Why are rental concessions so high in New York City right now?

Why Are Rental Concessions So High In New York City Right Now?

As the new reports for the end of 2016 in NYC are revealed, the most startling figures are in the concessions column. Only this December, more than a third of signed new leases in New York City rentals granted concessions from the landlord to the renter.

From https://plus.google.com/102938797535885749946/posts/Yu98mtababJ