Today's PPLG post takes on the question: why does PLG fly below the radar? Is PLG destined to be the perpetual "next" hot neighborhood? PLG, arguably, has been slower to develop than other Brooklyn neighborhoods - but why?
Our personal opinion is that population density plays a large role. Most rental buildings in PLG are low-rise with fewer units per block than in many places. Dovetailed with the single family covenant, the number of households per block in PLG is probably substantially lower than in places like Park Slope.
Slow rental turnover is probably another reason - most neighborhoods that have taken off, like Williamsburg (cited as an example by Mr/Ms. PPLG), are full of small buildings that are not subject to rent stabilization laws. We have a hunch it's new renters who generally bring new vitality to an area, as they're typically younger and less tied to their home by things like kids. Also, the first people to move into a transitional neighborhood (often leading the transition) are younger creative types. We hypothesize that without rental turnover, you don't get a whole lot of change.
That said, we've noticed a ton a new younguns in the hood who are most likely renters. We don't think PLG will ever be like Williamsburg (which is a-ok), but we'll probably end up looking like the love child of Fort Greene and Ditmas, as PLG is probably dead center between the two in terms of population density and general attractions.
Beg to differ?