Earlier quoted context omitted.
Which is really a function of rent control. NYC heavily subsidizes a retired population while discouraging ultra high density development. Further, after changing jobs it's often better not to move. So, you sacrifice density on people who don't have a economic incentive for living in the city, discourage short commutes, and discourages increasing density. ED: Yes, that includes Rent Stabilized.
Huh? Rent Control apartments only represent 1.2% of the total rental stock in the New York City. That is as of 2014 and so its likely less now as that number only ticks down. How is that heavily subsidizing a retired population? http://www1.nyc.gov/assets/hpd/downloads/pdf/2014-HVS-initia... Also the idea of people paying peanuts for a rent controlled apartment is largely a myth. It is discussed in detail in this art…
https://en.wikipedia.org/wiki/Rent_control_in_New_York#New_Y...
(not that I'm convinced either is a problem for this discussion)