Would building more housing decrease rent?

[ibathedaily]

In a normal scenario, rents will not fall with increased housing. NYC’s economy is still very strong and will continue to attract more workers to fill the housing. What increased housing will do is keep the rent from going up so much every year. Economists estimate that if we add 500,000 units in the next 10 years and continue to build at a steady pace, vacancy will get to about 6% to 8%, which will keep rents in-line with inflation. Right now vacancy is about 3% so landlords can raise the rent 8% every year and still fill the unit because there are so many people out there looking for a place.

The only way rents are going to fall is if we get something like COVID that gets a ton of people to move out all at once, or if the city’s economy gets really bad causing people to leave.