It's feasible if people suddenly decide enough is enough. Imagine if they spend money converting offices to apartments ( that's not really going to work) but nobody buys or rents an apartment. They are left sitting on property that costs them money. NYC prices are crazy and the knock-on effect hurts house buyers and renters alike. A friend of mine sold his parent's house for around $600,000 back 2003/4. His parents paid $53,000 for it back in the 70s. The houses in my area are going $1.3 million on average. You tell me how a house that is built for less than $53,000 (because builders have to have made a profit on the sale) is now worth $1.3 million and up? The property market is being controlled and bought by companies that don't want the ordinary citizen to be able to buy even a starter home. Ask your grandparents how they were able to buy a house car have holidays etc on one salary. While today both people have to work just to rent a 2 bedroom apartment. And the second bedroom is barely large enough to put bunkbeds in.