At the beginning of 2020, the real estate market in New York City was still gaining steam. Sales prices had leveled off, but the rental market was strong. Then the pandemic turned everything upside down. By the end of the year, the median rent in Manhattan had fallen to a level not seen since 2010, and hundreds of thousands of the most vulnerable renters faced the prospect of eviction. But sales were finally picking up, especially in Brooklyn and Queens, and in the suburbs, they rose steeply before cooling off. Still, deep discounts were the norm at the high end, and new developments across the city faced serious hurdles. Developers and brokers, however, saw hope in a stabilizing market, eagerly anticipating brighter days in 2021. Deep Rent Cuts, but Not for All By Stefanos Chen In just nine months, the coronavirus has reversed a decade of rampant rent growth in New York, as soaring vacancies and deep discounts have attracted a range of renters to neighborhoods that previously would have been unaffordable. But the cuts have not been universal, nor have they been sufficient to quell a wave of evictions bearing down on the city's most vulnerable. Rents in Manhattan… Read full this story
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