The "decent fraction" is totally false. This is pretty much only true in Manhattan and London, and even then only among big flagship projects like 432 Park Ave

The "decent fraction" is totally false. This is pretty much only true in Manhattan and London, and even then only among big flagship projects like 432 Park Ave. Everywhere else, new construction gets filled. It's completely fallacious to use one or two white elephant projects in one borough of NYC to talk about housing in general. Instead, use the multiple observational studies of multiple cities I posted below the sibling comment to confirm that new housing does empirically decrease rents.