Albany housing market: ‘Strong sign of the rebound of our economy’

News

 ALBANY, N.Y. (NEWS10) — The local housing market remains in a period of transition. Some would say it’s booming; others face issues like low supply or still need to depend on rental assistance.

Dawn Homes Management LLC unveiled market-rate Uptown apartments during a grand opening ceremony with local leaders. ‘Landmark Albany’ was a $56 million investment hoping to draw in local professionals and retirees.

“What it also speaks to is the strength of our housing market. Right now whether it’s single-family homes or apartments, you can’t open them quick enough,” Mark Eagan, President and CEO of Capital Region Chamber, said. “It’s really such a strong sign of the rebound of our economy.”

Eagan said the Capital Region continues to see transports from New York City, particularly “younger talent.”

Albany Mayor Kathy Sheehan agrees but says this trend started well before the pandemic. 

“So, this housing is going to be really important in retaining and keeping those college graduates right here in the Capital Region,” Sheehan said. 

With the ongoing labor shortage, Sheehan added that it’s paramount for Albany to create a welcome environment for workers long-term and those still struggling to pay rent.

“There is a lot of funding that is out there and available to keep people from getting evicted,” Sheehan said.

Emergency Rental Assistance is still available for renters and landlords alike. Applications are now being accepted for The New York State Emergency Rental Assistance Program (ERAP), but the program for the new period won’t begin until July 1. 

Several communities opted to administer their own programs, meaning residents are not eligible for assistance through the state-administered Emergency Rental Assistance Program. The City of Rochester, Monroe County, the City of Yonkers, Onondaga County, and the towns of Hempstead, Islip, and Oyster Bay must apply through their local programs instead.

“We’re seeing the light at the end of the tunnel, but this is an issue that is a little more complex but we’re hopeful we can get to the other side,” Eagan said.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Download our news app

App Store Link
Google Play Link
REMARKABLE WOMEN_2022_NOMINATE_1280X720

Latest PODCAST episode

More PODCAST: On the Story with Trishna Begam
CHECK OUT OUR NEW APP FEATURES

Latest COVID-19 News

More COVID-19