Show the stats that Bay Area is building like crazy. I am so sick of people saying things like New York and Bay Area and California are building like crazy. No they are not. There is not one stat that shows that. Period.
https://www.blogto.com/real-estate-toronto/2019/07/toronto-c...
Toronto prices are crazy, so Toronto isn't building enough, let alone the major coastal American cities.
That's because only megaprojects can afford to overcome all the regulatory and neighborhood hurdles.
Do you think the average homeowner trying to become a landlord by converting their home into a duplex has enough money to pay for both sides of a law suit, as this developer had to?
"Despite a weak outlook for residential real estate, the number of building permits issued in New York City for new homes surged last year to the highest pace since 2015. It was the second-highest total since the end of the last big building boom in 2008. Permits for 26,547 units of housing were issued in 2019, about 27% more than the year before ..."
So this is not even 0,5% of overall units.
This site shows active construction in new york: https://www1.nyc.gov/assets/buildings/html/nyc-active-major-...
You need to compare it to population growth, decades of building backlog, job growth, etc.
I was just pointing out the the linked post shows how NYC construction is stagnant, not "active". It was unclear if he meant "active" as in "they're building a large quantity" or as in "currently happening".
Foreign money or no, if you have a very desirable city with a growing job market and stagnant construction, prices will appreciate. I would challenge you to find a single counterexample
Foreign money doesn't help prices but it's more a symptom of our problems than a cause.
Also, NYC population is not declining. I wish. There have been some stagnant years but nowhere near enough to compensate for 50 years of underbuilding.