What is the relationship between material and New York City in the context of the input sentence. Choose an answer from: product/material produced; manufacturer; distributed by; industry; position held; original broadcaster; owned by; founded by; distribution format; headquarters location; stock exchange; currency; parent organization; chief executive officer; director/manager; owner of; operator; member of; employer; chairperson; platform; subsidiary; legal form; publisher; developer; brand; business division; location of formation; creator.

We have been seeing material negative effects from the new tax law SALT [ph] provisions in New York City metro area in suburban New Jersey and Southern Connecticut home values and homesale liquidity.

Answer: location_of_formation