Thoughts on trigger for lower manhattan apt prices

How about "slow deflation of bubble"? In case you missed it, the cause of the 2008 stock market crash was the housing bubble. The deflation had started already (slowly) in 2008 in NYC before the stock market crash. Also, in case you missed it, the government has been engineering a slow deflation of the housing bubble rather than letting it just crash. Real interest rates are -2%, so the real cost of money is -2%. The government guarantees most mortgages. The FHA gives 3%-down loans. The Fed has been buying lots of mortgages.

What happens when this is taken out slowly? Flat nominal returns, but losses in real terms.

Any one?

The unemployed cannot find jobs for over a year with unemployment rate remaining over 9% for over two years. As a result, they use up their savings and are forced to sell or move to lower cost housing options (outer boroughs) resulting in declining prices/rent.

The Boomers are just starting to retire. It will be another major demographic event that will have a major impact upon all areas of American society.

Time to cash in on prices that are far, far higher than those in traditional sunnier, lower tax areas of the country. Lots of new supply to come on top of excessive empty new construction.