> Vacancies in NYC are incredibly low
Same in Sweden. Often you need to be on a waiting list for 2+ years to get an rental contract in a large city in Sweden (longer in Stockholm[0]). The impatient among us flit around on 6-month second hand rentals. Or you buy an apartment with an untenable loan and hope the bubble keeps inflating...
[0]The wait is currently on average 7 years in Stockholm municipality. 15 years if you want a centrally-located apartment. http://www.svd.se/nyheter/stockholm/lagenheten-ar-din-om-att...