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I believe developers currently build "luxury" housing as cheaply as they can and still command the same high rents. You're correct that it is possible for deve

by Kalium 10y ago

I believe developers currently build "luxury" housing as cheaply as they can and still command the same high rents. You're correct that it is possible for developers to build much lower quality construction and command the same prices. However, this is only true in a scenario where all developers do the same thing. Generally, developers have some level of competition discouraging that - other developers, existing stock, etc. (EDIT: Also, much of the cost of construction in areas such as SF is land. Cheap construction doesn't make land cheaper.)

RangerScience 10y ago
This is my experience. There are three identical "luxury" apartment buildings around me. There are another 4-5 new construction "luxury" buildings that aren't identical. But, all of them are >$400 than what I have now, and worse in all sorts of subtle ways (mostly - mediocre kitchens). The identical buildings are probably the worst offenders, and the converted old building is probably the best.