Comment by WarmWash
4 hours ago
New York City rent exists at an equilibrium.
The draw for people to move there is so intense, that any draw downs in rent are met with upticks in immigration.
Adding housing stock in NYC is not like adding housing stock in Lawnsdale Ohio. Almost by definition you cannot out build the demand for housing.
> Almost by definition you cannot out build the demand for housing.
Would love to see some justification for this claim, which tacitly suggests that adding, say, 2M extra apartments over baseline would have zero effect on our housing market.
2 million new apartments is doubling the number of apartments in NYC.
I call water safe, but you may say it's a tacit admission that you could drink 5 gallons in an hour an experience zero effects. I wouldn't call that an honest rebuttal