New York City's Luxury Condo Hangover : Planet Money When the rich stop buying luxury condos, sale prices drop for everyone. But rents are a different story.
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New York City's Luxury Condo Hangover

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New York City's Luxury Condo Hangover

New York City's Luxury Condo Hangover

New York City's Luxury Condo Hangover

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  • <iframe src="https://www.npr.org/player/embed/786419552/786444327" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
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Busà Photography/Getty Images
Luxury condominium towers (Avalon Fort Greene and Toren Condominium) in Myrtle Avenue, Downtown Brooklyn, New York City
Busà Photography/Getty Images

On the market for a New York City apartment and wondering why rents are the highest in years? Blame the luxury condo glut.

New York City is littered with unsold luxury apartments which has become an expensive problem for developers. In order to make their money back, they're converting the units into rentals. But with the rich choosing to rent instead of buy, rents are quickly rising for everyone.

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