New York City Housing Market

New York City has been slowing down on the amount development that has been happening in the housing market. As the prices of sales and renting are very different from when it was five years ago, as the demand and supply of housing in New York City has affect the changes in the price of housing in sales and renting.
The housing market have been slowing down but the market also shows slight increase in prices and slower sales growth. As the number of foreign buyers have decreased, the number of New York buyers have also become extremely price sensitive. (Barbanel, 2015) Dolly Lenz said “‘There is more supply and more headwinds in the market,’ with supply pressures varying from neighborhood to neighborhood”. (Barbanel, 2015) As the prices of houses increase, the demand for them will decrease and the supply would increase and cause a surplus of houses. This is caused by the demand of non-luxury housing growing faster than their luxury counterpart. (Rosenberg, 2016) …show more content…
by Konrad Putzier. The article explain on the increasing amount of investors have been making investments on rental housing. As from the article, “low- and middle-income households across the United States have been shifting away from homeownership, according to Trulia’s chief economist Selma Hepp”. (Putzier, 2015) This means that not many people could afford to buy a house or unit but are able to rent. “Being able to save for a down payment seems to be a big issue for [the millennial] generation.” Hepp said. “That, combined with lack of access to credit, is impacting homeownership.” (Putzier,