New York City-Based Real Estate
Ledwin Oviedo is a real estate investor and developer based in New York City who is passionate about combatting gentrification and providing affordable housing for those living in the city.
Ledwin Oviedo has been investing in and developing real estate for more than 25 years, focusing on the New York City market. While he primarily works in the Bronx and Manhattan, he lets the numbers dictate where he should focus his attention next when it comes to investment.
It’s no secret New York City real estate market is exorbitantly expensive. Areas like Manhattan are nearly impossible to afford and, with an ever-rising demand for living spaces and limited real estate available, the prices only continue to rise. Another huge problem facing New York City (and many other cities around the nation) that is driving up property costs and restricting property access within many neighborhoods and real estate markets is gentrification. Gentrification, in itself, is a form of social segregation that introduces radial changes — often into lower-income communities — that drive up the cost of living and force longtime residents out of their homes.
Spending so long working in real estate, Ledwin Oviedo understands the detriment that gentrification can have on a community, so he decided to take action and help prevent its spread as much as possible. Ledwin founded Urbany Community Development where he hopes to combat gentrification by developing affordable housing units and supportive communities so that lower-income individuals can maintain their place in society in an accessible and affordable manner. He targets distressed properties, to gut the property out and creating a lifestyle for his end buyers. He is focusing in car parking and store building by turning them into affordable multi-family homes. By increasing the number of units in a property, they can become more cost-effective for individuals.
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Looking into the future, Ledwin Oviedo hopes to see struggling communities thrive and a reduction in, if not elimination of, homelessness, not only in New York City but across the country. By combating gentrification, he hopes to make housing more accessible and keep people from being forced out of their homes. Ledwin envisions a future where affordable developments are created that can make it possible for, say, a single mother with four children to stay in the city without being forced out of her home due to rising costs.
Ledwin Oviedo wants to be an advocate for lower-income individuals and help educate them on the benefits of purchasing a home rather than renting one, especially when there are homes available to be purchased with very little down and even without a down payment. Aside from more cost-effective mortgages that accompany homeownership, this can protect them against gentrification and the inflated rental rates that accompany it by allowing them to own their own residence outright.