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Strong Dollar is Keeping Foreign Buyers Out of NYC’s Luxury Market

Douglas Elliman Chairman Howard Lorber says the strength of the US currency has delayed the return of international home shoppers in New York.

Buildings in the Manhattan skyline in New York.

Buildings in the Manhattan skyline in New York.

Photographer: Victor J. Blue/Bloomberg

The strong dollar is delaying the return of international buyers to New York’s luxury housing market, according to Douglas Elliman Chairman Howard Lorber.

“We assumed that with Covid under control, we hope that we're going to see all these foreigners come into the market and start buying houses,” Lorber said in an interview on Bloomberg Television. “It hasn't happened because the dollar is so strong.”