U.S. cities are filling up with luxury apartments despite ‘housing recession’

Even though the nation gained 400,000 new apartments last year, many of them were out of reach for average earners. According to the National Multifamily Housing Council, the problem is that regulations make up 40 percent of the cost of new builds, so developers need to charge more to recoup their investments. If cities loosen up zoning and make more land available for housing, thus bringing down prices, then more supply could be added at reasonable price points.

Source: https://www.cnbc.com/2023/04/02/luxury-apartments-dominate-us-cities-amid-housing-recession.html?&qsearchterm=us%20cities%20are%20filling%20up%20with%20luxury%20apartments