WSJ: Don't buy Manhattan apts

I don't think anyone imagines that 2012 presents a better buying opportunity for a one-bedroom Manhattan apartment than 1997, the year when the trend in rent-buy ratios reversed dramatically.

It looks as though the Journal tried to squeeze a headline out of a scholarly Fed paper. For anyone with a serious interest in the topic, it's worth reading the original material:
http://www.newyorkfed.org/research/current_issues/ci18-9.pdf

probably it's better to waste money on rent?

interest and rent are both a waste
didn't think there were still ppl comparing these metrics. surely apt prices can rise indefinitely and interest rates will stay low forever