That scenario could play out across Manhattan under an unprecedented proposal by the city housing authority to lease out public housing land and allow developers to build market-rate apartment buildings intended for much wealthier residents on areas currently occupied by basketball courts, parking lots and outdoor plazas.

WSJ: Pricey NY apartments to rise on public housing

The decline reflected investor concern that the improving single-family home market might result in lower rents and higher vacancies at apartment buildings.

WSJ: REIT Returns Up but Trail Broader Market

Apartment vacancies are low and there aren't too many new buildings going up, meaning the market won't be oversupplied.

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