http://www.businessinsider.com/brooklyn-is-officially-the-most-unaffordable-housing-market-in-america-2015-1?utm_source=nyers&utm_medium=socialflow

Brooklyn is officially the most unaffordable housing market in America

When you hear the word "Brooklyn," you probably think "hipster."

But you should really think "staggeringly unaffordable housing."

As New York Magazine and Bloomberg report, the borough has become the least-affordable housing market, relative to income, in the US.

In Brooklyn "a resident would need to devote 98 percent of the median income to afford the payment on a median-priced home of $615,000," Bloomberg reports.

That's higher than between 2005 and 2008, at the height of the housing bubble.

The data comes from RealtyTrac, the real-estate-information company. San Francisco and Manhattan are the second- and third-least affordable, according to that data.

Brooklyn's wallet-destroying real-estate surge comes thanks to a few factors, but the biggest one is the saturation of Manhattan.

The world's super rich have started to use Manhattan as the new Swiss Bank Account — since 2008, a reported 30% of condo sales in large Manhattan developments have come from overseas. This is pushing the slightly-less-super-rich to Brooklyn.

And they are ready to buy.

Ninety-eight townhouses in Brooklyn sold for over $3 million in 2014, most of which were in the swanky neighborhoods of Brooklyn Heights, Cobble Hill, and Park Slope, where a historic brownstone went for a record-breaking $10.78 million.

Other trickle-down effects are more socially devastating.

"What's a frustration for ­middle-class buyers amounts to a desperate crisis for poor renters," reports Andrew Rice in a New York Magazine feature on gentrification in East New York.

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i will not let finite disappointment undermine infinite hope
- Cory Booker

Football is a simple game; 22 men chase a ball for 90 minutes, and at the end the Germans always win
- Gary Lineker

>When you hear the word "Brooklyn," you probably think
>"hipster."

Peace to all the Black people who bought cribs in Canarsie. You're gonna be alright.

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Laces out like the bookings, just the way that Run did it

and there are a whole lot more tech types in san fran.

techies make more than hipsters.

I hate to see this happen. It looks like the New York of the '90s is officially dead.

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Laces out like the bookings, just the way that Run did it

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"Everyone has a plan until you punch them in the face. Then they don't have a plan anymore." (c) Mike Tyson

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i will not let finite disappointment undermine infinite hope
- Cory Booker

Football is a simple game; 22 men chase a ball for 90 minutes, and at the end the Germans always win
- Gary Lineker

Maybe once the Mayor can't afford to live in his own borough, it'll inject a little urgency into his raison d'etre for taking office.

to the chagrin of all the people who want him to continue talking about the police.

He got elected to address HOUSING primarily. 85% of people in the 5 boros think it's an issue worth addressing.

i wonder where the poor (black) ppl are being pushed

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except these kids have easier access to cars and guns...

he's near the part of Brownsville that has nicer houses

but on the way back my other boy told me it's quicker to take the unofficial transfer between Junius on the 3 to Livonia on the L.

That's still a big ass population of poor black folks housed in that little corner right there. you can't even count the buildings.

outskirts like that are still untouched by this shit... although they are being threatened

to answer your question a demographic study i read between 2000 and 2010 shows the biggest demographic shift in brooklyn being White to Asian (due to huge growth of Brooklyn chinatown) followed by Latino to White (Bushwick, Williamsburg, South Slope, Sunset Park, etc.)

My sister lives in the 90s and I was heading to Williamsburg afterwards. That little corner you're talking about is the end of Brownsville right before you get into E.N.Y.

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Let me sport my Air Hyperbole 2010s in peace. (c) ansomble

Building repetoires (c) spm since 1983

actually, it a has a VERY good salary:cost of living ratio. People love to say NYC costs more because the jobs pay more, but that's simply not true.

A friend of mine lives in Brooklyn. It's beautiful.

~Experience is the currency of the soul.