Getting development permission in New York City is extremely difficult and expensive, much more so than in Toronto. Also the level of demand is much higher. Thi

Getting development permission in New York City is extremely difficult and expensive, much more so than in Toronto. Also the level of demand is much higher. This tends to drive developers to serve the upper end of the market moreso than the middle. As a result, new Manhattan residential towers really do have a remarkable amount of big luxury units. (Richard Florida would probably know, he owns a house in Rosedale. He travels in these circles.)