A potential solution for New York's condo glut: more rich people
New York City condo developers are facing a supply overhang and tax changes resulting in greater costs for buyers. But there is one bright spot: an uptick in the number of people around the world who can afford their seven-digit apartments.
Approximately 31,000 ultra-high-net-worth people were minted in 2019, an annual growth rate of 6% and more than three people per hour, according to a new report by U.K.-based real-estate firm Knight Frank and New York brokerage Douglas Elliman. The report defined ultra-high-net-worth individuals...
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