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And if prices in NYC fall 40% then there will be a stampede of people moving back pushing things back up until an equilibrium is reached.
by jshaqaw 6y ago
And if prices in NYC fall 40% then there will be a stampede of people moving back pushing things back up until an equilibrium is reached.
- mywittyname 6y agoOnly if the wealthy tenants come back. The biggest driver of real estate prices in general has to be the top 5-10% of income
- jshaqaw 6y agoI live in NYC. The number one reason people I know leave is affordability vs the suburbs or next tier cities. I know a handful of people who aren't/weren't cut out for life in the Big Apple. The vast majority would stay if they thought they could. If you think we are in a world of permanent pandemic then yeah things could really change. If you think 12 months out things mainly normalize then lower prices will definitely draw people back in and re-establish equilibrium.