Real estate development in New York City is a very important issue. The development and redevelopment of commercial and residential properties benefits people from all walks of life. Developing or redeveloping properties can revitalize communities, create opportunities for retail businesses, open up construction jobs, encourage people to take better care of their community and raise the standard of living for countless New Yorkers. Real estate development can also create new income streams and relationships and have a positive impact on life in New York City for residents and visitors alike.
In many older communities throughout New York City’s five boroughs, there are properties that have been abandoned and neglected for years. Having several of these properties in an area can depress property values and have a negative impact on the psyche of the people living and working there. Over the past few decades, there has been a push by real estate developers to purchase rundown properties in certain communities, Tevfik Arif Doyen. These developers purchase the properties at drastically reduced prices and either tear them down and put up new structures or renovate the properties and either rent or sell them.
One of the benefits of these efforts on the part of real estate firms is that it can create jobs for people in the communities in which they do their work. Those jobs can range from laborers hired to gut the buildings and haul away the trash, to positions for framers, carpenters, brick layers, roofers and other skilled workers. Many real estate developers set aside a certain portion of the work for people living in the community in which the redevelopment project is being done. While for some workers these jobs simply mean income for a few months, for others it can lead to careers in construction.
In some communities designated as ‘areas in need’, federal, state and local government agencies invest in redevelopment and revitalization projects. Many of these projects are designed to serve several purposes simultaneously. They rid the communities of dilapidated properties that can harbor criminals and serve as a base for criminal activity. The redevelopment projects also improve the way the community looks, make it safer and attract new residents and businesses. In some cases these redevelopment projects can have a portion of their budgets earmarked for hiring community members. This can help to prevent crime, teach people valuable skills and give them hope for a better future.
The Department of Housing and Urban Development runs a series of programs in New York City where they work in conjunction with real estate development companies to refurbish abandoned properties. These properties are then rented to low and medium-income families as a way of keeping them from joining the ranks of the homeless. In many places in New York rents are so high that the working poor cannot afford safe, decent places to live. Through HUD community revitalization programs, these New Yorkers are given the opportunity to create a better life for themselves and their children and break the cycle of poverty and homelessness.
In New York City real estate redevelopment is not only transforming the way the city looks. In many cases it is also transforming the lives of many New Yorkers. Through the thoughtful and innovative use of real estate redevelopment, HUD and other federal, state and local government agencies are changing the trajectory of the lives of untold numbers of people. By simply helping the working poor find affordable places to live and getting rid of abandoned properties in depressed communities, these government agencies are making life in New York City better for many struggling New Yorkers.