The Bronx, located in New York City, has had a tumultuous history since its founding in 1895. In the mid-late 1960s, some parts of the Bronx experienced a sharp decrease in population, habitable housing, and quality of life. This period of decline continued through the 1970s, resulting in the Bronx becoming a predominantly low-income area with high rates of poverty and crime. However, the Bronx has seen a resurgence in recent years. In the first quarter of this year, the number of homes sold in the Bronx increased by 35%, far surpassing Manhattan, Brooklyn and Queens.
This growth is particularly evident in areas such as Belmont, Crotona Park East and Williamsbridge, which are undergoing renovations to their stores and residential interiors. The pandemic has had an effect on the Bronx's housing market. The average MODZCTA that is in the upper quartile of the distribution of home sales prices before the pandemic seems to experience a more moderate disruption of the local housing market and is subject to a less intense outbreak. Figure 3c, d shows that the spatial distribution of the year-on-year change in the number of single-family home sales tends to be negatively correlated with the number of COVID-19 cases mapped in Figure 3a, b.
The estimate of repeated sales of the COVID-19 effect is identified through the variation in price and exposure to COVID-19 at the property level, rather than changes in the average price in a given neighborhood. Wealth disparity may have been facilitated by wealthier homeowners migrating to more competitive housing markets outside New York City, which may have been perceived as safer from COVID-19 risks. The Bronx is home to many important landmarks such as Woodlawn Cemetery, one of New York City's largest cemeteries; Maritime College at SUNY Fort Schuyler; and NYC Media's official television station at Bronx Community College. It is also home to Rikers Island prison complex and Cablevision's News 12 The Bronx. In conclusion, it is clear that since its founding, the Bronx's housing market has gone through significant changes over time. Despite periods of decline, it has seen a resurgence in recent years and continues to be an important part of New York City.
