Miller Samuel CEO on N.J. Millionaire’s Tax, Manhattan Real Estate

The video discusses the impact of the pandemic on urban migration, particularly from Manhattan to suburban areas, and the effects of a millionaire tax on the housing market. It highlights the current state of the Manhattan housing market, noting a soft rental market and ongoing condo development. The video also predicts future market trends, including price softening and volatility due to election cycles and the potential impact of a COVID-19 vaccine.

What has been the effect of the millionaire tax on the New York housing market?

• It has led to a boom in urban centers.

• It has had no effect on the market.

• It has softened prices, especially in the upper market.

• It has increased property prices.

Which borough is experiencing a significant surge in contract activity?

• Manhattan

• Queens

• The Bronx

• Brooklyn

How is the new condo development market performing compared to resales?

• It is holding its own relative to resales.

• It is booming with high activity.

• It has completely stalled.

• It is performing worse than resales.

What is expected to happen to the Manhattan real estate market after the federal election?

• A significant increase in property prices.

• No change in market activity.

• A release of pent-up demand.

• A continued decline in demand.

What is the 'COVID discount' mentioned in the context of property prices?

• An increase in rental prices.

• A reduction in property prices by 5-10%.

• A temporary increase in property prices.

• A government subsidy for property buyers.