Bloomberg wants to destroy the economy there.
Real Estate will plummet.
New York will become Detroit Mark II if Bloomberg sticks around.
All of this was a continuation of the bankster-DC Ponzi Scheme: Banks owned a lot of houses because of defaults and they had to get out. Fed bankrolls housing buyers via QE purchases of mortgage-backed securities, which caused mortgage rates to plummet. Obama administration pushed the REIT house-buying binge as well. All of this allowed the banksters to get out and more favorable prices in order to protect their failing institutions. Hedge funds like Och-Ziff were the next greater fool, but they aren’t the greatest fool since they too have at least some financial acumen.
Greatest fool will, once again, be small private retail home-buyers, who will purchase from the selling REITS, only to have the Fed, the Obama administration, and the banksters pull the rug out from under them. Sell your house and rent while you still can get out.