Vacancies rising in Manhattan

And will probably go higher

So, where did everybody go? People leaving Manhattan?

people leaving the city and some moving in together.

When rents get too high, people buy co-ops and condos. Then prices get too high and people rent. It's a continuing cycle.

Median rents for 3500/mo is just insane. Not sure how many people can continue paying with most nofee places only allowing 40x rent for base salary- this would mean 140k base pay (excluding guarantors). If this kinda money is required, you'll probably see more 1bd/1ba rentals converted into 2bd/1ba with pressurized walls, no living room, for singles.

Thought that was illegal

when vacancies rise, rents come down, especially if rents are to high relative to incomes...
then prices of owned properties fall
duh

too high (stevie wonder)

I know loads of young professionals that could stay in Manhattan if they wanted, but are all moving to Brooklyn because the prices are just stupid. Not a math equation, just can't physically stomach the idea of paying $3500 for a crappy one bedroom or having to live in Murray Hill.