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"A housing price drop of 50% is fairly conservative considering the global and local economic climate. As those denominators fall (rent, income), the numerator (housing prices) will chase them down. People also keep forgetting that demand for NYC housing will decrease. Less immigration, fewer people having kids and looking to trade up, fewer people moving in from the suburbs as crime increases, etc...A good estimate of where prices will bottom would be take prices from the early 1990s trough and adjust for inflation and give a range of say 15% to take into account changes since then in quality of life and population." [We Read Goldman Sachs' Mind-Numbing NYC Real Estate Report So You Don't Have To (Kill Yourself)]