Dear New Yorkers,
Remote work. Skyrocketing suburban home values. Emboldened landlords. When the pandemic hit, the average new lease for a Manhattan apartment had reached $4,385. About a year later, following an exodus of people from the city, that had declined to $3,650. Since then, new lease prices have marched ever higher. In June, the average new lease was a whopping $5,470 a month — 30% higher than in February 2020. THE CITY talked to leading experts and analyzed the data to shed some light on the sky-high cost of housing — but no single explanation accounts for the discrepancy. Instead, multiple factors are at play. But there may be hope on the horizon. “I do think at some point that these numbers have to come down. They are just unsustainable,” said Hal Gavzie, executive vice president of residential leasing at Douglas Elliman. However, he warns, “I have been saying that for six or eight months.”
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