badquarter t1_j9qodgb wrote on February 23, 2023 at 9:47 PM

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

You're forgetting more people are still being born. You're forgetting that our market isn't isolated.

If Manhattan, Brooklyn, and Queens aren't building and we are, we start to make sense for people to move here which drives up prices. We are a secondary market to Manhattan and would need to see a ton of housing built in Manhattan for our rents to be affected. A ton.

With that said, the velocity at which these new buildings fill is further evidence of the shortage of supply.

DirectorBeneficial48 t1_j9rq69v wrote on February 24, 2023 at 2:09 AM

Christ, you can't even follow your own logic here. If BK and QN aren't building, but JC is, would it not then logically follow that (non rent-controlled) rents in BK and QN would be skyrocketing far past the point of JC, which is building at a very fast rate?

Spoiler for ya, that's not the case.

That's not happening, and I repeat myself for the umpteenth time now, because greater supply has zero correlation with lower price.

badquarter t1_j9rtqno wrote on February 24, 2023 at 2:36 AM

> would it not then logically follow that (non rent-controlled) rents in BK and QN would be skyrocketing far past the point of JC, which is building at a very fast rate?

No, bro, lol. The opposite. I'm explaining why rents are going up here despite building.

Reinforcing what I said about our market not being isolated - there is a point of price resistance in NY where the consumer will then consider other options. And when BK and Queens get to a certain point, they consider JC. Then we fill up our new supply and prices still climb.

I'm saying we would need more development in Manhattan so demand wanes in BK, Queens, and JC.

DirectorBeneficial48 t1_j9rytpg wrote on February 24, 2023 at 3:14 AM

Nearly all of BK and QN are currently cheaper than most of JC. Again, your logic is faulty - it's more expensive (JC) where there's more development.

Once again, there's no correlation between greater development and lower rents.