Well we're largely saying similar things then. What I imagine makes this difficult is that we're obviously not operating in a bubble. We're essentially competing with the rest of the state/country where these developers can operate to make money. If developing in NYC goes from "very profitable" to "sort of profitable" then we'll just see less development in general.

It seems like there's a balancing act to play here where it's not enough to just disincentivize luxury only developments but actively improve the profit margins for market-rate & below market-rate development. Whenever I read about the state of things here it usually sounds like what has happened is the city has either intentionally or not put developers in a position where luxury developments are really the only appealing thing to build.

I would think there's a risk that if we also make those less profitable then they're not just gonna do market-rate and below market-rate developments, they'll just slow down development all together.