While September housing starts were dragged down by multifamily starts declining 5% M-o-M, they’re up 38% Y-o-Y, and have been generally rising for the last year. Moreover, the number of multifamily units under construction is currently 701,000, the most since 7/74, almost 40 years ago! High rents are doing what they should, boosting supply. Conversely, single-family starts have been essentially flat since 9/20. Hopefully single-family starts can soon follow multifamily.