BUFFALO, N.Y. (WIVB)- It was the Tweet heard ’round the City.
A Wednesday morning tweet from the Buffalo Niagara Partnership reads, “Downtown Buffalo has a problem: we’ve got a demand for housing that exceeds the units available.”
Newell Nussbaumer, founder of the website www.BuffaloRising.com agrees. “I’d say I would totally agree and people have been talking about this for a long time. I mean even though you have an onslaught of places to rent, you still can’t find any places to buy. I mean a couple places are transitioning right now, and if you can find something, they’re so expensive that people are priced right out of the market.”
But Developer Carl Paladino doesn’t see it as a problem or a shortage.”The Partnership always wants to come out and exaggerate situations.”
Paladino’s Ellicott Development owns several downtown housing developments including the recently opened Fairmont Creamery on Scott Street. “I believe that we’re meeting the demand downtown, We’ve got about 550 to 600 units, we’ve got 65 units vacant on that number which is a ten percent vacancy which is pretty normal in the industry. I think as we improve the City, especially as we improve the school system, we’re gonna see a higher demand for people who want to raise families in the city, so that demand is sometime in the future.”
News 4 also touched base with Sinatra & Company Real Estate which has invested $75 million dollars in City housing units. Vice President of Development Matt Connors doesn’t see it as a problem at all. He notes that millennials are moving into downtown, and we haven’t even see the medical corridor reach it’s full potential yet.
“We need a lot more people living in downtown Buffalo which will drive the economy even further.” said Nussbaumer.
The Buffalo Niagara Partnership attached an article to the tweet which explained that developers face certain challenges like the cost of converting some older downtown buildings, or trying to work with smaller floor plates as reasons why there isn’t more downtown housing yet.