NYC Multifamily Market Current State and Future Forecast
What are your thoughts on the current state of NYC Multifamily market and where do you think its going in the next 2-3 years. My opinion is that NYC has always been a good long term investment but I feel like NYC's attitude towards landlords/RE professionals &amp; developers is becoming a very serious factor to consider when someone is thinking about doing business here (ex 421a gone, 2019's housing  stability and tenant protection act etc). 

Also wanted to hear your thoughts on where the rents are going and what are you expecting to see in the vacancy rates in the future.
[{"id": "ipa2ryb", "text": "If the city is preventing development this is good for you as a property owner. People will always be driven to cities, we are social creatures. The cities residential expansion likely won\u2019t meet the demand of populations 20 years out.\n\nIf you are the developer a place like NY has its lowest margins and highest risks right now. More than we\u2019ve seen in a long time. But we still are short on housing.", "replies": [], "depth": 1}, {"id": "ipacsbn", "text": "I'd be less concerned about legal hurdles than the economy and infrastructure of the city.  The subway is archaic, slower than ever, and now dangerous.  Many stations are original from a century ago and have not been renovated.  Central Park is nice thanks to the rich donors, but most parks - like Prospect Park - suck as bad as they did in the 1980s.  \n\nCommuter rail is slower than it ever has been making office employment in midtown a challenge for all but those in Manhattan.  Downtown will probably never return as an office district. And speaking of infrastructure, how is it possible we still do not have a subway line from Staten Island?  It makes no sense.\n\nWhole neighborhoods have been obliterated.  Soho is permanently dead as a global retail node.  What happens to all the empty retail stores that used to be cheap retailers on broadway and art galleries elsewhere?  \n\nThe future is Los Angeles for those in finance and those with money.  It will take decades for New York City to return to what it was in 2018, and that's IF the subway system is upgraded to 1990s technology.  It's comical they are running trains from the 1970s.   \n\nOh and the bridges? \n\nHundreds of billions of dollars flowed into New York City from 1999-2019, but you don't see it anywhere that matters really.", "replies": [], "depth": 1}, {"id": "ipbpf8k", "text": "Its going to be a few more years of stagnant prices on multifamily and commercial.  The 2019 TPA really reset the market,  you have owners that are in the red on value if they bought 2016-2018 and they won\u2019t sell and won\u2019t upgrade the property because there is no return.  4-5 families are super hot because they are avoiding DHCR requirements.  Courts are getting better, but there is a lot of built up negativity amongst landlords over the last few years.  Once the Covid error memory wanes the market should pick back up.  This is NYC, we have Wall Street, the tech industry, medical industry, etc etc.  people are going to to come and rent at increasing rates.  It\u2019s a PR problem the market has, there is value and money make still.", "replies": [], "depth": 1}, {"id": "ipfn8nw", "text": "2-3 years is not long term. You will see a crash in 2-3 years. Long term interest rates have drastically gone up compared to 2018 rents have not kept up with price growth since 2018. Therefore prices need to come down to justify the current lower return on investment dictated by higher interest rates.\nI'm projecting flat prices over the next 2 years. There has already been mass layoffs in mortgage refinance sector for financing since it is at multi decade lows.", "replies": [], "depth": 1}]