" I'm a landlord here in NYC (as well as an avid reader of your blog) and I actually feel the 7-10% drop mentioned in the article understates the case somewhat. First off, many landlords in order to keep their rent rolls higher (possibly for mortgage purposes) will give incentives such as the free month mentioned in the article quoted, but this lowers the effective rent by 8.5% in itself. (Needless to say, those incentives are not mentioned to potential lenders, it's the civilian equivalent of "don't ask, don't tell".) In addition they also have to reduce the asking price to get that apartment rented which is why the 7-10% drop is a bit dubious."

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