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The Wall Street Effect

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The Observer's Tom Acitelli says Wall Street's woes could have a big impact on rents: "Apartment rents are tied closely to the local economy, particularly to the job market. If there's significant layoffs (Lehman Brothers' 25,000 employees worldwide could soon by out of work, including hundreds in the city), then there will be fewer desirable prospective tenants needing or qualifying for apartments. This slackening of demand could drive landlords to drop rents rather significantly. Rents have already started dropping mildly in 2008 because of the worsening economy--which is only made worse by the weekend's events." [NYO]