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Claim: NYC Rental Market is 'Cooling'

From an email sent our way by Andrew Fine, president of A. Fine Company, here's an interesting little provocation to start the week:

You have heard it here first. The rental market has finally shows signs of cooling. Inventory is suddenly rising, and we have seen our first round of price reductions in quite a while. We have seen a number of previously fast moving apartments sit on the market for weeks, and have seen a slew of reductions, mainly 5-10%, and some larger reductions on 2 and 3 bedroom units priced from $5000-$7000 (up to 15%). Prices may be coming down, but year over year we are still holding on to numbers 15% higher than last year. What's next? The return of the OP? Just a heads up. Hope all is well.
Those in the market (particularly at the higher end): agree, disagree? Happy, sad? Do tell. Because we care.