Quote:
Originally Posted by Steely Dan
^ but housing units aren't built in a vacuum, you need actual human households that want to occupy them, or they stop getting built.
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Chicago didn't stop building units because people stopped wanting them. Chicago stopped building because it ran out of room.
Quote:
Originally Posted by Steely Dan
If Chicago proper wasn't building enough housing to meet demand relative to NYC proper, the PSF cost of residential real estate in Chicago wouldn't be a mere fraction of NYC's (but it it is).
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Property values in NYC are affected by more than just "demand", though. The area I live in was rezoned for taller residential buildings which caused property values to explode in a short amount of time. The increase in land value was sparked by the rezoning.