{"id":400628,"date":"2020-12-16T05:03:27","date_gmt":"2020-12-16T10:03:27","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=400628"},"modified":"2020-12-16T05:03:27","modified_gmt":"2020-12-16T10:03:27","slug":"nyc-rent-declines-surpass-those-of-the-great-recession","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/nyc-rent-declines-surpass-those-of-the-great-recession\/","title":{"rendered":"NYC Rent Declines Surpass Those of the Great Recession"},"content":{"rendered":"<div class=\"xn-newslines\">\n<h2 class=\"xn-hedline\">Manhattan rents dropped 12.7% year over year in November, returning to 2010 price levels<\/h2>\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">Dec. 16, 2020<\/span> \/PRNewswire\/ &#8212;\u00a0New York City rents have fallen more this year than they did during the Great Recession, according to StreetEasy&#8217;s <span class=\"xn-chron\">November 2020<\/span> Market Reports.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/660146\/StreetEasy_Logo.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/660146\/StreetEasy_Logo.jpg\" title=\"(PRNewsfoto\/StreetEasy)\" alt=\"(PRNewsfoto\/StreetEasy)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>Driven by the Covid-19 pandemic, <span class=\"xn-location\">Manhattan<\/span> rents dropped the most out of the three boroughs analyzed \u2014 falling a whopping 12.7% year over year<sup>i<\/sup>. In <span class=\"xn-chron\">November 2020<\/span>, the median asking rent in <span class=\"xn-location\">Manhattan<\/span> reached a 10-year low of <span class=\"xn-money\">$2,800<\/span>. During the Great Recession, <span class=\"xn-location\">Manhattan<\/span> rents decreased by about 10%.<\/p>\n<p>In <span class=\"xn-location\">Brooklyn<\/span>, rents dropped 6.3% year over year, and the median asking rent was <span class=\"xn-money\">$2,400<\/span>. After the 2008 financial crisis, rents in <span class=\"xn-location\">Brooklyn<\/span><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3014440-1&amp;h=270562887&amp;u=https%3A%2F%2Fstreeteasy.com%2Fblog%2Fnyc-rents-during-recession%2F%23%3A%7E%3Atext%3DManhattan%2520rents%2520fell%2520nearly%252010%2Cunemployment%2520and%2520high%2520vacancy%2520rates.%26text%3DBefore%2520the%2520coronavirus%2520pandemic%252C%2520rents%2CCity%2520were%2520at%2520record%2520highs.&amp;a=fell+by+around+5%25\" rel=\"nofollow noopener noreferrer\">fell by around 5%<\/a>.<\/p>\n<p>Meanwhile, <span class=\"xn-location\">Queens<\/span> saw a 5.7% annual decline in rents in November. This was a record large drop for the borough, where rents remained <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3014440-1&amp;h=377592873&amp;u=https%3A%2F%2Fwww.nytimes.com%2F2009%2F02%2F01%2Frealestate%2F01cov.html&amp;a=relatively+stable\" rel=\"nofollow noopener noreferrer\">relatively stable<\/a>\u00a0during the Great Recession. The median asking rent in November was <span class=\"xn-money\">$2,100<\/span>.<\/p>\n<p>Prior to the pandemic, <span class=\"xn-location\">NYC<\/span> rents had been steadily rising for about a decade. But the <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3014440-1&amp;h=3464547324&amp;u=https%3A%2F%2Fwww.thecity.nyc%2Feconomy%2F2020%2F9%2F17%2F21444441%2Fnyc-unemployment-pain-far-worse-than-nation&amp;a=economic+fallout\" rel=\"nofollow noopener noreferrer\">economic fallout<\/a>\u00a0from Covid-19 has taken a severe toll on the market. Our recent <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3014440-1&amp;h=2826730349&amp;u=https%3A%2F%2Fstreeteasy.com%2Fblog%2F2021-nyc-housing-predictions%2F&amp;a=2021+predictions+report\" rel=\"nofollow noopener noreferrer\">2021 predictions report<\/a>\u00a0noted that a weak economy results in a weak rentals market, which is reflected in the latest data.<\/p>\n<p>While rents plummeted, rental inventory continued to pile on. In November, there were more than double the number of rental units available than at the same time last year in <span class=\"xn-location\">New York City<\/span> \u2014 a net increase of nearly 37,000 homes.<\/p>\n<p>&#8220;We expected the rental market to match the weakness seen during the Great Recession, but the fact that the market has surpassed that level in less than one year shows how serious the crisis caused by the pandemic has been,&#8221; said StreetEasy Economist<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3014440-1&amp;h=4116840895&amp;u=https%3A%2F%2Ftwitter.com%2Fnancyfwu%3Flang%3Den&amp;a=%C2%A0Nancy+Wu\" rel=\"nofollow noopener noreferrer\">\u00a0Nancy Wu<\/a>.