2017 kicked off in the face of great uncertainty regarding how a former New York real estate developer in the White House would affect New York real estate. Despite a tumultuous year of politics, the city chugged along with new development, construction ranging from affordable to luxury projects, and record-setting prices for the residential market. Still, the market showed some cracks with softening luxury prices and the increasing prevalence of rental concessions.
As 2018 approaches, New York faces a new uncertainty due to tax reform. Experts that include developers, brokers, architects and market analysts weigh in on how the new tax bill may affect New Yorkers, and just about everything else in our ever-changing market. Renters can rejoice over the continuance of concessions, and architecture buffs should get ready for more ambitious building designs. Though there are predictions for softening prices across the board, demand for living in the city isn’t going anywhere, so it won’t take a nosedive.