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Fortisimo07 t1_j63gpri wrote

Reply to comment by damnatio_memoriae in Mayor Adams unveils proposal to convert Midtown offices into apartments by psychothumbs

It very obviously happened during covid (although instead of cranking up supply, demand dropped). Landlords weren't able to "control the supply" in that case and prices dropped significantly

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damnatio_memoriae t1_j64mrs7 wrote

sure but that's different. that happened because people left the city en masse, not because they built too many units -- and it didn't last. it happened post-9/11 too. demand for housing here is driven by the desirability of the city itself more than anything. when the city is desirable, which is like 98% of the time, then they can charge whatever they want and keep units vacant or off the market. when the city isn't desirable, they offer a couple months free and then rent goes right back up.

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Fortisimo07 t1_j64puh7 wrote

Yeah but if they could truly control the supply like you're claiming, changes in demand wouldn't matter because as the demand went down they could just artificially limit the supply. They cannot do that (at least not to the extent that your claiming)

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