Earlier quoted context omitted.
> construction of new condos is focused on the luxury kind Supply is supply. Harlem is largely former luxury units. Anecdotally, the luxury building opening down the street let me negotiate down my rent. It sucked the highest earners out of my building (and renter pool), which reduced my landlord's leverage. And it let me compare perks ( e.g. included gym offsetting a membership), which increased mine. End result was…
Sure, and in most cities incredible amounts of condos have been built and prices of rent for low-income individuals have increased massively. It does not work in the real world. Supply is not supply. For one, these condos being built can essentially not be rented, and that means that they are not supply for low and middle income individuals.
And the land is expensive because there are not enough places like them.