[bobbydroptables]

NYC is definitely an example of a housing imbalance. It has nothing to do with UMC types not wanting to live in Harlem. It has to do with the fact that prices are ridiculous throughout the city. The quality of building you get for what you pay is way out of whack. The housing stock is old and generally low quality.

[lotsofpulp]

The prices are “in whack” for a sufficient number of people, as evidenced by the transaction clearing.

[bobbydroptables]

And the prices are deeply out of whack for large numbers of homeless people, broke people, uninsured people, people with unhealthy commutes, etc.

Yes there are plenty of bankers, yuppies and Russian billionaires to account for much of the city's real estate volume, if that's your point.