2min chapter

Forward Guidance cover image

Jay Powell’s Plan To Kill The “Fed Put” | Danielle DiMartino Booth

Forward Guidance

CHAPTER

The Rise of Multifamily Construction in New York City

New York City office commercial real estate is so expensive that, oh, we'll just convert it to residential doesn't work because it trades at a premium and you can't look. Offices have plumbing lines that go up in several silos throughout the building. It's extremely expensive to retrofit an office building to be a hotel or multifamily residential. The rental market is strong. You've got more units coming online in the next 18 months that you've had since either of us were born.

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