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Old 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 avera
by cf 7y ago
Old 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.