NYC Rent Prices SKYROCKET Supply & Demand Explained!

What you're seeing now, by the way, which is classic supply and demand, and you could you could talk about that. Because there's no new free market units anymore. Right? Cuz they stopped it. So, now what's happening to the What's happening to the rents on the free [music] market units? Why are there no free market >> There's no new ones. There's no new ones being created. >> There's no new ones >> So, what happens? There's no supply, you constrain supply, and price goes through the roof. Uh-huh. So, right now in New York City you're setting new records on rentals every single month. Because there's no new units. Uh-huh. Cuz those free market units Right. There's only There's a limited supply of them. There's [clears throat] more and more people asking for them. To buy them, you mean? >> Not to buy them, to rent them. To rent them. >> Yeah. Young people Young kids moving into Young professionals moving into Manhattan looking for a place to rent. They've nowhere to go. So, they they're looking for the free market units, again, cuz >> That's all that's available. Well, the rent stabilized units don't come on the market cuz those tenants never leave. Never leave. Right. So, those are gone. Uh-huh. So, those are locked. The free market units, there's only a limited supply of them, and no one has anywhere to live. So, what happens to the rents? They just keep climbing.