1. Stock is mostly a tech thing, which is a smaller percentage of NYC home buyers.

2. Real estate is a safe haven asset to put capital into. In uncertain markets some buyers will choose real estate over stock or other more risky investments. NYC real estate is a highly valued asset globally.

3. Real estate prices in prime global locations (London, Dubai, NYC) are determined more by global liquidity than by local wages.

4. Recessions often impact real estate prices less than stock prices. 2007 was an outlier because of how many defaults occurred in real estate. In general the mortgages today are much stronger than before.

5. If mortgage rates decrease then that would have upwards pressure on housing valuations.

EDIT: Prices might come down, but I wouldn't expect fantastic bargains in NYC.