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Upper East Side Rents Steadily Dropping, Reports Show

…“I think we have a little bit more negative in front of us,” said Jonathan Miller, CEO of Miller Samuel, whose own report done with real estate firm Douglas Elliman showed similar drops. “I see us as on a plateau.”…

…Miller also sees the rise of outer-borough neighborhoods as playing a role in the Upper East Side’s decline….

…Miller said a lack of access to credit during that stretch forced prospective buyers who were unable to get loans into the rental market….

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