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"It's About Time For Recession" Property Manager Warns As Rents Drop "For First Time In Career"

As we've pointed out numerous times in recent months, real estate in America's largest metropolitan areas like New York and San Francisco looks to be rolling over in a big way. Earlier this week we pointed out that the volume of apartment sales in New York was down 20% YoY in 3Q 2016 as buyers disappeared while sellers, who have grown accustomed to selling above asking price, were slow to concede pricing concessions (see "NYC Real Estate Bubble Bursts As Apartment Sales Crash 20%").
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