Supply and demand have driven human behavior since the dawn of time. But in New York City, it seems that fruit stand vendors understand the drivers of cost and profit better than policymakers who govern our economy.
When it comes to housing, we treat development like some forbidden fruit that operates outside the laws of supply and demand. New York perennially tops the list of most expensive housing in America, not only because Manhattan is a land-constrained island, but also because of the litany of artificial barriers in the form of opposition and regulation we put up that prevent the creation of new housing for the thousands of new residents arriving every year. As a result, we have added just one unit for every 3.6 jobs created here since the Great Recession.
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Supply and demand have driven human behavior since the dawn of time. But in New York City, it seems that fruit stand vendors understand the drivers of cost and profit better than policymakers who govern our economy.
When it comes to housing, we treat development like some forbidden fruit that [...]
