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.
Text: 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.
user
location_of_formation
assistant