Afaik 30% of all new luxury high rises are made low and middle income affordable and rent stabilized. In which ways is the NYC system inefficient? Do you believe that is due to policy, abuse by bad actors or some mixture of the two?
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.
