Bernanke has slowed his money printing of late, but a good chunk of what he is printing is finding its way into Manhattan. Fed money flow plus a bizarre maze of various rent controls results in a tight market and very high prices.
The average Manhattan apartment rented for a record $3,459 in July, according to Citi Habitats, which called the price the highest since it began tracking rents in 2002. And with the vacancy rate hovering around 1 percent, landlords aren’t willing to cut deals.
Bob, how much of that is the result of being the highest demand market in the Americas?
ReplyDeleteI'd avoid trying to draw sector specific correlations due to money printing.
You can't have demand if the money isn't there. The interest in NYC didn't just start last month. This is Bernanke's work.
DeleteBy keeping the bond purchases opened ended, Fed Chairman Ben Bernanke has delivered not only QE3, losangelestshirtprinting.com
ReplyDelete