What effect will the Goldman Sachs bonuses have on the real estate market?
I love this story. Every year there’s a great year on Wall Street, the media acts like the people who made these gigantic bonuses — who probably made them by knowing something about money — are going to act like they’ve never seen money before.
Probably not likely. Of course some of the spending is classic: Porsches, expensive watches, Vegas. But as far as real estate goes? The bonus-baby bias is generally toward renting, in expectation of a softer sale market in 2008.
But that’s okay, I can rent you a very nice loft for $15K a month while you bank your proceeds.