Research Papers & Articles

The New York City metro area includes the 5 boroughs – Manhattan, Brooklyn, Queens, The Bronx and Staten Island as well as Long Island, Westchester County, NY, Fairfield County, CT and Northern New Jersey. Manhattan contains a large portion of the economic engine that drives the region, specifically the financial services sector, aka Wall Street, accounting for approximately 5% of the employment and 25% of wages.

The region was one of the last areas in the US to experience a housing downturn, largely because of the financial services sector. Record or near record bonus compensation, accounting for 40-50% of individual compensation, remained at or near record levels for the last decade. The housing market peaked in early 2008 and experienced a sharp correction in sales and prices immediately following the September 15, 2008 bankruptcy of Lehman Brothers, one of the 5 primary investment banks. Sales activity dropped 75% immediately as consumer and lenders pulled back and housing prices across the region fell 20% to 40% in the following months...