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[quote=Anonymous][quote=Anonymous][quote=Anonymous  NYC had not solved this problem despite insane rate of new construction  [/quote]

Between 2000 and 2016 NYC housing stock grew by 8%.  The population grew by 6.6 % and employment grew by 16.5%.

The rate of housing construction in NYC has not only NOT been insane, it has NOT kept up with job growth.

People tend to look at cranes in the most popular neighborhoods in cities, and they get mistaken ideas about the actual magnitude of housing supply, which is usually growing much less than they think.

[/quote]

There is a lot of supply, trust me, nobody is homeless in NYC because there aren't enough unoccupied homes or choosing to live in Flushing over Manhattan or Park slope because there isn't enough for sale or rent.  Lots of apartments sit on the market, but prices are not dropping enough, sellers are not as desperate, they wait and someone will come along, lots have equity already, same with DC from what I observed.  Same is true for SF where my friends live who sat on sidelines waiting for prices to drop, but eventually had to bite the bullet. Why don't you understand that the main reason for the crazy RE prices is the fact that money just isn't worth as much as before, so things cost more everywhere.  I have friends in lower COL cities too, like Denver and NC and SW cities and prices are up as well, not affordable when it comes to higher quality areas and housing stock, just cheaper than most expensive COL coastal cities. [/quote]

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