July 29, 2020 By Christian Murray
The Long Island City condo market is currently in a state of flux.
The market was showing signs of softening before the pandemic struck and analysts were also noting that a large supply of units were coming online.
The New York Times did a story on July 3 discussing a glut and looked at what that might mean for developers in a post COVID-19 economy.
We talk to Patrick W. Smith, a new development specialist with the Corcoran Group, about how he sees the Long Island City condo market right now.
This glut of apartments was going to happen with or without covid. They keep tearing down homes to put these NYC type of buildings up. These developers, manipulate their numbers, get tax credits or breaks and have paid off pretty much every democrat in office whose time In office is up…they all walk away richer and somehow get away with it.
A pandemic, no jobs, city is in billions of dollars of debt with looming municipal worker layoffs, a global economy on the precipice of a depression, political and social unrest, increase in violent crime, and tax increases on the horizon. Where is this “demand” for these units? The only demand is for moving companies to pack up citizens who want to flee this city.