To put a bow on the gift New York Governor Andrew Cuomo and Mayor Bill De Blasio have given to the city this year look no further than the rental landscape.
Median Manhattan residential rental prices are back down to 2010 levels as prices fell in November a whopping 22% to $2,743 per month from the previous year, according to Bloomberg.
No real estate professionals know how far prices will fall next year.
“It’s still going to take a good part of 2021 to see prices stabilize. It’s really contingent on how quickly people begin to return to the office,” Jonathan Miller, president of Miller Samuel said.
The decimated Manhattan landscape can directly be attributed to the political decisions made over defunding the police and draconian Covid-19 shutdowns.
As shootings and other violent crimes soar, while those left on the island are forced to sit outside in a raging snowstorm to help keep local restaurants open, the term home for the holidays means being anywhere else for now.
The new Manhattan homesteaders are landing deals however. In November, Bloomberg noted, that landlords offered move-in incentives on 57% of new deals and took an average of 5.6% off of rental prices as apartment listings more than doubled from last year to 15,130 and the vacancy rate remained at a record high of 6.14%.
One more nugget from the report attributed directly to Rep. Alexandria Ocasio-Cortez. Rents in Long Island City where Amazon wanted to take a huge commercial position, which would have buoyed residential rents, plunged an astonishing 21% to lead the city in the decline.
Thanks for the update, Michael!!