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New York’s luxury rental market is reaching astonishing new heights. SERHANT broker Peter Zaitzeff joins Deconstruct to explain who is paying as much as $150,000 a month for homes in Brooklyn and Manhattan, why tech and finance wealth is fueling demand, and how the city’s severe inventory shortage could push rents even higher.
Zaitzeff also argues that the luxury market does not exist in isolation: Record-breaking deals at the top can influence asking rents across the city, making an already expensive housing market even less affordable.
Later in the episode, hosts Hannah Kramer and Lilah Burke examine dramatic new depositions from developers Meyer and Joseph Chetrit, who are facing more than $160 million in personal judgments. The testimony depicts a real estate empire that has run out of money — although lenders may question whether the brothers are overstating their financial distress.
Plus, Florida considers a proposal that could eventually eliminate property taxes for homesteaded homes, and former New York governor Eliot Spitzer gets approval to advance his Fifth Avenue condo project after suing the state.
