As 432 Park shows, unregulated development here in nyc does not increase the supply of homes for people to live in but rather the supply of abstract assets for wealthy people to launder and store wealth, for which there seems to be a nearly endless international demand.

Housing can either be an affordable resource for people to live in, or an asset that’s likely to appreciate faster than the rate of inflation. There are strong arguments for both. As New Yorkers we need to make our vote in November count and decide which is the priority.