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> imposes large costs on the current residents and home owners You mean, imposes large costs on landlords and home owners. Residents are made better off if the

> imposes large costs on the current residents and home owners You mean, imposes large costs on landlords and home owners. Residents are made better off if they're renters.

pchristensen 8y ago
If development in the area is a bad thing, then it's definitely NOT being imposed on the landlord. If development in the area is a good thing, then the value accrues to the property, which benefits the landlord, leading to increased rents. The renter has to decide if the benefits from the development are worth the increased rent, and this will vary by person.
- lovich 8y ago
  Not if they're developing more supply of rental units. I'll give that this doesn't play out in practicality in a lot of places. My own neighborhood is currently constructing enough apartment buildings to double the number of units, but our rent still went up. This however is a function of such pent up demand. Nearly half of my coworkers have an hour+ commute and most of them would be love to move closer to the city if the pricea dropped, and that will only happen if more units are built. A 1-3% increase in available units probably won't do anything but change local neighborhood prices, but a city adding 10%+ in units everywhere is going to drop their average rent costs
danieltillett 8y ago
If it increases undesirable things like gridlock or noise then even renters suffer from development. While developments should lower rents (all things being equal) it does still have external costs to renters.
shados 8y ago
The only benefit renters have when new construction come in is that they can get the hell out instead of being stuck with "beep beep beep" trucks backing up at 6am and demolition tremors all day long for 3-5 years straight (yeah, I'm jaded). Anyone living there, regardless of if they own or rent, is affected by the changes. People currently there bear the burden, people who come in after reap the benefits.
- ryanobjc 8y ago
  I lived next to a major construction site. I came to hate construction workers. They constantly violated city wide noise ordinances. They started work as early as possible, to ease their commutes, which were vehicle based, in a neighborhood well served by transit. They took street parking for years on end. They created tons of dust. It sucked. The resulting construction added no flavor to the neighborhood. It was generic and boring looking apartments, no business space, no communal or common space.
- pcwalton 8y ago
  The benefit renters have with new construction is that it lowers the costs of housing by increasing supply. Besides, in California, new owners and renters hugely subsidize the existing ones, because of Prop 13 and rent control.

> imposes large costs on the current residents and home owners You mean, imposes large costs on landlords and home owners. Residents are made better off if they're renters.

pchristensen 8y ago

If development in the area is a bad thing, then it's definitely NOT being imposed on the landlord. If development in the area is a good thing, then the value accrues to the property, which benefits the landlord, leading to increased rents. The renter has to decide if the benefits from the development are worth the increased rent, and this will vary by person.

lovich 8y ago
Not if they're developing more supply of rental units. I'll give that this doesn't play out in practicality in a lot of places. My own neighborhood is currently constructing enough apartment buildings to double the number of units, but our rent still went up. This however is a function of such pent up demand. Nearly half of my coworkers have an hour+ commute and most of them would be love to move closer to the city if the pricea dropped, and that will only happen if more units are built. A 1-3% increase in available units probably won't do anything but change local neighborhood prices, but a city adding 10%+ in units everywhere is going to drop their average rent costs

danieltillett 8y ago

If it increases undesirable things like gridlock or noise then even renters suffer from development. While developments should lower rents (all things being equal) it does still have external costs to renters.

shados 8y ago

The only benefit renters have when new construction come in is that they can get the hell out instead of being stuck with "beep beep beep" trucks backing up at 6am and demolition tremors all day long for 3-5 years straight (yeah, I'm jaded). Anyone living there, regardless of if they own or rent, is affected by the changes. People currently there bear the burden, people who come in after reap the benefits.

ryanobjc 8y ago
I lived next to a major construction site. I came to hate construction workers. They constantly violated city wide noise ordinances. They started work as early as possible, to ease their commutes, which were vehicle based, in a neighborhood well served by transit. They took street parking for years on end. They created tons of dust. It sucked. The resulting construction added no flavor to the neighborhood. It was generic and boring looking apartments, no business space, no communal or common space.
pcwalton 8y ago
The benefit renters have with new construction is that it lowers the costs of housing by increasing supply. Besides, in California, new owners and renters hugely subsidize the existing ones, because of Prop 13 and rent control.