It's simple - Brooklyn just became a trendy place in the meantime. And so, of course it's overpriced. Smart people don't overpay for things - the solution is just to live somewhere else. 99.9% of places are not trendy and thus not overpriced.

There are thousands of cities in the US, and maybe 10-20 of them are so popular that everyone wants to live there. Of course the prices in those places are going to be crazy - you have to outbid everybody else.