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NYC Apartment Building Sales Decline
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Overview
API
New York City apartment building sales plummeted by 52% in 2023 due to rent stabilization regulations and higher interest rates. However, mission-driven equity and affordable housing transactions provided a boost. The closure of Signature Bank led to a liquidity crunch for multifamily buildings but are expected to recover in 2024.
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How could the recovery of the multifamily building market in 2024 affect the overall economy?
How might rent stabilization regulations and higher interest rates impact the real estate market in other cities?
What measures can be taken to mitigate the effects of rent stabilization on property values?
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