Some facts on Mahattan housing market
Just give everyone a background to interprete the news like "Mahanttan housing market reaches a new high!".
1)
the statistics does NOT include the poorer areas in Mahanttan, namely: Chinatown and Harlem. 2)
Mahanttan is a market with very limited supply.The island is small. The law and the realtor interest group essentially
bar any large scale development.
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Most
of the "new" apartments are
actually converted from old office building/warehouses. As for the true
apartment buildings under construction, you count with your fingers.
So the quote of price in Mahattan cannot be very representive for the
overall market, or, for the middle class like most of Huaren-ers.
