[jdege]

Residential rates are sky high, except for rent controlled units. Because demand is high.

Meanwhile, commercial rates are collapsing, and vacancies are soaring.

And converting commercial to residential is illegal.

In fact, 60% or more of NYC properties would be illegal to build under current codes, and exist only because they were grandfathered.

Remote work is cutting NYC office value by half: Study

[FreeReign]

And converting commercial to residential is illegal.

NYC office space has been converted to residential in recent years.