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Housing crunch solution lies in Economics 101.(Viewpoint)
Crain's New York Business, July, 2005 by David, Greg
Byline: Greg David When it comes to the economy, most New Yorkers firmly believe in a myth: that the city is so different that the laws of economics don't work here. This ideology is nowhere more destructive than in housing. But the current market shows that basic capitalism can work here just the way it does everywhere else.
The conventional wisdom has long held that New York has too little land and its building requirements are too burdensome to allow enough housing to be built. But last year, the New York metropolitan area added 55,000 homes. About a third of those units were built in the city. This year, the figure will be even higher. Projections show the number of new units in Manhattan will double; in all, the city should add another 30,000 places to...
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