New York City stands as one of the world's densest and most expensive urban centers. Throughout its history, the city has leaned on construction innovation to meet the demands of its burgeoning population and address pressing climate challenges, from high-rise buildings to land reclamation.
Current real estate prices continue to be on the rise, with skyrocketing rents and inflation figures following the liquidity injection during the COVID-19 pandemic. This is challenging the living standards of New Yorkers and the strategies of central bankers. The situation is further compounded by the consistent influx of international migrants that NYC traditionally attracts. Notably, the recent surge in migration has led Eric Adams to allocate over $4 billion for housing migrants in hotels. Nevertheless, as history illustrates, urban ingenuity has continuously fueled a vibrant society, establishing NYC as a ground of innovation.