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by throwaway100773
2312 days ago
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New York City has been losing residents for some time. This is not a supply and demand thing as much as easy money policy chasing hard assets. I’ll have to dig it up the numbers, but Manhattan many condos are vacant, and have been bought by foreign money who don’t live in nyc or investors looking to park assets. |
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Foreign money or no, if you have a very desirable city with a growing job market and stagnant construction, prices will appreciate. I would challenge you to find a single counterexample
Foreign money doesn't help prices but it's more a symptom of our problems than a cause.
Also, NYC population is not declining. I wish. There have been some stagnant years but nowhere near enough to compensate for 50 years of underbuilding.