The Billyburg Bust

NY Mag features the boom and bust of the Williamsburg condominium development fever that has left many sites stalled, or in foreclosure, in the wake of a declining economy.

There are already about 400 new apartments on the market in Williamsburg, and additional condos are completing construction every month. According to a study Maundrell released last month, 2,818 new apartments will have hit the market by the end of this year, with another 2,766 projected by the end of 2010.

It’s interesting to read this as a former Brooklyn-ite living in Williamsburg. The rent was absolute shit for the location and I could only assume it was because of the boom of development that inflated the price. Since moving back to San Francisco, however, I’ve heard a lot of folks discussing a move to New York for this year and the next. I wouldn’t be surprised if they all ended up in my old neighborhood.