And that doesn't even factor in what also happens a lot in NYC, owners wanting to redevelop. Your building sits empty for a while, as horrible as it sounds, it can speed approvals that you might not get if they were full. Never miss an opportunity to take advantage of a crisis, and a crisis like the pandemic doesn't come along very often.
The fundamental problem is everyone wants in on the big money. No one really wants to serve the lower end. And the lower end would be upper middle class in some cases in a lot of other cities. Definitely all of it will concert to make parts of NYC the exclusive domain of the wealthy soon. (Actually, parts already are, I guess I mean more parts.)
The fundamental problem is everyone wants in on the big money. No one really wants to serve the lower end. And the lower end would be upper middle class in some cases in a lot of other cities. Definitely all of it will concert to make parts of NYC the exclusive domain of the wealthy soon. (Actually, parts already are, I guess I mean more parts.)