Wall Street's a Different Place

"The bottom line: Wall Street may lose 50,000 jobs this year and not return to pre-financial crisis employment levels until 2023."

Whatever. Most if not all of these people lived outside of Manhattan anyway, so this has no impact on Manhattan RE prices which will only continue going up because all the rich people from every corner of the global are parking their money in NYC RE, everybody wants to live here, all kids want to study in our schools and their parents will pay or they will draw loans to pay for it, there is no more room to build, crime is not increasing that much, and Bloomberg will buy the next election and be Mayor again. Plus there is more to NY than Wall Street. Right? Right?

"Most if not all of these people lived outside of Manhattan anyway"

Uh, no.

"Manhattan RE prices which will only continue going up"

Will they continue to go up at the same pace as the last several years (that is, down about 20% from the peak)?

>and Bloomberg will buy the next election and be Mayor again

That's the only place where you are wrong. Bloomberg's failures this term are too notable. He's in the classic political 3rd term that is marked only by hubris. Mario Cuomo's 3rd, George Pataki's 3rd, Ed Koch's 3rd...

"Um no"

Um yes. Most of Wall Street's workers live outside the city. A very few people in thr C-suite MAY have place in Manhattan, but otherwise it's mostly the beginning analysts and associates. They have no real impact on anything, especially RE.

Yes. The far and away highest paying industry in the City, which employs more people than any other by a long shot, does not have any impact on NYC RE.

jason, finance employs more people thsn any other industry? are you sure?

ugh wall street moguls are so yesterday. russian oligarchs are so today. when is the last time a wall streeter bought anything significant in this city. they're too poor. all hail the russian!

maybe your name should be pravda_addict :) ?