You need to compare the size of the numbers. My eighth of a million person burb can adsorb 120 people from one luxury apartment without a peep. We have a little private college where 3000 people appear and disappear every year with barely a peep in the market. Of course there is a building boom downtown of exclusively luxury apartments, nothing under say $3K/month, plenty up to $5K or probably higher.
I earn a 95%th percentile income for my area. The only urban housing being built is for people paying 5x as much as my income. That is a very small fraction of the local population. If income were linear instead of exponential that would be less than 1% of the population can afford urban living, the other 99% will have to live in the burbs or somewhere other than urban areas. If someone earning five times my income were kicked out of their apartment, they'd likely be living in a place much nicer than my burb, not that its anything bad, but its probably only the 3rd wealthiest burb in the area. There would be effects in the border areas where 120 people would be pushed downwardly mobile thru all the neighborhoods.
I earn a 95%th percentile income for my area. The only urban housing being built is for people paying 5x as much as my income. That is a very small fraction of the local population. If income were linear instead of exponential that would be less than 1% of the population can afford urban living, the other 99% will have to live in the burbs or somewhere other than urban areas. If someone earning five times my income were kicked out of their apartment, they'd likely be living in a place much nicer than my burb, not that its anything bad, but its probably only the 3rd wealthiest burb in the area. There would be effects in the border areas where 120 people would be pushed downwardly mobile thru all the neighborhoods.