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> you'd see 3-5x the number of proposed units as you do, or more.

Why? I would think it depends on population growth, no? From what I hear [1] the population of NYC is actually shrinking (due to taxation and demographics).

After seeing this number (127k units under construction) I'm actually optimistic that prices will drop medium term.

[1] https://streeteasy.com/blog/nyc-population/

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