Manhattan: A City Of Empty Luxury Condos And Overflowing Homeless Shelters
New York's luxury real-estate market has been in freefall for years, and now the city's super-luxe buildings are sitting empty -- even as property prices in the city remain stubbornly high, prompting 300 New Yorkers to move out of the city every day, and filling the homeless shelters to capacity and beyond. New York -- like most overpriced cities -- has failed to build enough low- and middle-income housing of the sort that people use to live in, and has grossly oversupplied itself with the kinds of safe deposit boxes in the sky that oligarchs use as a form of medium-term asset class, possibly without ever occupying it.