They are expensive largely because of housing so your statement is a bit of a tautology.
Historically NYC housing used to be a lot more affordable before they stopped building, reducing supply relative to demand and thereby raising prices.
They are expensive largely because of housing so your statement is a bit of a tautology.
Historically NYC housing used to be a lot more affordable before they stopped building, reducing supply relative to demand and thereby raising prices.
Has anyone tried to study how much NYC housing demand is due to having a large foreign-born population (something like 37%)?
https://www.huffpost.com/entry/new-york-city-immigrants_n_44...
Do foreigners require more houses than Americans?
> They are expensive largely because of housing so your statement is a bit of a tautology.
Yes. And that's impossible to fix.
> Historically NYC housing used to be a lot more affordable before they stopped building, reducing supply relative to demand and thereby raising prices.
Demand will _always_ outstrip supply. And there's no such thing as "affordable housing", it's a contradiction like "hot liquid helium". If housing sells, then it's affordable for _somebody_.
What you're talking about is subsidized housing in some form. Like rent control or housing projects.