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by lux-lux-lux
30 days ago
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That percentage only includes the openly listed units; NYC has a massive shadow inventory of rentable inventory deliberately kept off-market for various reasons. 1 Wall St, for example, kept 85% of its units arbitrarily off market in order to prop up rents, and thus imputed property valuation. This kind of behavior shouldn’t be encouraged by the state and financial system, but guess what we do! |
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