High housing prices aren't simply matter of supply and demand though. At least not what would be considered expected/desirable demand. Large part of demand on N

High housing prices aren't simply matter of supply and demand though. At least not what would be considered expected/desirable demand. Large part of demand on NYC housing, is as investment units. Because of very favorable tenant laws, investment units don't even get rented out, because it isn't worth renting it out and dealing with the tenant laws. So there are a lot of units in Manhattan that are actually unoccupied. More than that, there are also new housing units that are clearly built to be sold more as investment units than as actual primary residencies. That is only one example of pretty complex dynamics. There are many other complex issues, including mortgage rates, more nuances about tenant laws and renting out apartments, extra costs associated with selling/buying houses and so on. It is a pretty complex situation. Another big part of the equation is that there are a lot of wealthy people who benefit from high housing prices that continue to increase, so it is very unlikely that things will change towards other direction any time soon.