Brooklyn: The L Train Shutdown Might Save You Money

Hurricane Sandy wreaked havoc on all of New York City, and the tri-state area for that matter. But the Subways run underground so imagine that water-logged nonsense that went on down there.

All of those water works just tore through the already archaic NYC subway system, leaving the miles and miles of underground tracks in shambles and desperately needing repair. So starting in April of next year, the MTA plans to shut down the L train's Brooklyn-Manhattan tunnel for a little over a year, 15 months to be exact, for maintenance and repairs that still stand from the storm. 

Although the MTA plans to supplement additional service on other lines to make up for the missing L train, this is still going to be quite the headache for those commuting from North Brooklyn. As a result,   rent is going DOWN in these neighborhoods and houses for sale are taking longer to move off the market. 

This rent situation isn't special to Brooklyn, landlords in Manhattan are using different types of discounts and incentives to speed up the rental process, however the L train SNAFU adds an extra piece to the situation in Brooklyn. 

The rent index in Brooklyn fell to $3,027, down 2.2% from last August. The average monthly payment for rent in the area is now at it's lowest point since April of 2015. 

So... if you can still afford $3K a month then its all for you, or maybe you're more of a buyer rather than a renter. The bad news about buying in the area is that prices haven't been dipping like rent, homes are just taking longer to sell. It'll still take you a cool $1.1 million to purchase for your own. 

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