Poaching from a reader’s earlier off topic comment:

[New York] Mayor Bloomberg provided the answer yesterday to the question that’s on a lot of New Yorkers’ minds: Are housing prices here going to drop?

Yes – with an important qualifier – was the mayor’s assessment.

“I think you can expect real-estate prices to fall,” he said.

“I don’t think they’ll go down as much as any of the other places in the country because here people don’t build or buy on spec. They build and buy and rent to live in them. And so, there’s much more stability here.”

At the same time, he added, “We’re part of America and what happens in the rest of the country’s economy is going to have an impact on our economy.”

Ah, yes. The bigger picture.
MIKE’S ‘HOUSE’ CALL: CITY REAL ESTATE TO $LIDE [New York Post]
The Wall Street Journal Rides The Subprime (Tidal) Wave [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by fluj

    “ah yes, the bigger picture” — and then you reference yourself, quoting an article that doesn’t apply to SF? I don’t get it.

  2. Posted by pica1986

    I think point of the posting and accompanying articles was to demonstrate that even another “special” city like NYC recognizes that they are not immune from the market and financial events that affect the rest of the country- hence the phrase “bigger picture”. It’s refreshing to see a politician operating within a more a reality based mindset than the crowd we seem to have out here.

  3. Posted by Mole Man

    The bigger they are …

  4. Posted by fluj

    Explain to me how the subprime tital wave link sheds any light on Bloomberg’s comment, or the notion that SF is to follow.

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