My memory goes back to 1989, and I knew a whole bunch of people who lost money
on NY apartments.

How?? There were two dips in the market. They lasted no more than 3 years and
ended by the mid 90's. Real estate fluctuates, but it's never down in NY. Not
once, not even in 1987 where it dropped briefly before climbing like crazy
again in the early 90 to mid 90s. Only a flipper could lose money in NY and
you'd have to be pretty dumb. My father bought his apartment is 1988. In 1993
it was worth about the same. In 2001 it trippled it's value. And that's in
Queens!

RB