drbrumley
Well-known member
To The Outer Boroughs.
Throughout vast swaths of New York City, members of the city's vast middle class work force can barely afford even a modest apartment. Yet for years after the post-crisis housing market recovery began, that reality did little to slow down the rise in home valuations as foreign capital and rock bottom interest rates fueled a buying frenzy, pushing rents ever-higher. But after citywide rents peaked in 2014, the NYC housing market, particularly the most expensive areas of Manhattan, has started to soften.
Throughout vast swaths of New York City, members of the city's vast middle class work force can barely afford even a modest apartment. Yet for years after the post-crisis housing market recovery began, that reality did little to slow down the rise in home valuations as foreign capital and rock bottom interest rates fueled a buying frenzy, pushing rents ever-higher. But after citywide rents peaked in 2014, the NYC housing market, particularly the most expensive areas of Manhattan, has started to soften.