"I know we like to think of NYC as unique, but in the case of housing - it's not (other than the high prices which admittedly is a big "other than") LA is seeing the same housing characteristics we are here, namely low supply. Tight supply is pervasive all around the US and in the national metrics as well. Record low supply has made prices rise even if unemployment is elevated and incomes are flat. Note the 47.3% inventory drop in LA."?JonathanMiller [Sales Inventory Down, Rents Up All Over NYC as Q1 Ends]
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