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Curbed.com: House Flipping in NYC Threatens the American Dream: Study
http://ny.curbed.com/2016/4/22/11489472/house-flipping-is-bad-news-for-many-new-yorkers-study-shows-House flipping may look fun on HGTV, but it's detrimental to the affordable neighborhoods of New York, a study by the Center for NYC Neighborhoods shows. The group analyzed the impact of real estate speculation on owners and tenants of small homes throughout all five boroughs.
Although the practice of house flipping declined after the 2008 crash, it's slowly been increasing since. Today, working-class neighborhoods in Brooklyn and Queens are especially vulnerable. As the study says, "In neighborhoods like East New York in Brooklyn and Jamaica in Queens, properties that working- and middle-class New Yorkers could once dream of owning are being bought by LLCs and resold, often in a span of a few months, for immense profits."
Although the practice of house flipping declined after the 2008 crash, it's slowly been increasing since. Today, working-class neighborhoods in Brooklyn and Queens are especially vulnerable. As the study says, "In neighborhoods like East New York in Brooklyn and Jamaica in Queens, properties that working- and middle-class New Yorkers could once dream of owning are being bought by LLCs and resold, often in a span of a few months, for immense profits."
