It's the simplest, most basic form of construction. We just haven't done done it. And what we've done is we have gotten into a situation where there is no supply of affordable housing. Our housing vacancy rate is about 1%, 1.4%, which means the market does not work. It means you must pay what the landlord demands because there is no vacancy. And if you don't take it, the next person will. There is no short answer. (09:03–09:11)
CLAIM
Asserts that New York City's housing vacancy rate is about 1% to 1.4%, indicating a non-functional market.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
