WATCH: In My Feed - Why Do Luxury Apartments Keep Being Built When People Can Barely Afford Their Rent?

A cursory Google search or just taking a walk down the street will show you that dozens of luxury apartment developments are being built in the city, akin to many other metro areas across the country. Apartment building hit a 50-year high in 2022, according to analysts at Yardi Matrix as reported by CNBC. They found that more than 400,000 units were erected in 2022, and there are strong expectations for more to go up through the rest of 2023.