The Bronx is home to several Off-Off-Broadway theaters, many staging new works by immigrant playwrights from Latin America and Africa. The Pregones Theater, which produces Latin American work, opened a new 130-seat theater in 2005 on Walton Avenue in the South Bronx. Some artists from elsewhere in New York City have begun to converge on the area, and housing prices have nearly quadrupled in the area since 2002. However rising prices directly correlate to a housing shortage across the city and the entire metro area.