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>>Erik: In thinking about New York City over the last few years, with all of the enthusiasm
and exuberance occurring in the development community, where has overdevelopment been
greatest?
>>Brett: Well you gotta say it is probably in Williamsburg Brooklyn. It was rezoned a
huge 600 block area. It was rezoned in 2004ish and what it has done is open up a new supply.
The supply and demand dynamics are just as much applicable to real estate as they are
to everything else. Although, it is somewhat slower a mechanism. In Williamsburg there
is so much building, so much supply and the demand is not being met at this point.