The construction of thousands of rental apartments in Manhattan, Brooklyn, and Queens are credited with driving down costs at the upper end of the New York City rental market.

Josh Barbanel reports on the state of the high-end rental market in New York City: "Finding tenants for upscale apartments has pitted individual investors against each other and even against developers. The pressure of competition is putting pressure on rent levels."
"Developers are offering as many as three months of free rent. Individual investors have trouble competing, even after cutting thousands of dollars from asking rents," adds Barbanel.
Barbanel provides plenty of information about the lengths brokers are going to in order to find tenants for luxury apartments, and there's ample evidence of a profound market shift, but only passing mention to the perceived cause of the change. Brokers and developers have been preparing since at least February for a glut in the marketplace, however, according to past articles, and no one in Barbanel's coverage expresses any surprise at the current state of the market.
[The Wall Street Journal might be behind a paywall for some readers.]
FULL STORY: Ritzy Rentals Flood the Market

Trump Administration Could Effectively End Housing Voucher Program
Federal officials are eyeing major cuts to the Section 8 program that helps millions of low-income households pay rent.

Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

Ken Jennings Launches Transit Web Series
The Jeopardy champ wants you to ride public transit.

Driving Equity and Clean Air: California Invests in Greener School Transportation
California has awarded $500 million to fund 1,000 zero-emission school buses and chargers for educational agencies as part of its effort to reduce pollution, improve student health, and accelerate the transition to clean transportation.

Congress Moves to End Reconnecting Communities and Related Grants
The House Transportation and Infrastructure Committee moved to rescind funding for the Neighborhood Equity and Access program, which funds highway removals, freeway caps, transit projects, pedestrian infrastructure, and more.

From Throughway to Public Space: Taking Back the American Street
How the Covid-19 pandemic taught us new ways to reclaim city streets from cars.
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