colourcodedcandy t1_j8261ay wrote on February 11, 2023 at 1:50 AM

Reply to comment by DarthDialUP in Median New York rent passes $4,000 a month in January by geoxol

NYC has a housing shortage. When demand fell in proportion to supply during the pandemic, so did rents.

But from what I can see you don't believe in peer-reviewed research, so I think we can call it a day here.

DarthDialUP t1_j82dlhy wrote on February 11, 2023 at 2:51 AM

Demand fell because of COVID. If there is more supply, it will immediately get filled up. Unless something like COVID happens again. You need a review for that?

colourcodedcandy t1_j84h10f wrote on February 11, 2023 at 3:41 PM

>If there is more supply, it will immediately get filled up.

... yes, and those people won't be competing with you for existing supply.

DarthDialUP t1_j84obzg wrote on February 11, 2023 at 4:33 PM

And what would make existing supply drop in price or stay level if existing supply is in demand? What I am saying here is that as long as there is demand, as there is right now, prices will continue to go up. New development will bring new demand, as it has in the past. Covid was an outlier. Prices will continue to rise, people want to be here. Middle class long term renters will get squeezed out. As is tradition.