It's also a matter of the government allowing a city to be built. This sounds trivial, but is actually the biggest component to the lack of affordability in SF and NYC.
There are places where a lot of people want to live, but the gov't is actively preventing housing being built there. Instead of allowing the next increment of development (SFH -> missing middle -> mid-rise apartment buildings -> high rise apartment buildings), many US cities do their best to block development wherever possible. The only developments that can make it through the process are 1) huge, 2) well-backed by capital, and 3) hugely profitable.
There are places where a lot of people want to live, but the gov't is actively preventing housing being built there. Instead of allowing the next increment of development (SFH -> missing middle -> mid-rise apartment buildings -> high rise apartment buildings), many US cities do their best to block development wherever possible. The only developments that can make it through the process are 1) huge, 2) well-backed by capital, and 3) hugely profitable.
We need less Hudson Yards, and more of https://twitter.com/mnolangray/status/1163863367439802369