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Here’s The Latest Sign That Manhattan Residential Real Estate Is Headed For A Crash

Since the late 1990s, Manhattan real estate has become one of the premier destinations for foreigners – particularly wealthy Russian and Chinese businessmen – looking to stash their money offshore, helping to transform once-derelict neighborhoods like Soho into trendy hubs for the global elite, while sending housing prices throughout the city rocketing higher, putting the American ideal of homeownership out of reach for millions of middle-class New Yorkers.

But since the beginning of the year, untenably high prices, combined with an expected pullback in foreign investment have dramatically changed the outlook for both commercial and residential real estate in the city. To wit, in research published last month, Morgan Stanley forecast that China’s latest crackdown on capital outflows and corporate leverage would hammer NYC’s commercial real-estate market, leading to an 84% drop in overseas property investment by Chinese corporations during 2017, and another 18% in 2018, potentially resulting in a sharp decline in prices.

This post is from zerohedge.com/fullrss2.xml/news/italy-miss-gdp-forecast-sees.. Click here to read the full text

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