Residents who can’t afford to buy in ‘bubble city’ have been left in limbo

Homes are being sold off in the city that once had its own “bubble” and the average price of a house in the borough of Brooklyn is now $1.4m (£1.1m).

But as rents have soared and prices for the best homes in the country continue to climb, many residents have been stuck in limbo.

“The city’s not as attractive as it once was,” said Daniel Stelzer, who owns a two-bedroom house in Williamsburg.

“Now that it’s a city, there are a lot more people, and it’s much more expensive.”

His property was sold last year for $2.5m.

But the $1m was later reduced to $1,873,000.

Mr Stelzer has spent more than $50,000 in the past three years on his house and says he has to move out.

In a recent interview with the BBC, he said the city was now “full of people that are buying apartments for $1 million” and he fears his property is being sold because of the rising costs of rent.

Residents who can no longer afford to pay rent, which can be as much as $500 a month, are now paying out of pocket for rent and have been told by their landlord they will not be able to rent the same place again for several years.

“It’s very stressful for me,” he said.

“I feel like I’m living on the brink of losing my home.”

In the city’s most affordable neighborhoods, the average rent for a one-bedroom apartment is $1.,874, with rents for two bedrooms soaring to $3,300 and three bedrooms to $5,890.

In the Bronx, rents for a two bedroom are now $4,000 and three beds to $6,845.

Rents in the Brooklyn boroughs are currently at their highest level in more than 50 years.

Meanwhile, many other low-income people are finding it difficult to afford to live in their own homes.

In Brooklyn, for example, rents have increased by 50 per cent in the last four years.

The median income in Williamsburgh is $31,400.

The median income for a single person in the Bronx is $54,300.

And in the Williamsburg area, the median income is $41,100.

“The rent for someone living on $5.3m a year is $9,000 a month and that is a lot of money to be living on,” Mr Steblzer said.

But there is hope.

In May, the city announced a plan to offer discounted rent to residents who qualify for public housing vouchers.

The plan will be rolled out over the next three years, and in some cases, will be available to low- and moderate-income families who have been evicted.

Mr Stelter hopes that by introducing vouchers, the government will provide relief for the people who cannot afford to move.

“They need to get a house, but not a fancy one,” he told the BBC.

“That’s why I’m so excited about it.”

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