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The real data we have shows that incomes of the people who live in an area has more correlation with the cost of rent than the demand. Amazon will bring in work
by kokokokoko 8y ago
The real data we have shows that incomes of the people who live in an area has more correlation with the cost of rent than the demand. Amazon will bring in workers that will earn higher salary than the average NYC resident. The only way prices could go down would be if developers made a huge error across the industry and oversupplied housing. What you are suggesting is impossible, unless the government steps in and starts to add housing supply with taxpayer dollars. I'm not sure your idea has much reality baked into it. And a resident of NYC is going to vote for real world solutions that benefit them. Not pie in the sky internet ideology.
- magduf 8y agoThey don't need to build housing directly; local government controls zoning and development, so all they have to do is insist that higher-density and more affordable housing be built than what is currently happening. They don't do that. SanFran is a better example of this really, but other places in the US have the same problem to some degree. This isn't "pie in the sky internet ideology"; other countries don't seem to have such a problem with development, it all just comes down to having decent government. Here's an article about how housing prices in Japan have been very stable despite similar increases in urban population; largely it's because the national government has taken away local governments' ability to restrict construction the way it happens in places like SanFran. https://www.ft.com/content/023562e2-54a6-11e6-befd-2fc0c26b3c60 https://www.ft.com/content/023562e2-54a6-11e6-befd-2fc0c26b3...
- deleted 8y ago[deleted]