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Bonus Busting

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Wall Street year-end bonuses fell from $32.9 billion to $18.4 billion between 2007 and 2008, a drop of 44 percent, according to a new report from State Comptroller Thomas DiNapoli. The Observer's Tom Acitelli on the real estate fallout: "The top end of the luxury apartment market, for one, will find far fewer buyers; mortgage lenders will find fewer qualified borrowers; the rental market may actually feel a slight bounce, as would-be buyers, shorn of bonus liquidity, rent for a spell on their suddenly longer way toward homeownership." [TRE]