I've said it before, and you people didn't listen to me, but owning property in major US cities is a liability. Not only because of perpetually dropping housing prices, but the risk just isn't worth it. You have to deal with leftist regulations, the threat you'll be forced to abide by progressively increasing municipal environmental regulations (recycling, insulation, heating requirements, etc), and as capital and labor flights out of the city to the burbs, you will face a Detroit like environment. But the biggest risk, property taxes.
You don't think AFSCME and SEIU at the local government shops are going to take pay cuts do you?
And you don't think good liberals in major cities are going to vote in any kind of republicans or politicians that will cut spending, do you?
Ergo you can expect your property taxes to go up regardless of the economy and the value of your property, which will directly force your property value down further because the net cash flow it could feasible generate has gone down.
Smart people will make moves like this.