Josh Sigurdson talks with author and economic analyst John Sneisen about the fall of the New York housing market as the city continues to build up while charging ridiculous sums of money that only the most wealthy can afford.
Many will notice the new skinny pencil skyscrapers on the New York City skyline. Tiny properties built incredibly high with more affordable apartments.
Even studio apartments in Manhattan are unaffordable for most.
Many blame landlords and therefor more rent laws are coming into effect. This creates more slum lords. Prices remain high but quality constantly gets lower.
The problems of the housing market in New York City will not be solved by government. People must understand the relation of the value of property with the rate of inflation created artificially at the Federal Reserve. The market is heavily manipulated and prices are artificially high. This MUST come down eventually. The longer it takes, the worse it will inevitably be.