Think of apartments the way you think about cars. New ones cost more, and many lower income people think of a new car as a luxury that they can't reasonably aff

Think of apartments the way you think about cars. New ones cost more, and many lower income people think of a new car as a luxury that they can't reasonably afford. But you need people to buy new cars in order for them to become used cars later. And like we saw during the pandemic, when the car factories shut down many of the people who wanted a new car jumped into the used car market instead, and prices for used cars went through the roof. If you don't build new housing, then the people who can afford it will just end up driving up the price of older homes. Alphabet City is expensive now because they didn't build enough apartments in the East Village to meet the demand from people who want to live in that area.