Despite concerns than foreign investors would snatch up expensive condo properties around Manhattan, keeping the supply our of reach of local renters, analysts report rental prices are dropping as new supply enters the market.

"A condo-development boom that added thousands of luxury homes to the Manhattan market is benefiting renters willing to pay up for high-end accommodations," reports Oshrat Carmiel. "Buyers -- in many cases out-of-town investors -- are taking possession of their new apartments and seeking to become landlords. That’s swelling the number of upscale rentals available and pushing down leasing costs for wealthy tenants."
The article echoes news from February, also reported by Carmiel, that new supply was stabilizing housing prices in Manhattan. In the most recent article, Carmiel quotes Jonathan Miller, president of New York-based appraiser Miller Samuel Inc., in describing the dynamics at play at the upper end of the Manhattan real estate market: "Luxury sales activity in Manhattan has brought more luxury rentals," said Miller. "It’s the hidden supply entering the market."
The article includes more data and more anecdotes about the effects of the new supply on the market.
FULL STORY: Manhattan Luxury Rents Slide as Condo Buyers Seek Tenants

Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

Chicago’s Ghost Rails
Just beneath the surface of the modern city lie the remnants of its expansive early 20th-century streetcar system.

Amtrak Cutting Jobs, Funding to High-Speed Rail
The agency plans to cut 10 percent of its workforce and has confirmed it will not fund new high-speed rail projects.

Ohio Forces Data Centers to Prepay for Power
Utilities are calling on states to hold data center operators responsible for new energy demands to prevent leaving consumers on the hook for their bills.

MARTA CEO Steps Down Amid Citizenship Concerns
MARTA’s board announced Thursday that its chief, who is from Canada, is resigning due to questions about his immigration status.

Silicon Valley ‘Bike Superhighway’ Awarded $14M State Grant
A Caltrans grant brings the 10-mile Central Bikeway project connecting Santa Clara and East San Jose closer to fruition.
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