Re:New York’s Wealthiest Cut Losses as Manhattan Real Estate...
by true_tuna on Thursday November 29, 2018 @06:54PM
(#18565339)
You have the causal chain backwards.
Market rate rents are driven by high demand low supply. If you add 30,000 people to an area and only 7,000 new units, the price of existing units rise. The employers hiring new workers have to pay higher wages due to higher cost of living. Normal people like cashiers and teachers can’t afford it and have to commute from cheaper areas.
It’s supply and demand.
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