How New York City’s housing market after the pandemic will compare to post 9/11; industry leaders see many similarities, but a few crucial differences
- Business Insider talked to several industry experts on the current downturn in New York City’s current housing market — and they agreed it reminds them most of the housing market after 9/11.
- Each market was strong heading into each crisis, and significant uncertainty followed about how strongly they would bounce back.
- But the experts cautioned that the current economic downturn may yield a longer correction period — and that the housing downturn isn’t limited to just New York City.
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The coronavirus pandemic is far from the first crisis to shake New York City’s housing market. Although the city’s property valuations have been ever-climbing in recent years, there have been a couple major shocks in recent decades.
There were the near-bankruptcy years of the 1970s and the Great Recession in 2008-09 — to name just a few.
But Business Insider found in conversations with industry professionals that the current state of the market is most like the one that followed the terrorist attacks of September 11, 2001.
Industry leaders pointed out several similarities from the two periods, but also made note of the differences, predicting that the post-pandemic market correction will be like that of 2001 …continued .
[Source: Business Insider]