Many of my husband's associates have purchased a home here even though they plan only to stay a 3-5 years. One-year leases are the norm, and when that year is up, you can bet the rent will not stay the same or get any lower.
We're moving across the East River to Long Island City in Queens. It's essentially one subway stop away, yet the rent is much more reasonable (for New York, that is. . . there is nothing reasonable about rent in New York City!)
As I type this entry, I can see our new apartment from my dining room window.
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