As the city looks toward next year, the known unknowns loom large. The time line of vaccine rollouts is opaque. A proposed pied-à-terre tax, dreaded by everyone in the industry, remains possible. And the economic future of the city, the country and the world are up in the air.
But the city’s luxury residential market has enough momentum to make experts feel comfortable making some conditional predictions.
Suburb mania is over
“The way I think of the suburbs is that they had their moment,” said Jonathan Miller, president and CEO of Miller Samuel appraisers. “The ‘fleeing the city’ narrative is already extremely dated.”