\u00a0<\/p>\n<p>&#8220;The rollout of COVID-19 vaccines and plenty of great rental deals will be the catalyst for many to return to the city, but we&#8217;re still a long way from the city&#8217;s return to normal. Until that happens, inventory will remain high and renters will continue to enjoy deals that were unheard of a year ago.&#8221;<\/p>\n<p>See below for additional market trends across <span class=\"xn-location\">Manhattan<\/span>, <span class=\"xn-location\">Brooklyn<\/span>, and <span class=\"xn-location\">Queens<\/span>.<\/p>\n<p>\n        <b>One in Three Midtown Manhattan Rentals Were Discounted in November<\/b>\n      <\/p>\n<p>The share of apartments that had a rent cut in November increased in all five submarkets in <span class=\"xn-location\">Manhattan<\/span>, but Midtown<sup>ii<\/sup> led the way, with 30.7% of landlords discounting the monthly rent on their units. That was an increase of 8.4 percentage points from last year. Boroughwide, the share of rent cuts rose by 5.9 percentage points year over year, to 27.2% in Manhattan.\u00a0<\/p>\n<p>\n        <b>Brooklyn Rents Fell Furthest in the Most Expensive Neighborhoods<\/b>\n      <\/p>\n<p>The median asking rent in <span class=\"xn-location\">Northwest Brooklyn<\/span><sup>iii<\/sup>, the borough&#8217;s most expensive submarket, was <span class=\"xn-money\">$2,800<\/span> \u2014 the lowest it&#8217;s been in eight years. Compared to last year, rents were down 5.1% in these neighborhoods. There were 21,670 rentals on the market in <span class=\"xn-location\">Brooklyn<\/span> in November, an increase of 134% from last year.\u00a0<\/p>\n<p>\n        <b>Queens Saw the Slowest Growth in Rental Inventory\u00a0<\/b>\n      <\/p>\n<p>Rental inventory across the borough was 75% higher than last year in <span class=\"xn-location\">Queens<\/span>. While this was a sharp increase, it was the smallest of all boroughs analyzed. <span class=\"xn-location\">Queens&#8217;<\/span> population tends to be more stable and less transient, which is why housing metrics do not fluctuate as much as in other boroughs. Mirroring the rest of the city, <span class=\"xn-location\">Queens<\/span> rents did fall year over year, but at the slowest rate in the city, at 5.7%.<\/p>\n<p>View all <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3014440-1&amp;h=1420195672&amp;u=https%3A%2F%2Fstreeteasy.com%2Fblog%2Fresearch%2Fmarket-reports%2F&amp;a=StreetEasy+Market+Reports\" rel=\"nofollow noopener noreferrer\">StreetEasy Market Reports<\/a><\/u> for <span class=\"xn-location\">Manhattan<\/span>, <span class=\"xn-location\">Brooklyn<\/span>, and <span class=\"xn-location\">Queens<\/span>, with additional neighborhood data and graphics. Definitions of StreetEasy&#8217;s metrics and monthly data from each report can be explored and downloaded via the<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3014440-1&amp;h=240498420&amp;u=https%3A%2F%2Fstreeteasy.com%2Fblog%2Fdata-dashboard%2F&amp;a=%C2%A0\" rel=\"nofollow noopener noreferrer\">\u00a0<\/a><u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3014440-1&amp;h=275680550&amp;u=https%3A%2F%2Fstreeteasy.com%2Fblog%2Fdata-dashboard%2F&amp;a=StreetEasy+Data+Dashboard\" rel=\"nofollow noopener noreferrer\">StreetEasy Data Dashboard<\/a><\/u>.<\/p>\n<p>\n        <b>About StreetEasy<\/b>\n      <\/p>\n<p>StreetEasy is reimagining the way people buy, sell, and rent homes in <span class=\"xn-location\">New York City<\/span> and <span class=\"xn-location\">New Jersey<\/span>. Used more than any other local real estate platform, StreetEasy&#8217;s website and mobile apps provide vetted and verified listings, plus intuitive search tools and data-driven guides to help people unlock the opportunity of living here. Consumers and real estate professionals can stay up-to-date on the latest real estate trends through\u00a0<u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3014440-1&amp;h=1771431000&amp;u=https%3A%2F%2Fstreeteasy.com%2Fblog%2Fresearch%2Fmarket-reports%2F&amp;a=StreetEasy%27s+Market+Reports\" rel=\"nofollow noopener noreferrer\">StreetEasy&#8217;s Market Reports<\/a><\/u> and explore and download market data for free on the\u00a0<u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3014440-1&amp;h=2823942832&amp;u=https%3A%2F%2Fstreeteasy.com%2Fblog%2Fdata-dashboard%2F%3Fagg%3DTotal%26metric%3DInventory%26type%3DSales%26bedrooms%3DAny%2520Bedrooms%26property%3DAny%2520Property%2520Type%26minDate%3D2010-01-01%26maxDate%3D2020-01-01%26area%3DFlatiron%2CBrooklyn%2520Heights&amp;a=StreetEasy+Data+Dashboard\" rel=\"nofollow noopener noreferrer\">StreetEasy Data Dashboard<\/a><\/u>. Launched in 2006 and based in NoMad, <span class=\"xn-location\">Manhattan<\/span>, StreetEasy is owned and operated by Zillow Group (NASDAQ: Z and ZG) and is a registered trademark of Zillow, Inc.