There is a lot of pent up demand. In a society where housing is provided by the market, those who can pay get served first. Stifling more construction doesn’t really lower prices; look at the Lower East Side and Soho where people pay out the nose to live in literal tenements.
It is hard to overstate how much housing would need to be built. To get housing affordable, Sweden committed to building 1M units over a decade in the 70s when the population of the country was 7M. In the 2010s, NYC had a population over 8M and built about 200k units.
It is hard to overstate how much housing would need to be built. To get housing affordable, Sweden committed to building 1M units over a decade in the 70s when the population of the country was 7M. In the 2010s, NYC had a population over 8M and built about 200k units.
While the Bloomberg administration had a reputation of being developer and upzoning friendly, it actually also did a lot of downzoning, and net housing capacity barely budged. https://www.politico.com/states/new-york/city-hall/story/201...