The taxes and fees will be more than the rent LOL.
Actually, I saw a few pretty cool places (1BR) on the UWS for $2,000 - $2,300 - most had elevators and some had laundry - though none were luxurious by any standard, much less mine
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But, yes, NYC's real estate bubble will burst soom IMO. Having said that, I think that while the percentage drop will hurt, if you bought three or so years ago, you will, for the most part, still make money if you sell it.