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> Even if you build new units only for millionaires, that takes the millionaires out of competition for other high end markets, which then makes people who were
by mrec 10y ago
> Even if you build new units only for millionaires, that takes the millionaires out of competition for other high end markets, which then makes people who were previously marginal for those units get them, and takes them out of competition for the next tier down, etc
I wonder how unit size affects this. E.g. if you knock down a block housing 20 poor people to build a mansion for one rich person to occupy.
- aetherson 10y agoOf course that does not increase affordability. We're speaking here of net increases to supply. Indeed, if you knock down 20 units of housing to build 25 units of much more expensive housing, you probably don't increase affordability, at least in the short run. But those are fairly divorced from the reality of housing development.