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Speaking to NYC. Lots of building, but vacancies creepin’ up… http://www.bloomberg.com/news/articles/2015-12-10/manhattan-apartment-vacancies-rise-to-the-highest-in-nine-years
And nationally…
As far as San Diego, did supply ever have anything to do with it? Last major construction boom was in the mid-90s, but the blessed correction in 2008-11 still happened.