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Rents Soar as Mortgage Rates Stay High | New York City News
New York rents are hitting record highs despite some caps, with Manhattan median at $5,000 and Brooklyn at $4,500—both up sharply year-over-year. High mortgage rates are locking buyers out, shrinking supply, while a new law on broker fees may be discouraging landlords from listing units. New lease signings dropped 20% in Manhattan and nearly 33% in Brooklyn. Landlords are raising market-rate rents to offset stabilized units, and experts warn summer’s usual rent dip might not come—thanks to stubborn mortgage rates, global inflation, and Fed signals to hike rates. Renters are in for a tough…
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