<\/p>\n<p \/>\n<p>\n        <sup>i<\/sup> The StreetEasy Rent Indices are monthly indices that track changes in rent for all housing types and are currently available from <span class=\"xn-chron\">January 2007<\/span> in <span class=\"xn-location\">Manhattan<\/span>, <span class=\"xn-chron\">January 2010<\/span> in <span class=\"xn-location\">Brooklyn<\/span>, and <span class=\"xn-chron\">January 2012<\/span> in <span class=\"xn-location\">Queens<\/span>. Each index uses a repeat-sales method similar that used to calculate the StreetEasy Price Indices. The repeat method evaluates rental price growth based on homes in a given geography that have listed for rent more than once. More details on methodology\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3014440-1&amp;h=184693574&amp;u=https%3A%2F%2Fstreeteasy.com%2Fblog%2Fmethodology-price-and-rent-indices%2F&amp;a=here\" rel=\"nofollow noopener noreferrer\">here<\/a>.<br \/><sup>ii<\/sup>\u00a0The Midtown submarket includes <span class=\"xn-location\">Roosevelt Island<\/span>, Midtown, Central Park South, <span class=\"xn-person\">Midtown South<\/span>, <span class=\"xn-person\">Midtown East<\/span>, <span class=\"xn-person\">Midtown West<\/span>, <span class=\"xn-location\">Murray Hill<\/span>, <span class=\"xn-person\">Sutton Place<\/span>, Turtle Bay, Kips Bay, <span class=\"xn-location\">Beekman<\/span>, Hudson Yards, Hell&#8217;s Kitchen.<br \/><sup>iii<\/sup> The <span class=\"xn-location\">Northwest Brooklyn<\/span> submarket includes <span class=\"xn-location\">Downtown Brooklyn<\/span>, Fort Greene, Brooklyn Heights, Boerum Hill, Dumbo, Vinegar Hill, <span class=\"xn-location\">Red Hook<\/span>, Gowanus, Carroll Gardens, Cobble Hill, Columbia St. Waterfront District, <span class=\"xn-person\">Clinton Hill<\/span>. <\/p>\n<p \/>\n<p \/>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=NY25478&amp;sd=2020-12-16\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/nyc-rent-declines-surpass-those-of-the-great-recession-301193843.html\">http:\/\/www.prnewswire.com\/news-releases\/nyc-rent-declines-surpass-those-of-the-great-recession-301193843.html<\/a><\/p>\n<p>SOURCE  StreetEasy<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=NY25478&amp;Transmission_Id=202012160500PR_NEWS_USPR_____NY25478&amp;DateId=20201216\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Manhattan rents dropped 12.7% year over year in November, returning to 2010 price levels PR Newswire NEW YORK, Dec. 16, 2020 \/PRNewswire\/ &#8212;\u00a0New York City rents have fallen more this year than they did during the Great Recession, according to StreetEasy&#8217;s November 2020 Market Reports. Driven by the Covid-19 pandemic, Manhattan rents dropped the most out of the three boroughs analyzed \u2014 falling a whopping 12.7% year over yeari. In November 2020, the median asking rent in Manhattan reached a 10-year low of $2,800. During the Great Recession, Manhattan rents decreased by about 10%. In Brooklyn, rents dropped 6.3% year over year, and the median asking rent was $2,400. After the 2008 financial crisis, rents in Brooklynfell by around 5%. &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/nyc-rent-declines-surpass-those-of-the-great-recession\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;NYC Rent Declines Surpass Those of the Great Recession&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-400628","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NYC Rent Declines Surpass Those of the Great Recession - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/nyc-rent-declines-surpass-those-of-the-great-recession\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NYC Rent Declines Surpass Those of the Great Recession - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Manhattan rents dropped 12.7% year