A rising real estate tide floats all boats, except the ones of people who can't afford rent or have to save up until they are 40 to buy their first property. Or the couple who is ready to upgrade to a two bedroom, but find they can no longer afford the neighborhood they spent the last seven years in a one bedroom as owners.
Don't get me wrong, as an owner I'm thrilled my investment has appreciated considerably, and I'm happy that New York real estate suggests the value won't decrease. But, I'm not blind to the real problem of the lack of affordable housing in NYC. If we want the businesses and services that make our life nice - restaurants, hotels, schools, taxi drivers, etc. - there has to be a place for the employees of those businesses to live that doesn't involve a 60+ minute commute.