From:
Habitat cited Columbia Business School Professor Tomasz Piskorski in an article examining how the mortgage “lock-in” effect is shaping today’s co-op and condo market. Piskorski explained that homeowners who secured historically low mortgage rates in recent years are reluctant to sell and refinance at higher rates, reducing housing turnover and constraining supply. He noted that this dynamic can temporarily benefit some buyers in specific segments, but it also limits mobility and contributes to broader affordability challenges across urban housing markets.
