The number of empty rental apartments in Manhattan nearly tripled compared with last year, as more New Yorkers fled the city and prices declined.
There were more than 15,000 empty rental apartments in Manhattan in August, up from 5,600 a year ago, according to a report from Douglas Elliman and Miller Samuel. The inventory of empty units is the largest ever recorded since data started being collected 14 years ago, the report said.
Experts say the migration from the city to the suburbs during the Covid-19 crisis has been fueled in large part by Manhattan renters leaving the city.
JOIN THE TENS OF THOUSANDS WHO ALREADY ARE ALERTED OF BREAKING NEWS LIKE THIS IN LIVE TIME:
YWN WHATSAPP STATUS UPDATES: CLICK HERE to join the YWN WhatsApp Status.
YWN WHATSAPP GROUPS: CLICK HERE to be dded to an official YWN WhatsApp Group.
(Source: CNBC)
Join the official YWN WhatsApp status
4 Responses
This is entirely good news. Landlords will be forced to lower rents and Manhattan may eventually be affordable.
And since they will not be able to afford to keep up these buildings they will let them go to the City. Then comes the ruin of these buildings as we have seen before. Spells doom for the renters, the buildings, and the City.
Chasing people, especially rich people, out of New York City will hurt the city’s task base and undermine its ability to provide services at a level far beyond that of most American cities – but it will result in lower rents.
De Blasio’s dream….the land of the free…. And the home of the homeless