"A 2019 analysis of New York City, for example, found that for every 10 percent increase in housing stock within a 500-foot radius, rents decrease by 1 percent (sales prices also decrease). Another analysis of San Francisco from this June found that within 100 meters of new construction, rents fall by 2 percent and renters’ risk of displacement to a lower-income neighborhood falls by 17 percent.
Yimbys often point to Tokyo as a real-life counterexample to American cities: Known for its permissive development policies, Tokyo has expanded its supply of homes in recent years by roughly 2 percent a year, while New York’s housing supply has expanded by only about 0.5 percent a year. Over the past two decades, housing prices spiked in New York but held steady in Tokyo at slightly below $1,000 a month for a two-bedroom unit."
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