NYC during covid was crazy. Buildings were offering 12 month leases with 4 months free. So when things normalized in 2021/22 people were facing 33% rent increases and then the pace of the increases basically never slowed down until this year.
Which makes sense if you look at demand. We went from people will never live in cities again at the height of covid, to things like revenge travel and everyone wanting to give big cities a try now that prices were briefly down.
