[Crawford]

I don't think interest rates have much impact on the higher-end market, which tends to predominate in city cores. Those are frequently cash purchases. I believe something like 70% of purchases in Manhattan are cash. Also, coops are frequently cash-only (in practice, if not officially), whether high- or low-end.

But yeah, obviously higher interest rates incentivizes existing owners to stay, given the insanely low mortgage rates of a few years ago, and drives up costs for the people who absolutely have to move.