re: $3k a month in San Fran gets you a 282 sq ft apartment

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Of course, but prices would normalize really fast if places like San Fran dropped most of its housing restrictions. This is a government created problem.

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That might work in San Fran, but would create a housing crisis in NYC if enacted.

There is a much higher demand for high end housing than there is supply. Only thing keeping it back is the current tenants and rent control laws. If it was totally up to the landlords in NYC a good portion of the city would boot out current tenants in lieu of upscale deveopers who would create a less dense living space, thereby displacing a lot of people.

It would just accelerate the cycle of people moving out of the city to find cheaper housing.