On March 8, 2020, the first death from COVID-19 was reported. By the end of May - not surprisingly - demand for New York City housing was down 78% from its pre-pandemic average. But on June 1, 2020, the unexpected occurred. Demand began to recover. And, on July 19, 2020, the impossible happened. Demand recovered. Let's look at the past NYC markets and then ponder what is to happen in 2023. As the chart above illustrates, NYC's elasticity during the pandemic was not limited to demand.
