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Benzinga
Benzinga
Business
Phil Hall

Today's NYC Housing Market: Great News For Luxury Buyers, Not For Everyone Else

The city that never sleeps is going to be the city that most people cannot afford to live in, according to new data on New York City’s residential real estate market.

What Happened: According to a Bloomberg report citing statistics from the real estate brokerage Corcoran, the Big Apple is in line to get 33,000 new apartments over the next three years. But Corcoran President and CEO Pamela Liebman ruefully observed, “It’s 2,000 fewer units annually than the historical average. It’s definitely a mixed bag.”

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