Airbnb didn’t exist in 2007. Today, three out of every 100 Ulster County housing units is listed on Airbnb. Every real estate sale, rent increase and property tax assessment in New York State takes into account how much the property could earn if it was listed on Airbnb. Some examples: An investor might offer $180,000 … Read More
The City of Kingston might opt into the Emergency Tenant Protection Act (ETPA). It is a law that was enacted to help protect renters in places where there’s a 5% vacancy rate or below. A 6-10% vacancy rate is typically cited as a healthy vacancy rate for towns. The ETPA includes rent stabilization, the right … Read More
There are a total of 5,897 apartment units in Kingston. 1,197 of them are already subsidized in some way through grants or other funding sources. Examples: Broadway East Town Homes, Ulster Gardens, The Lace Mill, Rondout Gardens That leaves 4,700 families renting in the free market, with no protections against price increases or unfair evictions. … Read More
In 2016: the Bonura Group proposed the $30M Water Club; 136 “market-rate” apartments in Poughkeepsie’s downtown, featuring a parking garage, private pool, gym, and rooftop terrace. The target market, according to a Poughkeepsie Journal article, was “millennials and empty-nesters looking to downsize,” within walking distance to Poughkeepsie’s restaurants and shops. The public-private partnership was made … Read More
The story of local real estate and housing is a tale of two Ulster counties: on one hand, the median home sale price increased from $200,000 in 2016 to $218,000 in 2018, there are over 1,800 Airbnbs that can generate up to three times as much income as a standard rental, and market rate housing projects … Read More
