Unfortunately, rents will only come down slightly. The main problem is that apartments for sale will slump in price as Bear people may sell in order to maintain a fair semblance of their previous lifestyle. In addition, the 14,000- employees will not at the present time be buying apartments or bidding due to an uncertain career outlook. Also, keep in mind a large portion of their wealth, with the exception of their Condos, apartments and houses, was in their company stock which is now, basically a tiny piece of JPM, pending shareholder approval. I think the ownership market will finally decrease as not only NYC slows but Europe and the other economies slow. I would not expect the "Foreign" money to keep buying forever.
Unfortunately, rents will only come down slightly. The main problem is that apartments for sale will slump in price as Bear people may sell in order to maintain a fair semblance of their previous lifestyle. In addition, the 14,000- employees will not at the present time be buying apartments or bidding due to an uncertain career outlook. Also, keep in mind a large portion of their wealth, with the exception of their Condos, apartments and houses, was in their company stock which is now, basically a tiny piece of JPM, pending shareholder approval. I think the ownership market will finally decrease as not only NYC slows but Europe and the other economies slow. I would not expect the "Foreign" money to keep buying forever.