[user_7832]

As someone also from another densely populated city (Mumbai), such things feel like absolute bubbles. Housing is only as valuable as the demand outstrips the (limited) supply.

In the past builders in Mumbai would hold off selling flats at lower prices (apartments in US English I think) until the market caved in. They were almost always successful.

[pclmulqdq]

NYC landlords do the same thing. Number of apartments rented has cratered while prices are rising, which means they are doing it now.