Doesn't it seem like prices have only dropped on places you don't want? Or, the places you want haven't seen price drops anywhere near what you expect? It's possible that the desirable places will never be "cheap". Barring divorce, death, relocation, unemployment, etc... the people who own these "better" places may just decide to stay where they are. Of course, there will always be crap for sale, but in NYC, even that's expensive. Still. There may be "buyers" renting for 10+ years looking for a good deal.
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