Earlier quoted context omitted.
The "boom" is relative to all of 2000s. Look at the number of permits in 2015 [1], especially in the outer boroughs. My argument, as someone who grew up in Brooklyn and Queens, is that building new housing doesn't really drive the prices down. I have a lot of friends who had to move or shut down their small businesses because of the rising costs. [1]( https://www.buildingcongress.com/advocacy-and-reports/report... )…
"building new housing doesn't really drive the prices down" there is a lot of empirical evidence against this claim, and almost no evidence for it. Rising costs in cities are due to a few factors: (1) lack of new housing, (2) changing economic conditions in which high paying jobs are moving from the suburbs to the cities (to be fair, there is a small factor in very few cities of super rich people buying housing and n…
I'm not a NIMBY type and am not complaining about gentrification but am speaking to the fact that building new housing in Williamsburg and LIC helped double average housing prices in the surrounding areas [1]. I used to hang out in williamsburg in the late 90s and early 2000s, when it was an industrial area and bushwick when it was a complete dump. All of the yuppies who live here now would have never stepped a foot in brooklyn/queens if these areas weren't rezoned. I live in Greenpoint now and pay over 3x more than my grandmother used to pay for a similar apartment 2 blocks away from the early 90s till late 2000s.
We should definitely build more housing, but we also need to admit that rising income inequality is the real problem here. A large portion of our country has not seen their wages grow and are a medical emergency away from living on the streets. SV is home to worlds most valuable companies, it might be time for them to start paying their taxes so we can provide a safety net for people who need it like every other developed nation.
[1] https://www.propertyshark.com/Real-Estate-Reports/2015/10/14...