What's going to happen to NY City?

[Nathan Gesner]

There aren't enough renters to build demand so prices are dropping. They're dropping so low that Landlords are choosing to keep the units vacant rather than fill them at reduced prices. In August, they warehoused over 5,000 apartments and rates have dropped to their lowest since 2010, a 15% decrease in just one year.

https://www.businessinsider.co...

Will New York continue to bleed, or do you think this is a temporary thing?

[JD Martin]

Originally posted by @Nathan Gesner:

There aren't enough renters to build demand so prices are dropping. They're dropping so low that Landlords are choosing to keep the units vacant rather than fill them at reduced prices. In August, they warehoused over 5,000 apartments and rates have dropped to their lowest since 2010, a 15% decrease in just one year.

https://www.businessinsider.co...

Will New York continue to bleed, or do you think this is a temporary thing?

 Definitely temporary. I grew up there and it's hard to count how many times NYC's obituary has been written. 60s, 75 bankruptcy, 80s drug wars, 9/11, 2008 crash. If NYC ever *really* falls apart and starts seriously going down the tubes it will be a national phenomenon.