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hhp's avatar

Has there been any work done to try to estimate the elasticity of demand for rentals in NYC? The elasticity in Austin and Minneapolis were wild (2.5) and I assume if just took half of that, it would be fairly easy to get rents down across the board if we are open to making it easier to build.

Required supply increase = 20% / 1.25 = 16% increase in market-rate stock

16% × 1,118,000 market-rate units = ~178,900 market-rate units

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