Speaking of NYC, the bubble in high-end condos is already bursting in NYC and probably other places. New regulations on purchases through shell corporations plus people realizing it’s stupid to pay $10+ million for a place that’s vacant 99% of the time and costing $100,000+ per year in fees and taxes.
I’m of the opinion that real estate only has value in that it’s cheaper to buy at prevailing rates vs renting the same property. Especially in cities where renters are heavily protected, and having a lease is almost like owning.
If it’s much more expensive to buy vs rent, market is ripe for a short-term correction. Market doesn’t have to be an entire city, BTW. It can be a specific class of properties, like high-end condos in Manhattan.
