[HeyImAlex]

I feel like immigration is effectively unlimited from the perspective of big cities. There's friction moving states, and some things keep people anchored, but the market is nationwide. If you built enough in NYC to make rent comparable to other major cities, then significantly more people would want to move to NYC.

[AnimalMuppet]

From the perspective of any one big city, yes. From the perspective of, say, the top 20 cities in the country put together? No - not unless immigration into the country is unlimited.