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Metropolitan New York City
Reply to "Housing bust happening in NYC?"
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[quote=Anonymous][quote=Anonymous]Nyc is a miserable place to live. I think that’s becoming clear to everyone. [/quote] NYC and the areas around it can be wonderful places to live. But a lot of the real estate money came from people in China who were trying to diversify, or launder money. Now, the Chinese economy is growing more slowly, the Chinese government is cracking down on financial funny business, and smart Chinese people are probably finding good ways to invest money in China. The crazy Chinese investor money has stopped flowing in. Few ordinary people in the NYC area can afford more than $5,000 per month for a place to live. That means people who were counting on selling places for more than about $1.5 million are going to be sweating, and people who were counting on getting more than $2 million are going to be hurting, even if the underlying domestic conditions are pretty good. [/quote]
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