Also a NYC resident. Been casually looking at apartments to take advantage of the decrease in price of the rental market. Found out 2 things; (1) that if you see an apartment you like you have to act instantly and submit an application otherwise it'll be off the market the next day, (2) the decrease in price is largely a myth. Some are cheaper but it's mostly negligible and temporary. These both tell me that the city is going to be fine. There's still a demand to be here. It's not just work. It's opportunity for culture and lifestyle that people are seeking as well. NYC is still at a premium for both of those.

I agree. Late last year you could get upto 3 free months on your lease. Now it's down to one month mostly.