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JeromePowellAdmirer t1_j9qdyqk wrote

Reply to comment by DirectorBeneficial48 in Want to know why NY metro housing is expensive? Answer in NYTimes OP-ED by Blecher_onthe_Hudson

  1. The median overall rent says absolutely nothing about whether a very recent building spurt lowers rents relative to the status quo.
  2. The median Jersey City unit is much newer than in any of those big cities. Unless you account for this your number will be biased high. Compare the rent of an old Jersey City unit to an old Boston unit, Jersey City is not more expensive. A new centrally located luxury unit in Boston is more expensive than a new centrally located luxury unit in Jersey City. Except Jersey City has way more of them. You're only observing Simpson's Paradox.
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