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Rich people renting over buying in NY
There is a temporary phenomenon being observed in the New York housing market of wealthy people
renting homes instead of buying them, according to Bloomberg Television.
“People on the fence about buying have more options so they are renting,”
appraiser Jonathan Miller of Miller Samuel told Bloomberg in a video. “It’s a
combination of having more selection — rents are a little bit down and prices
up a little bit… so they are hedging for the future.” However, in terms of the
recovery, “we still have a ways to go,” Miller said. “There is a rebound but no
recovery… People are exploring options but not quite ready to jump in.”