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.