[vehicles2b]

Can you clarify what you mean by development? As far as the apartments themselves, they can range from newly developed, to newly renovated, to very old and needing renovations. I figured the apartments along the coasts, and in particular the Manhattan area are quite old.

I do think that development on a global scale has given people the ability to move to places like Manhattan, and so development outside, as well as within could create the demand for higher rent.

Affordable apartments may not be developing at high enough rate to keep up with demand - but in a place like Manhattan, surely it is difficult to develop affordable housing.

[iamben]

One of my favourite time-sucks is watching property/design videos on YouTube. I'm constantly amazed at how expensive it is for shitty accommodation in New York. London is expensive, but the quality is (at least in my experience) far better for the money, even at the cheaper end.

[mrwh]

Well that's a scary thought! It's been quite a while since I lived in London, but terrace houses barely converted into flats is my overriding memory.