Theprof1:
Where are all the rich people who sold their house in Flatbush for $2 million and bought a new one in Lakewood for $500,000.00. Unless they bought the house over 20 years ago they cashed out with at most $900,000, with $500,000 for the new house and the balance for new furniture and taxes. You will be surprised how quick you can $400,000.00. Especially if charity and or savings is a low priority. Or they used their equity in the house for their business which is not doing good. In any case most of this money is gone.
Every area has it problems while Brooklyn has a lot of yeshivas at reasonable tuition and lots of shuls, houses are very expensive and even apartments are expensive. Most young couples move out of NYC as soon as they marry or upon having a child because it’s so expensive which is why Monsey & Lakewood are growing so rapidly. So in a few years, the neighborhood changes people die or move away to be with family and there wouldn’t be enough people for all these Brooklyn shuls. The same thing will apply to yeshiva at least elementary school with fewer local people starting families in Brooklyn the yeshivas will find it harder to fill their classes.