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This is always the opinion parroted by people in SF. Come live in NYC, and you'll see how well expansive development of massive condo buildings helps housing af
by robbyt 9y ago
This is always the opinion parroted by people in SF. Come live in NYC, and you'll see how well expansive development of massive condo buildings helps housing affordability. (Spoiler: it doesn't)
The buildings are built with promises to investors of huge target rents. New developments typically rent for 20% more than smaller/older buildings, and the rents will be increased annually for the unfortunate ones who rent in these new buildings. These buildings use many tricks to make it seem affordable, like 2 months free rent, free parking, etc. But they're expensive, and they drive up rent in the surrounding buildings.
SF, please wake-up and realize that the city is not the enemy in the housing crisis, it's the profiteering.
- cturner 9y agoNYC has a long history of rent control, which is Venezuela style. It is not directly linked to immediate affordability (your point), but I make the point because NYC is not a strong example of a functional zoning culture.
- weeksie 9y agoDo a little more research. NY has not built nearly enough to keep up with demand and much of the outer boroughs are not zoned to build as dense as needed. That's before even getting into the weird economics of rent control. Today's luxury housing is tomorrow's affordable housing. Being angry at lux high rises is like a dog being angry at its owner after a bee stings its ass. Without those high rises for the hedge fund bros to move into, they occupy merely nice apartments, pushing the rest of us into tenements and everybody else out to the fringes.
- lazerpants 9y agoAnecdotally, the huge developments in Downtown Brooklyn are driving down prices, not raising them. We negotiated a 15% lower rent by threatening to move to a fancy high-rise a few months ago just one subway stop away.