What’s going on with Manhattan residential real estate?

https://www.forbes.com/sites/forbes-global-properties/2021/07/29/inside-manhattans-co-op-market-where-prices-are-rising-amid-easing-covid-restrictions/

The article above says that prices in Manhattan are going up? What happened to the narrative that people are LEAVING Manhattan because they can work from home?

Well I don’t know for sure, but I have some theories.

Theory #1: Prices for real estate are going up everywhere and not just in Manhattan. There’s just a massive wave of asset inflation happening because of super-loose monetary policy from the Fed and massive inflationary government spending.

Theory #2: There are people who can now work from home, yet they don’t want to move out of Manhattan. Instead, they want to move into a larger co-op/condo/apartment in Manhattan. This pressure for more space is causing an increase in the price per square foot for all sizes of residential until.

Theory #3: Yes, NYC is in a death spiral, but hardly anyone has fully grokked it yet. Right now could very well be the peak of Manhattan residential real estate prices, and it will only go down from this point forward.