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Sure, that's a given. But we're not exactly talking interchangeable widgets. Are you telling me that new towers in Manhattan really damage the value of the re
by monknomo 10y ago
Sure, that's a given. But we're not exactly talking interchangeable widgets. Are you telling me that new towers in Manhattan really damage the value of the remaining single family houses on the island?
- brianwawok 10y agoThey impact it. I see this in Chicago. Graph price of single family 3 bedroom home and 3 bedroom condo. The prices track. The SFH is worth about double... When condo prices fell in 2008, SFH prices fell too.
- dogma1138 10y agoHasn't everything fell in 2008? Correlation doesn't not mean causation. It's like saying that building 2000 affordable apartments in London would bring down the price of the multimillion luxury apartments.
- brianwawok 10y agoI don't think that a 200k apartment and a 5 million dollar luxury apartment are substitutes. In Chicago, a 300k condo and a 600k single family home ARE substitutes. I know many people that could afford either. As the delta shifts one way or another, more of them will opt for the other choice.
- maerF0x0 10y agoOf course they impact it. I will price all alternatives. Maybe one of those "single family" homes will actually house me and 3 housemates?