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Your Morning Credit Crunch: You're a Mean One, Mr. Bloomberg

Mayor Bloomberg, consumer of $40 million townhouses, thinks?brace yourself?real estate prices are coming down. Responding to yesterday's news that median prices in Queens slipped a little last quarter, the boss said: "I think you can expect real-estate prices to fall. I don't think they'll go down as much as any of the other places in the country because here people don't build or buy on spec. They build and buy and rent to live in them. And so, there's much more stability here." Um, people dont buy on spec in New York? Uh, sure. He went on to add, "I mean seriously, people are paying over $1,000 per square foot to live in Long Island City? Has the world gone fucking insane? That place doesn't even have a BLT spinoff restaurant yet!" You know, he has a point.
· Mike's House Call: City's Real Estate to $lide [NYP]