over year in November, returning to 2010 price levels PR Newswire NEW YORK, Dec. 16, 2020 \/PRNewswire\/ &#8212;\u00a0New York City rents have fallen more this year than they did during the Great Recession, according to StreetEasy&#8217;s November 2020 Market Reports. Driven by the Covid-19 pandemic, Manhattan rents dropped the most out of the three boroughs analyzed \u2014 falling a whopping 12.7% year over yeari. In November 2020, the median asking rent in Manhattan reached a 10-year low of $2,800. During the Great Recession, Manhattan rents decreased by about 10%. In Brooklyn, rents dropped 6.3% year over year, and the median asking rent was $2,400. After the 2008 financial crisis, rents in Brooklynfell by around 5%. &hellip; Continue reading &quot;NYC Rent Declines Surpass Those of the Great Recession&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/nyc-rent-declines-surpass-those-of-the-great-recession\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-16T10:03:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/660146\/StreetEasy_Logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/nyc-rent-declines-surpass-those-of-the-great-recession\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/nyc-rent-declines-surpass-those-of-the-great-recession\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"NYC Rent Declines Surpass Those of the Great Recession\",\"datePublished\":\"2020-12-16T10:03:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/nyc-rent-declines-surpass-those-of-the-great-recession\\\/\"},\"wordCount\":855,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/nyc-rent-declines-surpass-those-of-the-great-recession\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/660146\\\/StreetEasy_Logo.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/nyc-rent-declines-surpass-those-of-the-great-recession\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/nyc-rent-declines-surpass-those-of-the-great-recession\\\/\",\"name\":\"NYC Rent Declines Surpass Those of the Great Recession - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/nyc-rent-declines-surpass-those-of-the-great-recession\/","og_locale":"en_US","og_type":"article","og_title":"NYC Rent Declines Surpass Those of the Great Recession - Market Newsdesk","og_description":"Manhattan rents dropped 12.7% year over year in November, returning to 2010 price levels PR Newswire NEW YORK, Dec. 16, 2020 \/PRNewswire\/ &#8212;\u00a0New York City rents have fallen more this year than they did during the Great Recession, according to StreetEasy&#8217;s November 2020 Market Reports. Driven by the Covid-19 pandemic, Manhattan rents dropped the most out of the three boroughs analyzed \u2014 falling a whopping 12.7% year over yeari. In November 2020, the median asking rent in Manhattan reached a 10-year low of $2,800. During the Great Recession, Manhattan rents decreased by about 10%. In Brooklyn, rents dropped 6.3% year over year, and the median asking rent was $2,400. After the 2008 financial crisis, rents in Brooklynfell by around 5%. &hellip; Continue reading \"NYC Rent Declines Surpass Those of the Great Recession\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/nyc-rent-declines-surpass-those-of-the-great-recession\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-16T10:03:27+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/660146\/StreetEasy_Logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/nyc-rent-declines-surpass-those-of-the-great-recession\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/nyc-rent-declines-surpass-those-of-the-great-recession\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"NYC Rent Declines Surpass Those of the Great Recession","datePublished":"2020-12-16T10:03:27+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/nyc-rent-declines-surpass-those-of-the-great-recession\/"},"wordCount":855,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/nyc-rent-declines-surpass-those-of-the-great-recession\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/660146\/StreetEasy_Logo.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/nyc-rent-declines-surpass-those-of-the-great-recession\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/nyc-rent-declines-surpass-those-of-the-great-recession\/","name":"NYC Rent Declines Surpass Those of the Great Recession - 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