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IPFS News Link • Housing

NYC Apartment Leases Plunge As Real Estate Industry Paralyzed

• https://www.zerohedge.com by Tyler Durden

New lease agreements plunged 38% in March over the prior year, the second-biggest drop in 11 years. Similar numbers were seen in Brooklyn and Queens, down 46% and 34%, respectively.

New York state and New York City governments issued strict stay-at-home public health orders in early March. The Social Distancing Scoreboard app shows average travel in New York County, New York, started to decline around March 10 and has been downward sloping since COVID-19 cases and deaths surged. Suggesting people in Manhattan are staying put.


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