It's hard to observe what happens in real terms Even if NYC rents don't go down, they can go up [faster] elsewhere driving nation-wide inflation, effectively r

It's hard to observe what happens in real terms Even if NYC rents don't go down, they can go up [faster] elsewhere driving nation-wide inflation, effectively reducing NYC rents. I don't know one way or the other whether this has happened but it's something to keep in mind before scoffing at historical predictions of rents going down in NYC