'Affordable means different things to different people': Q&A with NY's housing agency leader

Published in House and Home on Monday, August 11th 2025 at 7:47 GMT by Buffalo News
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As commissioner of New York State Homes and Community Renewal, Ruthanne Visnauskas has a bird's-eye view of the state's housing crisis, and a prominent seat at the table for addressing it. She sees progress, but there's still a lot to do.

Buffalo's Real Estate Market Shows Resilience Amid Economic Shifts

In the bustling real estate landscape of Buffalo, New York, recent developments highlight a market that's adapting to broader economic pressures while capitalizing on local strengths. A key focus of recent reporting centers on the transformation of underutilized properties into vibrant residential and commercial spaces, driven by a mix of private investment and public incentives. One prominent example involves a major developer acquiring a historic building in the city's downtown core, with plans to convert it into a mixed-use complex featuring luxury apartments, retail outlets, and office spaces. This project, valued at over $50 million, underscores the ongoing revitalization efforts in Buffalo, where aging industrial structures are being repurposed to meet modern demands for urban living.

The developer, a well-established firm with roots in Western New York, has outlined a vision that includes preserving the architectural heritage of the site while incorporating sustainable features like energy-efficient systems and green spaces. This approach not only appeals to environmentally conscious buyers but also aligns with city initiatives aimed at reducing carbon footprints. Local officials have praised the initiative, noting that it could generate hundreds of construction jobs and boost tax revenues. The project's timeline anticipates groundbreaking in the coming months, with completion targeted for late 2025, pending final approvals from zoning boards.

Broader market trends in Buffalo reveal a resilient sector that's bucking some national downturns. Home sales in the region have remained steady, with median prices hovering around $250,000, a modest increase from previous years. This stability is attributed to Buffalo's affordable housing stock compared to larger metros like New York City or Boston, making it an attractive destination for remote workers and young professionals fleeing high-cost areas. The influx of newcomers, spurred by the pandemic-era shift to hybrid work models, has fueled demand for both single-family homes and multifamily units. Suburban areas like Amherst and Orchard Park have seen particularly strong activity, with new subdivisions popping up to accommodate growing families.

However, challenges persist. Rising interest rates have tempered buyer enthusiasm, leading to longer days on market for some properties. Inventory remains tight, exacerbating competition and driving up bidding wars in desirable neighborhoods such as Elmwood Village and Allentown. Real estate agents report that first-time buyers are facing hurdles with affordability, prompting calls for more inclusive financing options and down payment assistance programs. On the commercial side, office vacancies have ticked up slightly due to remote work trends, but adaptive reuse projects—like converting old warehouses into co-working spaces—are helping to fill the gaps.

Another noteworthy transaction involves a high-profile sale of waterfront property along the Niagara River, where a consortium of investors plans to develop a resort-style community. This $30 million deal includes amenities such as marinas, walking trails, and boutique hotels, aiming to enhance Buffalo's appeal as a tourist destination. The project draws inspiration from successful revitalizations in nearby cities like Rochester, emphasizing connectivity to the Great Lakes ecosystem. Environmental assessments are underway to ensure compliance with regulations protecting local wildlife habitats.

Experts point to Buffalo's economic anchors—such as the University at Buffalo, Roswell Park Comprehensive Cancer Center, and emerging tech hubs—as key drivers of real estate growth. These institutions attract talent and investment, spurring demand for housing and supporting infrastructure improvements. For instance, the expansion of public transit lines, including light rail extensions, is expected to increase property values in transit-adjacent areas. Neighborhoods like Black Rock and Riverside are experiencing a renaissance, with restored Victorian homes fetching premium prices.

Looking ahead, analysts forecast moderate growth in Buffalo's real estate market through 2024, contingent on national economic factors like inflation and employment rates. The city's low cost of living, combined with cultural attractions such as the Albright-Knox Art Gallery and the vibrant food scene, continues to draw relocators. Community advocates emphasize the need for equitable development to prevent displacement in historically underserved areas, advocating for policies that prioritize affordable housing quotas in new builds.

In the rental market, vacancy rates are low at around 5%, with average rents for one-bedroom apartments sitting at $1,200 monthly. This tightness has led to innovative solutions, including short-term rental regulations to balance tourism benefits with residential needs. Luxury developments, such as high-rise condos overlooking Lake Erie, are catering to affluent buyers, while mid-tier options focus on amenities like fitness centers and pet-friendly policies to attract millennials.

Overall, Buffalo's real estate scene reflects a city in transition, blending its industrial past with a forward-looking ethos. Success stories like the adaptive reuse of the former Bethlehem Steel site into a mixed-use district illustrate how strategic investments can foster economic vitality. As the market evolves, stakeholders from developers to policymakers are collaborating to ensure sustainable growth that benefits all residents. This dynamic environment positions Buffalo as a model for mid-sized American cities navigating post-pandemic recovery, with real estate at the heart of its resurgence. (Word count: 728)

Read the Full Buffalo News Article at:
[ https://buffalonews.com/news/local/business/real-estate/article_6be85b95-e7e3-4518-842d-64955e6a22f1.html ]

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'Affordable means different things to different people': Q&A with NY's housing agency leader

Buffalo's Real Estate Market Shows Resilience Amid Economic Shifts