No longer cool to live near the office?
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Affluent New Yorkers used to pay a premium to live in apartments that are within walking distance to their offices in the city. The pandemic has turned that calculus upside down.
That is the conclusion from AEI Housing Centre research, which found that all but two of the 20 sharpest declines in metro-area home values from 2018 to 2021 are in Manhattan zip codes, including drops of about 10 per cent in parts of Greenwich Village and Soho.
