Assuming that chart at the bottom of the article is in nominal dollars; New York rents have dropped in real terms. This is some evidence for the author's case t

Assuming that chart at the bottom of the article is in nominal dollars; New York rents have dropped in real terms. This is some evidence for the author's case that I think got missed - any issues in New York are probably purely political. > Forty percent of the buildings in Manhattan could not be built today. Frankly, even the NIMBYs should be concerned by stuff like this. Political bodies have this strongly held belief that by banning what is known to be possible, something better will spring up instead. I'd bet places that work harder to leave people alone turn out to be more desirable places to live. Western powers seem to have a real problem where building things is often illegal in practice. That bodes poorly for the future. People should be allowed to build stuff.