For years, if you were anybody in New York, the place to be was Manhattan. The outer boroughs—they didn’t matter, and no one talked about them. However, in recent years, Brooklyn has stepped out from the shadow of its western counterpart and become more famous in its own right. Needless to say, the time has never been better to develop in New York City’s largest borough.
Why develop in Brooklyn?Well, for one, its population is booming. Over the past 3 years, Brooklyn’s population surged by 3.5%, far eclipsing the other boroughs’ growth. Indeed, Kings County is one of the fastest growing in the entire state, let alone New York City. The population is also richer, too—in 1999, only 9% of Brooklyn’s population earned over $100,000, but now 18% do. Some neighborhoods that once had dirt-cheap rents are now as expensive as—if not more than—rents in Manhattan. Once upon a time, Brooklyn was the place you lived when you couldn’t afford to live in Manhattan, but nowadays, people want to live in Brooklyn and are willing to pay for the right.
Brooklyn’s also a lot more development-friendly than it used to be. Prior to former Mayor Michael Bloomberg, much of Brooklyn was devoted to gritty manufacturing plants. However, under his reforms, entire swathes of the borough were rezoned to encourage other types of development. As a result, neighborhoods like Williamsburg that were once only known for their dilapidated factories are now practically unrecognizable. As Brooklyn grows in popularity, the face of the borough will only continue to change.
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