Relevant metric is "New housing units per 1k existing" which is quite low in Manhattan.

For some examples, go https://constructioncoverage.com/research/cities-investing-m... , look at metros that authorized many new units in 2023, and then look at inflation-adjusted home price change from 2023-2025.

Like magic, you will find that post-inflation home value growth was low in the metros that built the most: Austin , Raleigh-Cary, Nashville, Jacksonville, Houston.