New York's real estate market continues to attract ultra-wealthy buyers despite an ongoing affordability crisis that pushes many residents to the brink. Recent data shows that ultraluxury home sales remain strong, indicating that affluent individuals are not deterred by economic uncertainty. However, one in five households now allocate over half their income to housing, with many renters exceeding the 30% threshold, largely due to stagnant wages and the lack of new construction. The latest high-end property sales showcase the city's luxury appeal, while underlying economic disparities persist.
"New York is synonymous with grit and ambition, attracting millionaires eager to invest in some of the most expensive real estate globally, despite an affordability crisis."
"While ultraluxury sales thrive, with affluent buyers remaining active amidst economic uncertainty, New York faces increasing challenges of housing affordability and rising costs for many residents."
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