At the end of another week, it feels like the sky is falling.
I hear that landlords are cutting prices of rental apartments by hundreds of dollars, in order to lock tenants into a lease. In all the time I've lived in New York, I've not heard of such a thing.
New Yorkers always talk of the real estate here as its own animal, immune to the larger economy. Not so.
I've heard that many architectural offices that have let people go. Other employees are grumbling about the pithy raises they received, being short-handed or completely overworked. Meanwhile, clients are grumbling and avoiding phone calls.
Times are scary, people. Hopefully we'll hit bottom soon, so we can make the long journey upwards.
Related posts: Rent, The Rat Race and The Sky is Falling.