we should build more until they're at least 50% down from the peak!https://twitter.com/tjrwriting/status/1329493256124641280 …
Rents in Manhattan are down 16.8% from a year ago.https://streeteasy.com/blog/nyc-rents-hit-record-lows/ …
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Brownstone Brooklyn pretty steady from last year, and supply low
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“Record low” in this case meaning 8-10 year low
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Great time for people to move in! The city is bustling still.
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The sales market is on fire though.
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Land is one thing but buildings unless historical should lose value every year exactly like a car.
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True to some extent, but you don't drive a building around. Cars lose value fast because they wear and tear a lot faster than a building (specially apartments vs houses). No one thinks a 15 year old building is old. Renovating a building is a lot more cost-effective than a car
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Keep going lower.
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