Exactly. The supply in NYC is too low. Costs are too high. There are too many rent stabilized and controlled units. It artificially inflates rents. Unions their hands in too many pots in NYC. There was a story the other day, it costs about $150 per sq. ft. to build in NYC v. about $110 everywhere else. This needs to be dealt with, too.Originally Posted by Deimos
Build more, allow more comp, and prices will go down.
As far as why shouldn't everyone be able to live in Midtown Manhattan...this isn't China. It's America. I can't live on Park Ave...oh well. Maybe one day I will be able to. I can't even get into this one. Too crazy to address, really. Sorry, I'm not being nasty, I just think it's a crazy thought.