Luxury CEO comments on NYC rents over $100K

Manhattan's luxury rental market is reaching record heights, with some apartments now exceeding $100,000 per month. This surge is driven by strong demand, inflation, and the implementation of a new pied-à-terre tax targeting high-end homes not used as primary residences. While the tax has sparked legal challenges, it is expected to generate significant revenue and influence owner decisions, but experts say the market's growth predates the tax and remains resilient.

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