whybother5000 t1_je23v0x wrote

Lot of factors at play.

Supply per se isn’t the issue as we had a building binge the last decade. More housing the merrier as it takes off overall pricing pressure (up to a point).

As an alternative scenario, consider our sexier twin sister California (comparable politics, congestion, per capita wages and wealth, etc.) where average anything to do with real estate is so much higher due to zoning-induced housing supply constraints.

Higher borrowing rates of late may have frozen buyers out of the market causing rents to spike (folks still need a place to live).

Another factor may be the dearth of building in the city during the last decade + covid making folks consider crossing the River and living here.

I don’t see an alternative to more supply but more even distribution of it would be a good start as land prices dictate unit price or rent. Lower land prices means cheaper housing.