KIRYAS JOEL (VINnews) — This past Motzei Shabbos, the Satmar Rebbe, Rav Aron shlit”a, spoke harshly about astronomical apartment costs in Kiryas Yoel, and he urged a moratorium on purchases until prices level off.
Join our WhatsApp groupSubscribe to our Daily Roundup Email
Speaking at a Melave Malka, the Rebbe addressed the ongoing crisis, which is largely due to high demand and limited supply.
“No one should buy now,” the Rebbe said. “Wait, have patience, and prices will stabilize.”
The Rebbe seemed to take aim at sellers, saying, “Some owners bought at a relatively low price, yet are not embarrassed to ask over $1 million, not because of a home’s actual value, but because they want to make money.”
“Agents are stirring up a ruckus and driving up prices,” he added.
One local resident told VINnews that this issue has been a concern for some time, and in the past, the Rebbe has privately expressed that buyers should not overpay. However now he has decided to go public, apparently because the crisis has gotten out of hand.
The Rebbe emphasized that in the next two years, developers plan to create thousands of new units, and if buyers hold out, the supply will catch up with demand, which should reduce prices significantly.
Some speculate that part of the Rebbe’s concern stems from the fact that Kiryas Joel, in Monroe, has been a cheaper alternative than Williamsburg.
The Rebbe hopes that if buyers can hold out long enough, supply will increase, and sellers will be forced to reduce prices, which could be especially beneficial for young families and yungerleit.
This speech is basically against a handful of investors that built developments, and at least two of them are his followers, so why not talk to them directly?
So satmar are taking advantage of satmar?
Those goyisha real estate agents in Kiryas Yoel are such goniffs!
If the Rabbi really has the power to slow the hype and eventually cool the prices than I applaud him. The developers didnt go up according to the higher material costs, people are also taking advantage of the situation and it’s a shame. It’s not like you have an option to move away, where should one move?? To newburgh???
Most likely it’s just supply and demand issues
10 apartments available and 100 buyers who want them makes prices go up because there’s always someone who will pay more to get what they need.
That’s normal
So if you can convince most of those buyers to wait and in a few years the percentage of buyers to available housing is more even, the prices will stabilize. Question is if people can wait, once people decide they need to buy it’s hard to say forget it
They are most likely having difficulty finding affordable rentals as well or outgrowing their smaller places
What I’m wondering is, where is everyone getting all this money from to buy million dollar houses? Isn’t Kiyas Joel always on the list as one of the poorest communities in the country? Things that make you go hmmm.
Shlissel gelt, anyone?
Everything in this discussion can be summarized with there is too much demand and not enough supply And the only person who can be blamed is the one who is paying these crazy high prices
He should start a new community in Scranton or somewhere like that.
<em>Satmar Rebbe Urges KJ Residents NOT to Buy Apartments</em> He is not my Rabbi, so I don’t have to listen to him, and can peacefully go ahead & purchase an apartment.
When you shake on a deal with a Hungarian, count your fingers before you walk away.
If u don’t have the money don’t buy! Nobody forces u to buy.
Some of it is Bidens inflation. Cost of labor and materials are all up