New York still ranks high in the all-cash real estate game. According to CityLab, 48.8 percent of transactions in the state closed in cash in Q2. Without a mortgage. This effectively makes it more difficult for middle-class buyers in the city to, well, buy. Having trouble finding a rental apartment? It all comes back to this.
· Where Cash Buys Are Hitting the Housing Market Hardest [CityLab]
· New York remains a mecca for all-cash home purchases [TRD]
· Brooklyn and Queens See Tons of New Renters, So Prices Rise [Curbed]