I live in NYC. The problem is that there’s literally 0 housing. That’s it. Literally so many people want to move here, but you look on all of streeteasy on a given day and there’s like 500 apartments. In a city of millions. Sure you can pay more and get something. But it used to be that you traded a lot of quality of life (in unit washer dryer, dishwasher, ac, no walkups, cars, space, etc) for a lower price and the s…
This would make sense if the population growth was increasing but at a slower rate. But, the population is actively declining. Somehow, 5.3% of people went from having housing to leaving, so I don’t think housing is the only story here.
Somewhat ironically, you have people choosing to stay single and not have kids, which gives them more money to spend on themselves for more room, which eats up housing and drives up prices.