Municipalities Should Review Comprehensive Plans And Update Them In light Of COVID Real Estate Boom
As devasting as COVID has been, there have been economic silver linings for Rockland County such as the ongoing residential real estate boom driven by New York City residents relocating to the Hudson Valley.
But this residential boom, which entails a demographic shift, could unlock economic development opportunity that many have yet to appreciate.
To quantify the residential real estate shift, we looked to Joseph Rand of Howard Hannah Rand Realty. He states that sales are at record highs. Comparing the fourth quarters of 2019 to 2020, Rand reported closings increased 54 percent and deals in contract increased by more than 46 percent.