I’m less concerned about the “class” of new apartments that are being built. In any market there are only so many people who can/will pay “luxury” prices. The w

I’m less concerned about the “class” of new apartments that are being built. In any market there are only so many people who can/will pay “luxury” prices. The wealthiest will always move on to the newest, shiniest thing, but as those apartments age they should become more affordable. Whether they do or not is an empirical question. However, if excess supply is being bought up by wealthy landlords, this is a problem because they will be able to drive the price up.