Recently, we’ve seen numerous signs that the housing market in one of the world’s biggest bubbles, London, has likely popped. It appears New York City isn’t too far behind.
From Bloomberg:
Manhattan apartment vacancies reached their highest level in more than nine years, a sign that the post-recession run-up in rents may begin to cool.
The vacancy rate in November was 2.87 percent, up from 2.31 percent a year earlier and the highest since August 2006, according to a report Thursday by appraiser Miller Samuel Inc.and brokerage Douglas Elliman Real Estate. Landlords eager to fill empty units lured tenants with the most concessions since 2011.
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