In the article it basically says you need to have the entire area market dezoned. Then the market can expand and stabilize at a higher supply and lower price. In NYC area market the lux is actually a very small portion of the millions of homes. The fact is even as is, the heavy development here in Hudson County has softened rents, even more shockingly a friend who’s a major broker said landlords are paying their fees, not the tenant as has been the case forever. Blaming “greedy landlords” begs the question, they can’t be greedy if the market supply says no to rent hikes.
The public housing problem in many of our cities is that the politically powerful unions drive up the price of public works in general to absurd levels. See the NYTimes story about how the subway tunneling costs 4-10x as much as anywhere else in the world.
