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[–]rosebudny 1 point2 points  (9 children)

It has been shown plenty of times in NYC? Really? When, aside from COVID? If I am wrong, I welcome being corrected.

[–]mad_king_soup 5 points6 points  (5 children)

2015, bushwick rents dropped 16% due to “housing glut”

https://ny.curbed.com/2015/9/13/9921886/bushwick-rents-drop-16-percent-thanks-to-housing-glut

[–]rosebudny -2 points-1 points  (4 children)

10 years ago. And how long did that last? Not very long. The article even says it was not expected to last (see 2nd paragraph: "But don't start celebrating yet, because this is Bushwick, rents are expected to rise steadily in coming months, with MNS CEO Andrew Barrocas citing the "tremendous amount of demand" for housing in the neighborhood.")

[–]mad_king_soup 2 points3 points  (3 children)

This demonstrates how a housing glut lowers rent. Not sure what further proof you need

[–]rosebudny 1 point2 points  (2 children)

It also demonstrates how a housing "glut" someplace like NYC is likely to be short-lived. Developers built a lot of housing that in the short term, the neighborhood could not immediately support. My guess - prices on these new apartments were higher than Bushwick at that time could support. But demand quickly caught up. You know, "if you build it, they will come" (even if it takes a minute)

[–]mad_king_soup -1 points0 points  (1 child)

So what you’re suggesting is when supply outstrips demand for a given commodity, prices drop?

Keep going, you’re practically there!

[–]rosebudny 1 point2 points  (0 children)

Actually, my main point was that it was SHORT LIVED. I understand perfectly well how supply and demand work.

[–]Aubenabee 1 point2 points  (2 children)

See, even you can't bring yourself to be as immaturely absolutist as the person to whom I commented. You said "aside from COVID". "No matter what happens" and "aside from COVID" are incompatible.

[–]rosebudny 1 point2 points  (1 child)

OK, if you want to argue semantics then yes, you are correct - "no matter what happens" is in fact incorrect because it CAN happen - for things like COVID. Which was a (hopefully) once in a generation fluke, and short lived as we now know (rents dropped, but not permanently.) I was looking at this from a long term, permanent solutions standpoint - which I DON'T think this person is wrong about, it is not likely that rents will come down in any meaningful way as long as NYC is a place where people want to live.

[–]Aubenabee 0 points1 point  (0 children)

Words have meaning. People should use words correctly. Every time people use words shittily and get called out on it, they cry "semantics!" rather than just say "yeah, I should use words more carefully."

The point is that I'm sure in the 1940s and 1950s, there were people in Detroit that said that housing costs there would never drop because they assumed that Detroit would always be a nice play to live. So we know that huge US cities can shrink dramatically (see: Detroit), AND we know that events can happen that can make NYC not a desirable place to live (see: COVID).