After a series of threats and legal maneuvers, NYC and the Transit Union are back at the bargaining table. Workers Choose to Come Back and Talk [NYT]. It may take up to 18 hours to get the 24 hour system fully operational.
Mass confusion = mass transit but New Yorkers persevered.
No affect on the real estate market is known. The market was winding down this week anyway. There might be some fallout as brokers report little or no traffic at open houses as a result of the strike.
Webmaster Pontification: An event like this, while incredibly inconvenient, seems to happen once every 1-2 years. In a strange way, New Yorkers get to be nice to each other and get a break from the routine which is not so bad.