Quote:
Originally Posted by Crawford
That's what the NIMBYs claim. Back in the real world, the majority of residences were purchased by locals (and the same is true with all these 57th Street towers).
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This is true. A lot of the units are by locals. I think what happens is that people see the penthouses being bought by foreigners, such as in 432 Park, some Saudi bought it, but a lot of the others are by domestic buyers; One57 being similar. Probably the notion that if a foreigner buys the most expensive units, in these cases around uber-luxery developments across that the city, than it must hold true that the cheaper units are also foreign bought. Such is not the case. Its a nice illusion, a fallacy in thought, but domestic buyers do account for a large portion of NYC purchases.