MTA Cuts Hurt Gentrifiers’ Property Values


Not only do commuters off the discontinued V and W subway lines, as well as a number of scaled-back bus routes, have to find another a way to get home. But now those homes that they’re having so much trouble getting to could be harder to sell. Data compiled by shows fewer sales and lower prices in some neighborhoods whose bus routes ended this summer. Not every neighborhood affected by the MTA cuts experienced the drop-off. “Far-flung, gentrifying areas,” seem to be the hardest hit. The number of home sales dropped 60 percent in Kensington and 83 percent in Ditmas Park between July 2009 and June of this year, although that likely has something to do with the first-time homebuyer tax credit expiring. “‘How far is it to the train?’ That’s the first thing people ask me,” says Charles Sciberras, a longtime broker in Astoria.

MTA Cuts Hinder Home Sales [WSJ]