New York City built more housing in the 1920s than it has built in the 1970s, 1980s, 1990s, 2000s, and 2010s COMBINED.
Nobody alive knows what an actual urban housing boom looks like.
Nobody alive knows what an actual urban housing boom looks like.
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Economists generally think you need 6-9% vacancy to hold prices flat, and greater than 10% to bring prices down.
There straight up are not enough homes in New York (and much of the existing stock is of very low quality).
am going bankrupt please bail me out Mr Government”
Was that simple enough?
Compare https://nycdatascience.com/blog/student-works/new-york-city-booms-and-blooms/ w https://www.nyc.gov/assets/planning/download/pdf/planning-level/nyc-population/historical-population/1920_pop_density.pdf
Nowadays companies only build to the top of the market. Then, there was a lot hitting all price points
In the 80s, the US limited the number of cars the Japanese automakers could sell here each year; so they created Lexus and Acura to maximize profits on each sale.