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Blecher_onthe_Hudson OP t1_j9pt2xf wrote

Reply to comment by JeromePowellAdmirer in Want to know why NY metro housing is expensive? Answer in NYTimes OP-ED by Blecher_onthe_Hudson

To be fair, when non-construction based gentrification takes place because people more affluent than the current residents move to an area for lower prices, all the rents and prices move up as the area becomes more desirable to the more affluent. But that population is only on the move because of limited supply leading to even higher prices where they're coming from.

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JeromePowellAdmirer t1_j9pv0rk wrote

Why banning construction won't do a thing but make it worse.

Has already played out in Manhattan and outer neighborhoods of San Francisco.

Most expensive places in America because when you refuse to build more supply, the rich will simply outcompete the poor for bad-quality housing and then renovate it on the inside. That is literally every expensive area of Manhattan. And the ones that don't get renovated, still get bid up anyways, because people don't choose where to move based on whether there's new housing there, else everyone would be moving to Williston ND where a bunch of oil boom housing from 5 years ago sits empty.

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