absolutely an insufficient construction problem, not a "built luxury apartments" problem. The New York Metro barely permits more new housing than Minneapolis, for example. The presence of "luxury" units didn't make rent go up, not building enough new "luxury" units made rent go up
I can guarantee you that enough went ip in this neighborhood. See the bribery scandal today w Adams office
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new housing permits are objectively measurable and there is no data that supports that any neighborhood in the NY metro is building anywhere close to enough new housing. That's why the rent is going up.