New York's luxury real-estate market is crashing

Most of those towers were originally built as middle class housing and have been recently converted to luxury housing units. That or warehouses, old commercial space and office space. There are exceptions, but NYC isn’t really into putting in new super highrises anymore.

The average rent in NYC is around $3k/ month for a 1 bedroom/studio. From what I’ve seen rental stocks have gone up slightly. But rents themselves have continued to climb and most of the rentals being added are of the “luxury” sort. More expensive buildings targeted at the upper middle class or better.

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