[fourthark]

It's also unclear that building more luxury housing (because that is what will be built, there as here) stabilizes rental prices for everyone else.

I can see why it's tempting to think about it as a supply and demand problem. But be realistic about the motivations of developers, too.

And it's not like "affordable housing" requirements work, either, when those are defined relative to average income.

[CydeWeys]

Luxury housing becomes more affordable with time. There are plenty of buildings in New York that were targeted upscale at the time they were built, but are no longer upscale and thus rent to people lower down the income spectrum now versus then.