Will the new mayor of New York City cause real estate prices to collapse? Some fear that Zohran Mamdani could trigger an exodus from Manhattan’s housing market. But here’s what most people don’t realize — New York City’s market has already crashed. Over the past three years, Manhattan real estate is down 19.6%. Values have fallen so much that the home value-to-rent ratio is now at the lowest level on record, making condos in Manhattan look surprisingly affordable. In fact, some units are selling
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