Zooming out a bit, this is why low growth is self-reinforcing. We need constant heavy demand to drive continual investment and productivity improvements.
I mean I'm pretty sure there is massive demand for affordable housing (especially in Manhattan!) but there's no incentive for developers to shift towards that vs bilking the everyone out of as much as possible for more "high end" construction.
The current system "works" for the people taking in the money, which they can then use to lobby the people giving the contracts to continue the current paradigm.
As with most things related to capitalist enterprises I think the solution is pulling people kicking and screaming from their beds and dragging them to the gallows during a revolution, but that feels unlikely...
I mean I'm pretty sure there is massive demand for affordable housing (especially in Manhattan!) but there's no incentive for developers to shift towards that vs bilking the everyone out of as much as possible for more "high end" construction.
The current system "works" for the people taking in the money, which they can then use to lobby the people giving the contracts to continue the current paradigm.
As with most things related to capitalist enterprises I think the solution is pulling people kicking and screaming from their beds and dragging them to the gallows during a revolution, but that feels unlikely...