Despite concerns than foreign investors would snatch up expensive condo properties around Manhattan, keeping the supply our of reach of local renters, analysts report rental prices are dropping as new supply enters the market.
"A condo-development boom that added thousands of luxury homes to the Manhattan market is benefiting renters willing to pay up for high-end accommodations," reports Oshrat Carmiel. "Buyers -- in many cases out-of-town investors -- are taking possession of their new apartments and seeking to become landlords. That’s swelling the number of upscale rentals available and pushing down leasing costs for wealthy tenants."
The article echoes news from February, also reported by Carmiel, that new supply was stabilizing housing prices in Manhattan. In the most recent article, Carmiel quotes Jonathan Miller, president of New York-based appraiser Miller Samuel Inc., in describing the dynamics at play at the upper end of the Manhattan real estate market: "Luxury sales activity in Manhattan has brought more luxury rentals," said Miller. "It’s the hidden supply entering the market."
The article includes more data and more anecdotes about the effects of the new supply on the market.
FULL STORY: Manhattan Luxury Rents Slide as Condo Buyers Seek Tenants
A Housing Boom in San Francisco?
We've seen builders responding to high demand for residential housing Manhattan and Seattle, but could it be happening in San Francisco? Sort of, according to San Francisco Chronicle business columnist, Kathleen Pender.
Zero New Housing Permits Issued in Manhattan Last Month
July was a dead month when it comes to approving new housing units.
Rents Falling, Vacancies Spiking: The NYC Rental Market Is Shifting
The rental market is triggering metrics not seen since the depths of the Great Recession, according to a new report on the state of the rental market in three New York City boroughs.
Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
National Parks Layoffs Will Cause Communities to Lose Billions
Thousands of essential park workers were laid off this week, just before the busy spring break season.
Retro-silient?: America’s First “Eco-burb,” The Woodlands Turns 50
A master-planned community north of Houston offers lessons on green infrastructure and resilient design, but falls short of its founder’s lofty affordability and walkability goals.
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Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
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