Head_Acanthisitta256 t1_ixeqxoz wrote
Reply to comment by GND52 in After ‘exhaustive negotiations,’ Won supports $2 billion Innovation QNS project in Astoria by 09-24-11
New York City population has dropped the past few years especially since the pandemic began and yet your tHeOrY about supply & demand hasn’t lowered housing costs despite a construction boom in the city. Not even close.
GND52 t1_ixf0o6o wrote
There in fact was a huge drop in rental prices associated with the pandemic that was widely reported on. A massive drop in demand resulted in lower rents, just as the “tHeOrY” would predict. And as the pandemic abated and the city became desirable again, rents returned to their previous highs. Again, as the “tHeOrY” of market forces would predict.
Sure, one solution to the rent problem is to make the city very undesirable, reducing demand. That’s not a very good solution, however.
A much better solution is to simply allow supply to grow. It doesn’t even require a big plan. Just upzone the whole city. Easy shit like rezoning LIC from industrial use to high density residential. It makes everyone better off.
Head_Acanthisitta256 t1_ixf3g7x wrote
The city has not had an uptick in population as the pandemic abated! What is this desirability you’re talking about?! Unbelievable.
Head_Acanthisitta256 t1_ixf3sov wrote
Rentals during the 00’s in L.I.C. were reasonable. As soon as the high rises that replaced the warehouses of the area spread like wildfire the rental costs skyrocketed with the luxury building boom. Your talking points are completely disingenuous.
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