dr.doolittle

Coming Soon: The Zombie Condos That Ate New York

Don't know much about the City, but understand you have a Congressman who lives in a rent controlled apartment. Chicago lets the market set its rates and my understanding is the Chicago's market is far more "liquid" and "rational." Does the fact that NYC has so much government intervention mean a greater fall in prices? In other words, with the obvious collapse in incomes in the City and now huge public sector deficits (I understand the Transit Authority has a billion dollar deficit), does that mean that the city is looking at a total collapse in real estate values since the government is determined to set the rates and tell the market to take a hike?