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This episode of the Brick Underground Podcast is all about the numbers. Affordability has long been an issue in New York and at the beginning of the year we saw people leave the city—either to rent or buy in the suburbs or ride out the pandemic elsewhere. The past few months have seen rents with concessions fall low enough to pull people back to the city. Jonathan Miller, CEO and president of the appraisal firm Miller Samuel, calls this a "phenomenal reset" that could signal a renaissance of newcomers to the city.
Miller joins host Emily Myers to look at what the numbers are telling us about buying, selling, and renting in NYC. He points out the market's recovery depends on a coronavirus vaccine—that's when stability will return and people will venture back into office buildings.
But what will be the lasting impact of remote working on the real estate market? Will 2021 be a booming recovery or simply slow the current decline? Is it a good time to buy? And how long will rental concessions last? These are some of the questions explored in this week’s episode.
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