At least 10 times. More like 100 times.
The world has to move towards abundance. First through technological breakthroughs. Then through policy innovation. Imagine an America where just like 5% of the people get to be on unemployment benefits, there is free food and housing for that 5%. Nothing fancy, but enough basic food and housing. Part of it might be faith-based. I don't mind.
The thing about rent in New York City is, it is misguided. The message is, it is demand and supply. Too many people want to live here, that is why rent is so high. Hogwash. Big cities are good for the environment. You want NYC to get two times as big, 10 times as big.
Come in bullet trains and satellite cities.
NYC should build a city just for the homeless. About 30 miles away.
Cheap housing also has to be about moving retired lower middle class people to far away countries where they can live like kings and queens on the same retirement income.
You make basic food and housing guaranteed, and the world will see a new era for art and culture.
I think strong, cheap material will be nanotechnology. So housing prices come down like a house of cards.