>, he's claiming that rents are down 30-50%, which isn't remotely true. Based on conflicting information via google search, I'm guessing it's the sale transact

>, he's claiming that rents are down 30-50%, which isn't remotely true. Based on conflicting information via google search, I'm guessing it's the sale transactions[1] that are down ~30% to 50% or more. Therefore, author mistranslated sales volume statistic into sale prices. If sellers are not willing to lower prices but potential buyers don't want to pay because they think the properties are now worth less because of COVID, it seems that the logical outcome is less sales transactions. [1] example story: https://www.cnbc.com/2020/07/02/manhattan-apartment-sales-worst-on-record-biggest-plunge-in-30-years.html https://www.cnbc.com/2020/07/02/manhattan-apartment-sales-wo... excerpts: >The total number of sales in the second quarter fell by 54%, the largest percentage decline in 30 years, >The number of new signed contracts for co-ops fell 78% in June compared with a year ago, >Signed contracts for condos were down 74%. Co-ops in the $2 million to $4 million range were hit hardest in June, with an 86% decline.