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I live and own in NYC. Stock is very much also a part of comp in finance as well (I’m not in it, but my wife is).

I think you are spot on that prices will come down slightly (bonus pools will drop and that matters) but NYC real estate is rarely a bargain (or at least hasn’t been since 1998).

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2009 - 2013 there were some good bargains in LIC and other areas. It will take a major recession to see some prices come down again to some reasonable level.

Also, I wonder what the volume of transactions is. Because I see little inventory (I was looking into Brooklyn), and perhaps only new construction is selling, which means it skews prices higher (new construction is always more expensive).

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