"While rate relief is one part of the equation, the other, more important part, in my opinion, is supply. Naturally, increased homebuilding comes to mind, but the type of properties that do get built should reflect varying price points and not just be concentrated on the upper end of the market."
"In the last 25 years, the share of class A multifamily units rose 18%, making up slightly more than 50% of the multifamily sector... both class B and C multifamily units has fallen by 18 percentage points, as developers have been prioritizing buildings that command higher rents."
"But there's demographic changes to account for as well. The share of households in the country earning more than $100,000 increased from 31.9% in 2000 to 37.5% in 2022, making the luxury market increasingly appealing to developers."
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