Over the past couple of years buyers of high-end homes in New York City have been hit by higher taxes, and can no longer hide their identity. That has cut home buyer demand and house prices, and may lead to an increase in rental supply. But, at the same time, renting will now seem a more attractive proposition for some would-be buyers. That has supported rental growth, and we expect effective rental growth will only see a marginal decline from 3.7% y/y in the second quarter to around 3.3% y/y by end-2020.
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