I disagree with your conclusion. If landlords think owning land is too risky, they’ll sell their properties, supply will increase, prices will drop and new buye

I disagree with your conclusion. If landlords think owning land is too risky, they’ll sell their properties, supply will increase, prices will drop and new buyers will come in to take advantage of the low prices before the market inevitably recovers. Owning land is lucrative in NYC and that’s unlikely to change anytime soon.