Manhattan Rental Market: Godawful, Again

I’ve lived in New York for years now.  And I’ve split my time pretty evenly between Brooklyn and Manhattan.  I like both, but Manhattan, hands down, is far more convenient.  And while there’s always been a price on convenience, as of late, it subsided somewhat.  Following the onslaught of the Great Recession, rental prices in Manhattan not only stalled, they declined, significantly.  The real estate market in New York was never impacted the same way that it was in Michigan or Florida, with either the economy drying up completely or prices reaching highs that totally collapsed.  Yes, the real estate market here slowed down and went through a period of stalled prices, it’s back to business as  usual.  New York is back on top of real estate prices.  Thank God for rent stabilization.  Some of you might say that’s socialism.  I say it’s home.

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