Submitted by Concerned in Brooklyn, Mar 15, 2007 16:37

I work in real estate development in New York and I agree that the market has been incredible so far. My concern is where does Regular Joe reside now? If you look outside of Manhattan to the outer boroughs you will also find an overwhelming amout of high priced luxury condo buildings and severely inflated rents. The Regular Joe is what makes this city function and as we slowly push them out of the neighborhoods they live in to create an oasis for the white collar, we forget that without the Regular Joe the every day life we are used to doesn't exist.

The truth is this market is over inflated and it will burst! But only after the large developers have taken their hands out of the cookie jar. Don't get me wrong the bubble isn't really going to "burst" but there will be a decline which will cause people who overpaid for real estate to face seriously hard times.

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