NYC is wildly unaffordable compared to Paris even accounting for the earnings differences. That is the outcome and the failure, not the presence or absence of some specific policy.
I am not saying Paris' approach is transplantable directly to NYC, but rather that first principle analyses (such as gp's commentary) that say that the Paris approach doesn't work are flawed. I know these analyses are flawed because one can look at Paris and see that they have achieved their policy objective of Paris being affordable for a wide swath of incomes.
Policies should be pursued, adopted, changed etc based on their outcomes above their adherence to abstract models. Models are great but once you have data that a policy has failed you should change that policy and try something else.
I am not saying Paris' approach is transplantable directly to NYC, but rather that first principle analyses (such as gp's commentary) that say that the Paris approach doesn't work are flawed. I know these analyses are flawed because one can look at Paris and see that they have achieved their policy objective of Paris being affordable for a wide swath of incomes.
Policies should be pursued, adopted, changed etc based on their outcomes above their adherence to abstract models. Models are great but once you have data that a policy has failed you should change that policy and try something else.