4 ms·
> I live in an up and coming suburb of Detroit and every new apartment / condo building is incredibly skewed towards the high end. >new And what happens to th
by robertAngst 7y ago
> I live in an up and coming suburb of Detroit and every new apartment / condo building is incredibly skewed towards the high end.
>new
And what happens to the old units? They are sold and rented to the non-super wealthy.
I also live in south east michigan and my neighborhood is undergoing gentrification, they are tearing down 1000 sq ft homes and replacing them with 3500 sq ft homes.
What is the problem? I couldn't fit my large family(and renters) in a 1000 sq foot home.
- cf 7y agoOld units in many places are frequently renovated and re-sold to upper-middle class and wealthy tenants. The end result is an erosion of housing stock for average and low-income residents.
- guardiangod 7y agoBut the said "upper-middle class and wealthy tenants" already bought the "new apartment / condo building" that were built in the first place. It seems to me that opponents seem to think there is a phantom limitless pool of "upper-middle class" that buys up all the new high-end condo _and_ all the refurbished older units. Logically speaking, this is not possible
- cf 7y agoThere doesn't need to be a limitless supply. In many cities if buyers aren't found, property owners are content to leave them vacant. You can see this in the relatively higher rates of vacanies in condos compared to other kinds of housing.