This is an interesting story about New Yorkers starting to seek out larger homes. Last month, Manhattan saw 140 purchase agreements signed for homes priced at $4 million or more. In the last week of February alone, 40 contracts were signed, which is apparently a weekly record for this price point that hasn't been seen since August 2016.

What's also interesting is that, in some of these cases, we're talking about buyers who bought preconstruction and then went back to the developer to swap for a larger apartment. Developer Scott Avram is quoted in the above article saying that 10 buyers have "upgraded their contracts" at 130 William (David Adjaye project) over the last six months.

As we've talked about before, this is likely happening for a bunch of reasons. People have been working from home and want more space. Interest rates are low. And New York saw some softening in prices and now people are jumping back in to seize on those opportunities. At the same time, it is yet another example of people going long on dense urban living.

Here are a few interesting stats from a brief report that New York City published this month about their supply of new housing units:

• From January 1, 2010 to June 30, 2020, New York City delivered 205,994 net new housing units across the five boroughs.

• This total includes 202,956 units from new construction and 29,161 units from the alteration/conversion of existing buildings. However, it also factors units that were lost as a result of demolition (-17,400) or alteration (-8,723).

• Brooklyn saw the most supply, followed by Manhattan. The four highest-growth Community Districts were responsible for 1/3 of all new housing additions. These CDs are all formerly non-residential areas that were rezoned to allow living.

• Manhattan saw the greatest loss in housing units as a result of alterations (people combining units). This was most prevalent in wealthy neighborhoods such as the Upper East Side, Upper West Side, and Greenwich Village.

What is interesting about this last point is that it shows you that cities are far from static. New York City lost 26,123 housing units during the above time period, with 8,723 units being lost to alterations and people combining units.

The orange areas on the above map are neighborhoods which actually became less dense over the last decade. And of course, this phenomenon is not unique to New York City. We are seeing the same thing play out in some/many neighborhoods in Toronto.

What this mean is that the role of new development is really twofold. It allows a city to grow (i.e. house new New Yorkers), but it also replaces lost housing and relieves some of the pressures on the existing housing stock. I don't think many people appreciate this dynamic -- or perhaps they don't care.

For a copy of the full report (it's only two pages), click here.

In Toronto we have a street named Avenue Road. If you're learning about this for the first time, you might be wondering: "Well, is it an avenue or is it a road?" Then again, does that sort of distinction even matter? Does it imply certain characteristics? When I think of an avenue, I think of a broad and straight tree-lined street. And indeed, Avenue Road is connected to a street called University Avenue, which is pretty straight, broad, and has trees lining it. It's a ceremonial kind of street that leads you toward the Ontario Legislative Building. It fits my definition. And so maybe Avenue Road is really saying, "Yeah, I know I'm not an avenue in the traditional sense, but I eventually connect into one and so I have decided to use both names."

It could also be the case that we haven't always been that meticulous when naming our roads. Or perhaps we simply changed the way we designed and thought about our streets as we sprawled outward, and along with that came some name changes. In the oldest parts of Toronto, the main streets tend to be exactly that -- streets. And our secondary streets are often named as avenues. This is the opposite of a place like Manhattan, where avenues are the broad north-south streets that take you downtown and uptown, and streets are the smaller east-west roads that take you across the narrower part of the island. Here there is a very clear logic. Avenues are big. Streets are small.

Looking at this road name map of London by Giuseppe Sollazzo (click here if you can't see it above), it's obvious that London's street network is pretty much the opposite of New York's rational street grid. But you can see what appears to be a clear graduation from streets (in the center) to roads and then to some sort of melange that seems to include a bunch more avenues. They may just be street names, but they to speak to a whole host of things, including the evolution of our cities, changing attitudes toward city planning, and naturally the adoption of new kinds of mobility. They also make for nerdy maps.