New York City, specifically the Manhattan market since we're talking about it, is one of the highest-priced if not the highest-priced housing markets in the United States. Certainly, the purchase side and the rental side are both at the top of the list. I've been in the market since the mid-eighties, and this has been a consistency of the market.
The challenge of the market is adding new supply. It's very expensive and difficult to build in the market. Manhattan has very little excess land, so the product that comes into the market tends to skew toward the higher end of the price range.