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That scenario could play out across Manhattan under an unprecedented proposal by the city housing authority to lease out public housing land and allow developers to build market-rate apartment buildings intended for much wealthier residents on areas currently occupied by basketball courts, parking lots and outdoor plazas.
WSJ: Pricey NY apartments to rise on public housing
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The decline reflected investor concern that the improving single-family home market might result in lower rents and higher vacancies at apartment buildings.
WSJ: REIT Returns Up but Trail Broader Market
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Apartment vacancies are low and there aren't too many new buildings going up, meaning the market won't be oversupplied.
FORBES: Magazine Article
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The National Bureau of Statistics said urban investment in fixed assets such as roads, power plants and apartment buildings rose by 26.5% in January and February from a year earlier, beating market forecasts for a 21.5% increase.
FORBES: China's Export Powerhouse Looking Winded