ML-Implode News - NYC, SF Apartment Rents Need to Drop as Much as 15%, LeFrak Says

"We built a lot of new product at the high end, anticipating incomes that don't exist in the market now," LeFrak, chairman and chief executive officer of the LeFrak Organization, said Wednesday in a Bloomberg Television interview.Â "We need more affordable product in the market. There's a huge demand at that price point."
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New York landlords are already feeling the pinch as renters take advantage of a flood of new buildings to negotiate concessions and price cuts. Rents fell last month for Manhattan apartments of all sizes, the first across-the-board decline in at least four years, as property owners compromised to keep units from going empty.

We're sure Trump's rollback of permitting regulations will put a stop to this slide!

Relevant:

NYC, SF Apartment Rents Need to Drop as Much as 15%, LeFrak Says