The N.Y.C. Neighborhoods Where Home Prices Have Soared
July 03, 2025 by Source: New York Times Date Published: 7.3.2025 Link: The N.Y.C. Neighborhoods Where Home Prices Have Soared – The New York Times Article Summary: Over the past decade “climate gentrification” has led to an influx of luxury development causing home prices to more than double in 24 NYC neighborhoods pushing out longtime residents. The sharpest increase in Two Bridges, Manhattan, where luxury development drove a 288% rise. Costly repairs from Superstorm Sandy and resilience infrastructure investment has also pushed out long time residents while luring wealthy buyers in areas like Breezy Point, Hamilton Beach, and Red Hook. Additionally, skyrocketing property taxes—like in Gowanus where taxes rose over 750%—have also accelerated displacement of longtime residents.