a leading real estate developer of residential properties on Long Island, Engel Burman takes its responsibility seriously to help meet these housing challenges. It is part of our commitment to Build Better Communities. As such, we have developed more than 5,000 homes and have another 1,200 units in the pipeline. These new units will be part of multifamily developments, some with workforce units, helping to address the critical shortage of housing, the diversity of housing options, and affordability.
For More Detail
Visit us: http://engelburman.com/
Call us: (516) 747-1200
Over the past few years, Ghaziabad has become the current destination for buyers and property investors.
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The city has been thriving, bringing the dreams to a phase of reality by catering to the customers’ needs and requirements that it has been promoted as the “Gateway of Uttar Pradesh” emerged as a property hub.Ghaziabad is known as one of the top aspirants in the Delhi, NCR, an amalgamation of the old and new owns the properties with facilities and amenities.
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Air connectivity will also be increased once the proposed Jewar Airport is operational.2) Ghaziabad: A Developing Smart CityGhaziabad is planned to be developed as the next smart city.
