Manhattan Real Estate Blues

If you want proof that COVID-19 is taking a battering ram to NYC, here's proof that's indisputable -- the vacancy rate for apartments in Manhattan gone up to nearly 70,000, and rents have plunged by 10%.

It's easy to get either freaked out -- or delighted -- by such news. In times of crises people naturally freak out and believe that the new bad normal is forever. 

Not true. New York City has been declared dead, done, finished, in the death rattle before -- and yet it always comes back. Before we now it we'll be reading articles about how the vacancy rate has gone back down and the rents are back way up. Just wait.