The real story in this story is the lack of ownership housing. Most of 1,200 plus units being built in CH are rental. No discussion of why that is in the NY TImes, as it might be "controversial". When I sold two bedroom condos on Bedford Avenue in 2000 for $94,000, the market yawned. Now that I'm selling the same units for $ 599K, everyone is paying attention.
The good news, the person getting rich isn't the developer, but the person with a moderate income who had the guts to buy on Bedford Avenue in 2000. Which is why condos and coops are much cooler than rentals. With rentals only the developer gets rich.
Unlike the last several rounds of real estate development in NYC, this round is heavily weighted toward rentals. Why is that? Your thoughts are welcome.