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.Click to get Text Message Updates right to your phone
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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.