Utilize the input text as a context reference, choose the right relationship between material and New York City from the options. Options: 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