CityEconomist

Based in part on work he directed at the NY City Comptroller's Office, John Tepper Marlin at the end of February 2006 presented a paper to the Eastern Economic Association meetings in Philadelphia on the criteria for determining whether a city's housing prices have risen to bubble dimensions, applied them to NYC and considered possible scenarios for recovery from a bubble.  While NYC was seen as being protected from speculative excess by the higher mortgage standards of local financial institutions and the City's coops and condos, it shared in some of the signs of a bubble.