Interesting given NYC's population still hasn't recovered from its early 2020 high [0], rent and home prices keep rising (and fast). There are many reasons discussed here: pied-a-terre's, foreign investors, lack of new construction and inventory at affordable levels contributing to low vacancy [1] but still hard to fathom at a naive supply and demand level, shouldn't ~300k less people and several new residential buildings finishing construction in the past few years contribute to lower not higher prices? [2]

[0] https://www.nytimes.com/2025/03/13/nyregion/nyc-population-2...

[1] https://www.nyc.gov/site/hpd/news/007-24/new-york-city-s-vac...

[2] https://s-media.nyc.gov/agencies/dcp/assets/files/pdf/data-t... (page 3)