Is this just a matter of supply and demand?
I’m not familiar with New York City real estate. But i’ve heard that in the other boroughs of NYC, rentals are a lot more reasonable.
It sounds like you pay a premium price to be in trendy Manhattan neighborhoods. The same thing happens in upscale areas of every city.
Its truly a tale of two cities. Would be interesting to do a study on the few children that are being born to Manhattan’s elites and how they grow up.