From Harvard economist Edward Glaeser in The New York Times: "Historically, human capital — the education and skills of a work force — predicts which cities are able to reinvent themselves and which ones are not. Those people who are continuing to pay high prices for Manhattan real estate are implicitly betting that New York’s human capital will continue to come up with new ways of reinventing the city. I won’t be surprised if Manhattan prices do drop in the next few years, but I also strongly believe that the future of New York City continues to be bright."
A Hopeful Thought on Manhattan Housing
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