Countless real estate professionals have pointed to the majorblow the multifamily middle-market took with the enactment of the2019 Housing Stability and Tenant Protection Act, but have notemphasized how poorly the Manhattan development market continues toperform and the effects.
To put this in perspective, according to Avison Young's Q4 2019report, the development market dipped to near 10-year lows, withdollar volume dropping around 65 percent off the 10-yearaverage.
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