KIRAYS JOEL – Rabbi Aaron Teitelbaum, the Satmar Rebbe of Kiryas Joel, has redoubled his efforts to address the community’s housing affordability crisis, continuing what many see as a transformative campaign in Orthodox real estate. The Rebbe, who has long spoken out against material excess and economic pressure on young families, has made lowering housing prices a top priority.
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Last year, on the yahrtzeit of his uncle, Rabbi Joel Teitelbaum — the founder of the Village of Kiryas Joel — the Rebbe declared that any new apartments built within Kiryas Joel must not be sold for more than $300 per square foot — far below the then-standard rate of $450–$600.
Rabbi Teitelbaum’s speech last week
Last week, during a brit milah celebration for his great-grandson, the Rebbe expanded that effort by announcing that he had secured a contractor to begin construction outside the official boundaries of Kiryas Joel, where units will be sold at an even lower price of $250 per square foot. The new development, dubbed “Or HaChaim,” will include 1,000 apartments and is part of a broader rollout of over 3,000 units priced according to the Rebbe’s guidelines.
According to several real estate brokers who spoke to VIN News on condition of anonymity, the Rebbe’s initiative — combined with the substantial wave of construction over the past 18 months — has had a major impact on the housing market. Prices have dropped significantly, supply has surged, and hundreds of new apartments currently remain empty. The brokers noted that the rental market has also softened, with average rents down nearly 35% from their peak.
They attribute this trend not only to the Rebbe’s price cap but also to the unprecedented pace of building — especially in and around the neighboring town of Blooming Grove, where thousands more units are expected to be built over the next five years. The sheer volume of housing coming online, they say, is shifting the once-tight Kiryas Joel market toward a renter and buyer’s advantage.
Still, community members and leaders alike continue to laud Rabbi Teitelbaum for prioritizing affordable housing and warning against speculative behavior. During his remarks, the Rebbe urged unity, cautioning followers not to fall prey to real estate price manipulation or artificial hype.
“This is not just about construction,” he said. “It’s about preserving our values, ensuring that our children can live with dignity and security, and protecting the soul of our community.”
With construction already underway and thousands of additional units on the horizon, the Satmar Rebbe’s vision for accessible, community-centered housing in Kiryas Joel is not only gaining momentum — it’s reshaping the market.
Maybe we can do something like this in Lakewood & the surrounding areas??? It’s out of control!!!!
this is called a Rebbe that takes care of his flock
kol hakavod
The brokers, investors and even some landlords will one day have to give a din vcheshbon for how they artificially raised the cost of housing in Jewish neighborhoods. Back in the day there were RE agents who sold houses They were licensed, usually worked for a company and knew a thing or two about houses. When I got married about 30 years ago there was no rental brokers When I moved after 2 years and again 10 years later. Again when my oldest children got married I dealt with the landlord directly. Rent was based on yes, a going rate but mostly on what the landlord expenses were. About 10 years ago one of my children got married and we had to deal with a broker for the first time and I saw how unethical they can be. 5 years ago I had to move and for over 6 months I had to deal with brokers virtually every one had themselves in mind trying to make a quick buck. The main problem I found if one property or apartment rented for $1000 then the next guy will raise his apartment by 200 the next guy by another 100. When I moved 5 years ago I paid 3000 for a 3 bedroom apartment my landlord can easily ask for 4000 today if I move. I also found that many old landlords say if I can get x amount for my apartment why shouldn’t I get it. And the new owners have no choice to ask exorbitant rents because an investor paid an exorbitant price for a property. Thank you Satmar Rebbe
KOL HAKAVOD!
Hopefully others will follow the logic and desire to make life easier for their chassidim & Klal Yisroel in general. The religous areas in South Florida have gone crazy. It is virtually impossible for young couples or elderly on fixed income to find affordable housing in proximity of a shul.
3,000 sf apartment in upstate New York.
Without any land, sandwich between two floors above 4 floors below should not be costing the $750,000 that these guidelines bring it down to.
Commendable but $300 or $250 per foot for an apartment is still very expensive. But maybe not by NY standards
Why isnt aguda involved?
Caveat Emptor—-which means, “let the buyer beware.” Anytime we buy something, we have to do it with open eyes and seychal. When a salseman says to me, “ it might be gone tomorrow, if you don’t buy it now,” I say, “ then it wasn’t meant to be.” That being said, housing prices will continue to rise as long as people have the money and are willing to go into debt.
What happens to all the property value of everyone that bought there at prices NORTH of $300 per square foot ?
What about Chabad? Don’t they need housing?
Seems like Vin is removing answers from agents. It’s important to hear from the other side too…
We need achdus. I know the pain of renting and am angry about this too.
We need to understand about financial adjustments after the fact. Meaning: the rich don’t know how to live like us – normal people… A big problem in gashmius nowadays…
Think about it. When one earns 100k per yr he gets used to it. When salary is deceased he has difficulty adjusting.
I’m not answering for the rich but it’s an interesting point. Am I barking on the wrong tree?
Still too expensive. Land is cheap and construction under $200 per sq.ft
You do know that you can ask ChatGPT to make itself sound more heimish, right?
What we’re seeing is classic supply and demand: by setting a max price per square foot, demand shifts toward affordable homes — and builders respond. It’s simple economics, and it’s working.
Its worked similar to this in Gateshead, England for years, Decades. Which has kept the price of houses down – but they have a very much smaller community with less people. It only works in places where everyone follows the Rebbe / Rov of the town.
The success has nothing with tekanos, ita the free market mechanism that brought down the prices, kj is mow flooded with developments and rezonings, the $300 was just in the right time
Glad to see that Satmar is a believer in Karl Marx’s theories on the evils of the free market and the glories of a centrally-planned economy. We all see how wonderfully well that works in the flourishing Soviet Union and the paradise it provided for the happy peasants…
Oh – wait…