"When we look at New York City, we look at a price-income ratio that historically has been four times income, versus three times nationwide...If you want simply to get back to the median, it would be a 46% correction...If I had to pick one market in the country with the most challenge and the most substantive rate of decline [ahead], it's New York City. It has the greatest number of job losses among the higher earners." — Ivy Zelman, a former Credit Suisse analyst, in Barron's via Curbed.
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