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After a significant decline in construction throughout the 1980s, there has been a slight uptick in new apartment developments in Manhattan since the early 2000s. Still, compared to burgeoning cities in Texas and the South, such as Austin, San Francisco and New York lag considerably when it comes to issuing building permits.
A recent analysis comparing rental prices and housing permits illustrates this disparity. Cities like New York and San Francisco are consistently performing below average in terms of new housing permits, whereas Texas cities are setting the pace with higher rates of both permits and more affordable rents.