Yes: http://www.wsj.com/articles/as-rental-supply-grows-landlords..., but NYC and CA have both been underbuilding for decades; price growth has slowed and even declined by about 1%, which is an improvement over perpetual growth, but it would take far more units to see sustained declines towards the cost of construction. See for example http://www.theatlantic.com/magazine/archive/2011/03/how-skys....

This usually manifests itself as brokers advertising an apartment at $2,500 (for example), but in the fine print saying that's the "net effective" rent after a month or two free. Meaning once your first year lease is up you'll be paying the real price (probably closer to $3k/mo, plus a yearly % increase). Super annoying.