New York City Real-Estate Bubble?

If you like to follow the real-estate market like I do, this is a great article on New York City specifically, including micro-factors that could impact us here.

http://nymag.com/realestate/features/37654/

The article was written and published 6 months ago. Notice on the second page of this story, there is a 2008 outlook for the "worst-case scenario"... Sound familiar? Remember, this was only a forecast (obviously it feels like a factual news story today)...