[Three Cents Worth NY #223] Getting Pulled From Renting To Buying

Posted by Jonathan Miller - Thursday, February 21, 2013, 2:05 PM

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

I’m on vacation this week but it didn’t stop me from writing 3CW. Read this week’s 3CW column on @CurbedNY:

Since there was a recent theory proposed in the Journal about why Manhattan rents are currently flat or falling (they’re not falling), I thought I’d talk about the problem with the theory. It used a multi-year generalization (2007 to 2013) and applied it to explain the last four to five months of market behavior—which doesn’t explain what happened from 2007 to 2011 or what is currently happening. In theory I get the point being made—we have a lower level of financial services jobs than we did in 2007 and therefore more lower paying jobs are being seen in the rising employment numbers—and it’s a long term concern for both rental and sales…

[click to expand chart]

Today’s Post: Getting Pulled From Renting To Buying [Curbed]
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